The Catholic Primate, Dr Sean Brady, Archbishop of Armagh, has appealed to the North's political parties not to allow the opportunity presented by the peace process and the new political dispensation to be squandered.
"We have seen over the past two months the huge benefit that can come from a power-sharing administration in the hands of local people who have shown that they are capable of tackling our urgent common problems in a new spirit of service of all our people.
"All this could now be lost. We must not let it be lost," Dr Brady said.
In a statement on the current political situation, the Archbishop said all involved in the process should work patiently for a solution.
"It is important that each of the parties tries to understand the very genuine difficulties faced by those of a different tradition and do all they can to reduce those difficulties."
According to Dr Brady the prize of peace, the will of the vast majority of the public, was still attainable.
"The fruits of peace would be great - justice and equality for all, security, economic wellbeing, full employment, a better future for all our children. I believe that the resources and the structures and the good will exist in order to deliver that peace."
He urged that the "seeds of mutual trust" planted in recent months be given time to bear fruit.
"These relationships have the capacity to help us understand and appreciate the pain and the difficulties of other people. Without that ability to understand the hurts and heartbreaks of the other tradition, attempts at reconciliation will remain fruitless.
"It is important that all lines of communication be kept open and used."
The Archbishop said it would be an immense tragedy if the progress to date were wasted.
"If that were to happen, the only victors would be those who do not want peace," Dr Brady added.