The Northern parties would re new their commitment to achieve decommissioning by May 2000 under the terms of the draft document which emerged from the Downing Street talks before the weekend.
However, the text, which was prepared after a full day's discussion between the two governments and the major parties, does not contain any specific commitment to IRA disarmament before the transfer of powers to a new Northern executive.
The key section of the single-page document, which has not been officially released, reads as follows: "All parties agree to the full implementation of all aspects of the Good Friday agreement including the objective of achieving total disarmament and complete withdrawal of all weapons from politics in Ireland.
"They accept the issue of arms must be finally and satisfactorily settled and will do what they can to achieve decommissioning of all paramilitary arms within the time frame set down in the agreement, in the context of the implementation of the overall settlement.
"The International Commission on Decommissioning will now begin a period of intensive discussions with all parties and report back on progress before 30th June. All parties anticipate, without prejudice to their clear positions on this issue, a devolution of powers by 30th June."
The draft was considered at a meeting of the Ulster Unionist Assembly team at Stormont on Saturday. While senior unionists said later the party was reserving its position, the document has effectively been rejected in its present form. This does not preclude refinements and alterations to meet unionist reservations.
However, the mood in unionist circles last night was for refraining from any in-depth consideration of the matter until after the European elections on June 10th. While senior unionists are conceding that the commitment in the Hillsborough Declaration to put paramilitary weapons "beyond use" before a transfer of powers has been dropped, they still insist that "because it is not there does not mean it could not happen".
There are some reservations in nationalist circles about the new language on decommissioning, which amounts to a hardening of the commitment given under the original terms of the Belfast Agreement and by keeping the arms issue at centre-stage could have a destabilising effect on any future executive.
However, the main reservations exist on the unionist side. The commitment to work for decommissioning is vague in comparison with the unionist position of "no guns, no government". However, the unionists' stance softened at Hillsborough when they indicated a willingness to agree the designation of ministerial posts, provided there would be no formal transfer of powers without decommissioning.
Under the terms of the Downing Street draft document, further flexibility would be required from unionists, who would be expected to form an executive on the basis of a progress report on decommissioning from Gen John de Chastelain but, in all probability, without the disposal of any weapons.
Observers believe this is unlikely to be resolved until mid-June at the earliest, but there is considerable surprise that so much progress was made between the parties on Friday, contrary to the expectations of Sinn Fein in particular.
The mood in Downing Street was described as "very positive". The setting of a deadline by Mr Tony Blair for the devolution of powers reflected the view in both London and Dublin that the round of meetings could not continue indefinitely. "Everyone seemed to be happy there was a deadline", said one participant.
Meanwhile, intense efforts to resolve the Drumcree standoff are continuing, with another meeting involving Mr David Trimble, Mr Breandan Mac Cionnaith and other politicians in the locality scheduled for this afternoon.
While there is no direct connection between a solution to the Drumcree dispute and decommissioning, it would undoubtedly improve the climate and the willingness of unionists in particular to proceed towards the formation of a new executive.