Direct rule came to an end after 27 years when the Northern Executive held its inaugural meeting at Parliament Buildings, Stormont, 15 hours after the devolution of powers to Northern Ireland had come into effect the previous midnight.
The historic meeting was chaired jointly by the First Minister, Mr David Trimble, and the Deputy First Minister, Mr Seamus Mallon.
Eight other ministers attended, representing the Ulster Unionist Party, SDLP and Sinn Fein. The two Democratic Unionist Party ministers boycotted the meeting.
The IRA made its long-awaited announcement at 8.30 p.m. yesterday that it was appointing a representative to enter into discussions with the decommissioning body headed by Gen John de Chastelain.
Instead of the expected brief notification of the appointment, the IRA, in a statement to RTE News, repeated its "concern" at the Ulster Unionist Council decision to impose, in effect, a three-month deadline for the start of decommissioning.
The IRA did not name the interlocutor and it is understood that the identity of the individual in question will not be officially released for security reasons. A spokesman for the Independent International Commission on Decommissioning welcomed the statement but declined to make any further comment.
President Clinton said last night in Seattle that it was now "possible to believe that the day of the gun and the bomb is in fact over" in Northern Ireland.
Mr Clinton said the people there "now have the power to shape their own destiny and choose their own future . . . I personally believe there will be progress on decommissioning".
Earlier in Dublin, the British-Irish Agreement, which replaces the 1985 Anglo-Irish Agreement, came into effect following an exchange of notifications between the Minister for Foreign Affairs, Mr Andrews, and the Northern Ireland Secretary, Mr Peter Mandelson.
Immediately afterwards a meeting of the Cabinet declared that the revised texts of Articles 2 and 3 of the Constitution were now in operation, relinquishing the territorial claim to Northern Ireland.
The Taoiseach and the British Prime Minister, Mr Tony Blair, are thought likely to attend the inaugural session of the British=Irish Council, probably in London, on December 17th.
The executive meeting at Stormont was described as "businesslike" and lasted approximately 75 minutes. Afterwards Mr Trimble said: "It was a good meeting and we look forward to the same friendly, co-operative spirit prevailing at future meetings when there will be, no doubt, difficult decisions to take."
Mr Mallon described the meeting as "momentous" and reported that a "considerable" amount of work was done.
The agenda included detailed discussion of public service finances, the preparation of a programme of government, a draft ministerial code and the initial legislative programme.