9 December 1973: The Sunningdale Agreement was signed at Sunningdale in Berkshire, England on this day. Agreement was reached between the Irish Government & the SDLP representing the nationalists and the British Government and the Ulster Unionist Party representing the Unionists - with the Alliance Party taking more of a middle ground. It was agreed that a Power sharing Executive would be set up at Stormont. It was to include representatives from all the participant political parties that were elected to serve in the new parliament. 

However Article 7 of the Agreement stated that a 'Council of Ireland' would be set up that would enhance cross border co-operation. Its opening lines read:

The Conference agreed that a Council of Ireland would be set up. It would be confined to representatives of the two parts of Ireland, with appropriate safeguards for the British Government's financial and other interests. It would comprise a Council of Ministers with executive and harmonising functions and a consultative role, and a Consultative Assembly with advisory and review functions. The Council of Ministers would act by unanimity, and would comprise a core of seven members of the Irish Government and an equal number of members of the Northern Ireland Executive...

This was to prove its downfall. While there was initially a measured welcome for this settlement in many quarters it was greeted with deep suspicion especially by the more hard-line loyalist elements within the North. Also the IRA - who were engaged in a full scale campaign against the Crown Forces - were not interested as they saw it as irrelevant and if anything an impediment to a United Ireland. The ill-fated Executive only lasted a few months before the Loyalist Ulster Workers Council brought it down in May 1974.