The 85-year-old announced the decision in Latin during a meeting of Vatican cardinals this morning.
He said that because of his age and diminishing strength, he didn't feel he could carry on.
On the Island, Lord Bishop Robert Paterson has described the Pope as having a formidable intellect but also formidably conservative.
He admits the resignation has come as a surprise:
Island warned to expect heavy rain this afternoon
Yellow weather warning is now in force
Jurby landowner working with planning and Bus Vannin on future shelter provision
Resident's proposal to convert shelter into storage approved
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Ramsey Tesco to 'open as normal' following incident
Officers confirm 'all enquiries relating to the area are now complete'
What do you think of pharmacy services on Island?
Survey opens into provision to develop future development
