Hezbollah leader Hassan Nasrallah yesterday claimed a "historic and strategic victory" over Israel after the cessation of hostilities between the Shiite group and Israel.

"We are before a strategic and historic victory for all Lebanese, without exaggeration," he said in a televised speech on Hezbollah's al-Manar television.

Nasrallah made the remarks 12 hours after a UN-brokerd truce took effect following 34 days of fierce fighting between Hezbollah and Israel.

Calling Monday "a great day," the Hezbollah leader also warned that it was the "wrong time" to publicly discuss disarming his guerrilla group.

He promised that his organization would help the Lebanese people rebuild their damaged homes, while giving financial support to owners of some 15,000 homes which had been completely destroyed by Israeli strikes.

On Friday, the UN Security Council unanimously adopted resolution 1701, calling for Israel's withdrawal and authorizing an increase of the existing UN force in Lebanon to 15,000 troops to help Lebanese government troops take control of south Lebanon as Israel withdraws.

The resolution came after a month of hostilities between Israel and Hezbollah guerrillas. More than 1,100 Lebanese have been killed, mostly in Israeli air strikes, while over 100 Israelis have been killed in Hezbollah attacks.

The UN-brokered ceasefire took effect at 8:00 a.m. (0500 GMT)on Monday following approval of both Israel and Hezbollah.