The Taoiseach Charles Haughey informed the Fianna Fáil parliamentary party that he will resign his position next week.
The announcement finally signals the end of a political career in high office of one of Ireland's most controversial politicians.
The race for a successor to the top job in Fianna Fáil has already commenced . Those in contention for the position include Albert Reynolds, Minister for Finance Bertie Ahern, Health Minister Mary O'Rourke, and Agriculture Minister Michael Woods.
Charles Haughey was forced to resign after Progressive Democrats leader Desmond O'Malley said the credibility of the Coalition was under threat. The alternative to Haughey's resignation would have meant a general election. O'Malley took this decision after former justice minister Sean Doherty told a news conference that he had given transcripts of illegal phone taps on two journalist's phones to Mr Haughey in 1982. Mr Haughey rejected the allegation as false. However the PDs felt that the credibility of the coalition had been put at stake. Once a new Fianna Fáil leader has been chosen, the Dáil will be asked to ratify the new leader as Taoiseach on 11 February.
Senator Dan Kiely announced that Mr Haughey would resign while addressing reporters at Leinster House.
An RTÉ News report broadcast on 30 January 1992. The reporter is Michael Good.