DUBLIN, Ireland, Jan. 22 (UPI) -- Irish Prime Minister Brian Cowen quit as leader of his Fianna Fail party Saturday but said he will stay in office through the March 11 election.

He surrendered to pressure from party leaders after a failed bid to use a Cabinet reshuffle to boost his chances, the Financial Times reported.

If Cowen had resigned as prime minister too, an immediate general election might have been triggered as a new Fianna Fail leader would have had to win a parliamentary vote.

Fianna Fail leaders were expected to set out procedures for the leadership contest later Saturday. Micheal Martin is viewed as a favorite since he publicly opposed Cowen in a vote of confidence by the parliamentary party Tuesday.

Finance Minister Brian Lenihan and Tourism Minister Mary Hanafin also have voiced interest.

Cowen said he acted on his "own counsel" and would now "concentrate fully on government business."

Ministers say the government's priority is to pass the finance bill to implement austerity measures announced in December.

Passing the budget is a condition for Ireland's $116 billion bailout by the European Union and International Monetary Fund.