The 68-year-old former fencer, who had been speaker of the new Parliament, was nominated by the governing Fidesz-Christian Democratic party alliance and was the overwhelming choice.

In the secret vote held in Parliament, Schmitt received 263 votes while his Socialist challenger Andras Balogh got 59 votes from among the 386 Deputies.

Schmitt, who last year was voted one of the 14 vice-presidents of the European Parliament, will assume his new role on August 6, a day after the term of current President Laszlo Solyom expires.

The post of President in Hungary is largely ceremonial but Schmitt will have a role to play in certain constitutional matters.

He can, for example, choose to send legislation to the constitutional court for review.

Fidesz is planning sweeping changes to the constitution itself and to the way constitutional judges are selected.

But Schmitt is seen as a loyalist to Hungarian Prime Minister Viktor Orban.

It completes a remarkable raise for Schmitt, who won Olympic gold medals in the team epee event at Mexico City in 1968 and Munich in 1972, and who started his political career in 1983 as Deputy Drector of the National Office of Physical Education and Sports.

That was the same year he was elected as a member of the IOC.

He later served as vice-president of the IOC from 1995 until 1999 and on several other Commissions.

Schmitt served as Hungarian Ambassador in a number of countries, including Spain and Switzerland, and was considered a genuine contender to succeed Juan Antonio Samaranch as the next President of the IOC.

But he was easily beaten by Jacques Rogge at the election in Moscow in 2001, finishing only fourth.

Schmitt has called for an end the post-communist transformation in Hungary.

After being elected, he said: "Let's end the post-communist period of transformation.

"A Hungary which rests on its thousand-year history and is modern and self-confident should emerge, and so should a new constitution for the united Hungarian nation; this is our historic responsibility.

"In line with the constitution, the President must be neutral from parties but this does not mean that he also has to be neutral from values."

Schmitt ended his victory speech quoting the first King of Hungary, Saint Stephen.

He said: "Leading a nation and a country is not about pride and superiority but about humility and service."

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