The first 27 seats of the 31st Dáil have been filled. So far, Fine Gael has nine seats, Labour nine, there are five Independents, two for Sinn Féin and two for Fianna Fáil.
Sinn Féin's Gerry Adams has just been elected in Louth on the first count, while Fianna Fáil's Brian Lenihan has been elected without reaching the quota in Dublin West.
The Fine Gael leader Enda Kenny said it was an "historic day" for the party.
Labour's Joan Burton was the first TD to be elected to the 31st Dáil, followed soon after by Pat Rabbitte and Eamon Gilmore.
The party is likely to finish in second place, behind Fine Gael, for the first time in its history, and probably secure up to 40 seats.
Eamon Gilmore said he was not surprised at the big story of Election 2011 - the meltdown for Fianna Fáil, which could see the party struggle to secure more than 20 seats.
In Dublin, Brian Lenihan may be the party's only TD and family dynasties such as the Haugheys, Hanafins, Andrews and (possibly) Coughlans may come to an end.
Fine Gael may end up with more than 70 seats. Enda Kenny is not ruling out a single-party Government just yet, saying he wants to wait to see the final breakdown of seats.
Sinn Féin will probably see the party treble their seats in the 31st Dáil, while Independents have also had a good day with Shane Ross in Dublin South and Mick Wallace in Wexford topping the polls in their constituencies, and Joe Higgins making a return to the Dáil.