The North's main political parties have agreed to start sharing power on May 8th after an historic deal was brokered by the Rev Ian Paisley and Gerry Adams at Stormont today.
The date was confirmed by Dr Paisley after the first face-to-face meeting between the leaders of the Democratic Unionist Party and Sinn Féin, lasting an hour, in the dining room at Stormont's Parliament Buildings.
Dr Paisley said: "This meeting represents an important step on the road to the setting-up of a powersharing executive in six weeks' time.
The North Antrim MP confirmed that between now and the date of the restoration of devolved government, the Assembly parties would be involved in preparatory work to ensure that the powersharing ministers would be able to hit the ground running.
This would include regular meetings between himself and Sinn Féin's Martin McGuinness as the de facto First and Deputy First Ministers.
Negotiations would also continue to secure a better financial package for the new powersharing government from Chancellor Gordon Brown.
Mr Adams said the agreement between his party and the DUP marked the beginning of a new era of politics in Ireland. "The discussions and agreement between our two parties showed the potential of what can now be achieved," he said.
"There are still many difficulties to be faced, but let it be clear, the basis of the agreement between Sinn Féin and the DUP follows Ian Paisley's unequivocal and welcome commitment to support and participate fully in the political institutions on May 8th," Mr Adams said.
The Sinn Féin leader also confirmed that, as an immediate step, the two parties had asked the British government not to issue controversial water charges - which were due to be posted tomorrow.
This morning's meeting took place as the clock counted down on the British and Irish Government's devolution deadline.
Northern Ireland Secretary Peter Hain set in motion the devolution process yesterday, and Assembly members had until midnight to agree a new deal following the DUP's insistence that it will not nominate ministers.
Mr Hain set in train the devolution process by signing a restoration order yesterday that summoned the 108 Assembly members to Stormont for a meeting to nominate a new government.
Mr Hain had repeated that if there was no agreement by the end of today then the Assembly would be dissolved.
He warned the political parties that if they failed to agree a new way forward on powersharing, Stormont would close down, salaries would stop, water charges would be introduced on April 1st and new partnership arrangements with the Irish Government would be enacted.
The DUP's 120 executives voted on Saturday for a resolution that committed the party to forming a new administration headed by Dr Paisley and Martin McGuinness after a six-week testing period of Sinn Féin's support for the PSNI.