Ulster Unionist leader David Trimble has urged people not to despair and insisted the vote did not represent an end to the political process.
Mr Trimble and Mr Durkan’s bid to become First and Deputy First Ministers attracted 100% support from nationalists but only 49.2% of unionists.
Ulster Unionist backbenchers Peter Weir and Pauline Armitage blocked their party leader’s move because of concerns about provisionals’ weapons decommissioning.
Mr Trimble said: ‘‘Last week we were on a remarkable high with the beginning to decommissioning.
‘‘But over the years we have had our ups and downs and one should not regard today’s decision in being in any way final. It is not.
‘‘This process is not ended.’’
Mr Trimble confirmed he would be meeting with Northern Ireland secretary Dr Reid later today to discuss the next step.
Turning to rebel members of his party who refused to endorse his bid to be elected First Minister he declared: ‘‘Pauline Armitage and Peter Weir today behaved dishonourably.’’
But the Ulster Union’s leader refused to reveal if the pair would be expelled from the party following today’s vote.
‘‘I’m dealing with the situation as it is now. As to what happens in the near future wait and see.’’