Sinn Fein has declined to re-nominate a Stormont deputy first minister in a move set to collapse the powersharing executive in Belfast and trigger a snap election.

Barring a highly unlikely u-turn by the republican party, the institutions will now fall at 5pm today and Northern Ireland Secretary James Brokenshire will be legally obliged to call the election.

Sinn Fein declined to replace Martin McGuinness, the former Deputy First Minister, at the start of Assembly business at Parliament Buildings.

The party veteran quit over the Democratic Unionists' handling of a botched green energy scheme.

Sinn Fein MLA Michelle O'Neill told the Assembly: "The DUP have treated these institutions and sections of the community with contempt and arrogance. Today, Sinn Fein will not re-nominate for the position of Deputy First Minister."

Ms O'Neill said Sinn Fein would only return to government if there was "real and meaningful change".

Earlier, DUP leader Arlene Foster had agreed to be renominated as First Minister.

Speaker Robin Newton said both ministers needed to be in post for their office to function.

"Those requirements have not been met and the office of the First Minister and Deputy First Minister must remain vacant," he said.

Mr McGuinness's resignation last week was precipitated by the Renewable Heat Incentive[RHI] scandal, a botched eco-scheme set to cost Stormont £490 million.

But that row has also reignited a range of other disputes dividing the DUP/Sinn Fein-led coalition.

Ahead of the key Assembly session at Parliament Buildings in Belfast, Mrs Foster said the electorate did not want or need an election.

She accused Sinn Fein of triggering a poll because they did not like the outcome of last May's vote.

"They have forced an election that risks Northern Ireland's future and stability and which suits nobody but themselves," she said.

 The Assembly will limp on until it is formally dissolved.

While Mr Brokenshire is expected to make an announcement this evening, legislative procedures will mean dissolution may take a few days. An election is likely in late February or early March.

The failed reappointment process came at the opening of a full day of Assembly business during which a number of elements of the political crisis will be debated.

Emergency proposals aimed at reducing the RHI overspend are being proposed by DUP Economy minister Simon Hamilton while Sinn Fein will also table a motion of no confidence in DUP Speaker Mr Newton.

He has been under intense political pressure over his handling of a recalled Assembly session to debate RHI before Christmas.

The Speaker has also been forced to defend himself against conflict of interest accusations in regard to his handling of Assembly exchanges on a controversial charity in his east Belfast constituency.

The devolution meltdown has cast a shadow of uncertainty over a series of big ticket Stormont Executive plans.

One of those is a payment scheme for households losing out under the UK Government's so-called "bedroom tax" when it is introduced in Northern Ireland next month.

After Sinn Fein announced it would not replace Mr McGuinness, DUP Communities minister Paul Givan got to his feet to request direct Assembly approval for the bedroom tax scheme. 

Mike Nesbitt, the Ulster Unionist leader, said he was gearing up for the fresh elections.

"It is referendum time. You can have more of the same or you can have change. We are for change."