Mick McCarthy has resigned as manager of the Republic of Ireland after six-and-three-quarter years at the helm.

The 43-year-old ended weeks of speculation surrounding his position by informing the Football Association of Ireland on Wednesday evening of his decision to bring to an end his largely successful spell as the national team coach.

His departure has come less than five months after McCarthy led the nation into the second round of the World Cup in Japan and South Korea, where they lost on penalties to Spain.

Despite Ireland's amazing run during the World Cup qualifiers, and their performance in the finals - which was all the more surprising following the much-publicised departure of captain Roy Keane - the team have lost their first two qualifying matches for Euro 2004, and the pressure on McCarthy seemed to be growing.

Although he had received the backing of the FAI over the 'Keane saga' and had signed a two-year extension to his contract in the summer, the Barnsley-born boss has barely been out of the news this season and was recently linked to the vacant managerial post at Sunderland, which was filled by Howard Wilkinson.

McCarthy, who was in charge of Millwall from 1992-96, has consistently stated his desire to return to club management but had also given his full commitment to Ireland for the European Championship campaign.

However, a combination of poor results and piling pressure seemed to have effectively forced his hand, and after a meeting with FAI chiefs, a compensation package was agreed and McCarthy's reign came to an abrupt end.

Speaking at a press conference, McCarthy said: "It was the right decision and I'm completely happy with it. It was my decision. It was for the good of the team as much as everything.

"I think not so much my presence as some of the stuff going on around my presence was affecting team performance. I don't feel any sense of betrayal at all - it's my decision.

"I feel immense pride and pleasure at being allowed to do the job and being given the opportunity to do it. The FAI were strong enough to back me. I'm very proud of being allowed to do the job and I've enjoyed every minute of it.

"I'll walk away with my head held high and I think I'm entitled to do that."

McCarthy revealed he had decided to walk away after his team's loss to Switzerland, their second successive defeat in the Euro 2004 qualifiers.

He explained: "It wasn't a knee-jerk reaction but that was my feeling after the game. At the end of last week and the start of this week I decided."

Asked about the effect of the Keane bust-up, he added: "After the World Cup we came back, we had such a good World Cup and we had 100,000 fans to welcome us back. There's no point in me getting angry with anybody.

"I've spoken to a few of the players today and they are disappointed.

"As a manager of either a club or a country you inevitably carry a weight of expectation and that's no different with me. It was made greater by things over the summer but we got on with it and achieved a lot over the summer."

FAI Treasurer John Delaney insisted McCarthy's exit was not a victory for Roy Keane, saying: "Certain people who want to will perceive it that way, and that is there prerogative, but I wouldn't see it like that. Mick will be judged on his six and a half years of management of Ireland, and that is what he should be judged on - not on the events of Saipan."

He added: "Mick has been a very loyal, good and honest manager for Ireland. When history judges Mick McCarthy's time in charge it will show he had a very successful time.

"When we look back on his six and a half years we have got to look at the success, and the fact he took us to the World Cup finals and got us to 14th in the world, which is a phenomenal achievement.

"I have enjoyed working with Mick during the 18 months I have been treasurer and I am very disappointed he has gone, but I think it was somehow inevitable.

"Football is a strange business. Only a couple of months ago 100,000 people met the team in Phoenix Park to welcome them back from the World Cup, and now this.

"Mick deserved better from certain sections and he felt disappointed the supporters to a certain degree turned on him on the night of the Switzerland game. But the FAI were always supportive of him in Saipan and again in the past couple of weeks, and he has acknowledged that."

Mick McCarthy