IRELAND'S ruling party are on the verge of a crushing election defeat amid voter fury over the economic crisis, according to exit polls.
Fianna Fail - who had ruled Ireland for 21 of the past 24 years - endured a wipeout as the results came in yesterday.
They won just 15.1 per cent of the vote - their worst election result in 80 years.
The party, who were led by outgoing Prime Minister Brian Cowen, were held responsible by voters for financial chaos.
They were blamed for smashing the booming "Celtic tiger" economy and bringing Ireland to the brink of bankruptcy. What followed was £5billion of public spending cuts and the forced acceptance of a £72billion bail-out from the European Union and IMF.
Opposition party Fine Gael failed to achieve an overall majority in the election but are set to form the next government, possibly in a coalition with Labour.
Fine Gael leader Enda Kenny - on course to be the new Taoiseach - said: "The lesson from this general election is that government should never remove themselves from the people.
"The people have voted with vigour and strength and they have given their answer as to the remove the government placed itself in over the last number of years."
An RTE exit poll said Fine Gael won 36.1 per cent and Labour 20.5 per cent.
Fianna Fail were knocked into third place on 15.1 per cent. Their support in Dublin was forecast to slump from 18 seats to as low as one.
The outgoing finance minister, Brian Lenihan, managed to save his seat in Dublin West on the fifth count.
The Fianna Fail politician admitted massive damage to the party and that it was time to rebuild.
He still defended the decisions he took during the country's financial crisis.
Support for the Greens, Fianna Fail's coalition partners, was just 2.7 per cent.
Roger Jupp, of Millward Brown Lansdowne who conducted the poll for RTE, said: "The political landscape of Ireland is completely and utterly redrawn."
The first candidate to be elected was Labour's Joan Burton in Dublin West.
Sinn Fein president Gerry Adams was set to win Louth after giving up his Westminster seat to stand in the election.
Sinn Fein were set to win 10.1 per cent of the vote, compared with only two per cent in 2002 and six per cent in 2007.
Former Fianna Fail minister Sean Haughey, who lost his seat, said it would be the first time in 54 years a family member was not elected.
He said: "We have let the core Fianna Fail vote down, we have had a very difficult few years, mistakes were made. The people have spoken - they have spoken very clearly. We need to assess what they have said, we need to take it from here and listen to what they have said."
The general election was called by Cowen at the start of the month - more than a year before his term in office was due to expire.
Final results are expected today.
Fianna Fail were in power in Ireland for 60 of the last 80 years. As far back as 1932, they never won less than 39 per cent in an election.
They were in charge when the economy was booming - and they were held to blame for the recession which followed.
Fine Gael leader Enda Kenny has vowed to renegotiate the terms of the £72billion bail-out.
Fianna Fail - who had ruled Ireland for 21 of the past 24 years - endured a wipeout as the results came in yesterday.
They won just 15.1 per cent of the vote - their worst election result in 80 years.
The party, who were led by outgoing Prime Minister Brian Cowen, were held responsible by voters for financial chaos.
They were blamed for smashing the booming "Celtic tiger" economy and bringing Ireland to the brink of bankruptcy. What followed was £5billion of public spending cuts and the forced acceptance of a £72billion bail-out from the European Union and IMF.
Opposition party Fine Gael failed to achieve an overall majority in the election but are set to form the next government, possibly in a coalition with Labour.
Fine Gael leader Enda Kenny - on course to be the new Taoiseach - said: "The lesson from this general election is that government should never remove themselves from the people.
"The people have voted with vigour and strength and they have given their answer as to the remove the government placed itself in over the last number of years."
An RTE exit poll said Fine Gael won 36.1 per cent and Labour 20.5 per cent.
Fianna Fail were knocked into third place on 15.1 per cent. Their support in Dublin was forecast to slump from 18 seats to as low as one.
The outgoing finance minister, Brian Lenihan, managed to save his seat in Dublin West on the fifth count.
The Fianna Fail politician admitted massive damage to the party and that it was time to rebuild.
He still defended the decisions he took during the country's financial crisis.
Support for the Greens, Fianna Fail's coalition partners, was just 2.7 per cent.
Roger Jupp, of Millward Brown Lansdowne who conducted the poll for RTE, said: "The political landscape of Ireland is completely and utterly redrawn."
The first candidate to be elected was Labour's Joan Burton in Dublin West.
Sinn Fein president Gerry Adams was set to win Louth after giving up his Westminster seat to stand in the election.
Sinn Fein were set to win 10.1 per cent of the vote, compared with only two per cent in 2002 and six per cent in 2007.
Former Fianna Fail minister Sean Haughey, who lost his seat, said it would be the first time in 54 years a family member was not elected.
He said: "We have let the core Fianna Fail vote down, we have had a very difficult few years, mistakes were made. The people have spoken - they have spoken very clearly. We need to assess what they have said, we need to take it from here and listen to what they have said."
The general election was called by Cowen at the start of the month - more than a year before his term in office was due to expire.
Final results are expected today.
Fianna Fail were in power in Ireland for 60 of the last 80 years. As far back as 1932, they never won less than 39 per cent in an election.
They were in charge when the economy was booming - and they were held to blame for the recession which followed.
Fine Gael leader Enda Kenny has vowed to renegotiate the terms of the £72billion bail-out.