The contingency plan, which enables Sir Reg to bypass the normal constituency association selection procedures to fast-track candidate selection, was approved by a meeting of the party's ruling executive.

North Down MP Lady Hermon was among senior UUP members present at the Executive meeting in Templepatrick's Hilton Hotel, which had initially been called to discuss candidates for the General Election.

But the agenda was changed last week as the problems at Stormont escalated and instead the executive was "updated on political developments".

Speaking after the private meeting, Sir Reg told the News Letter that although he had been given the power to choose candidates, if the Assembly does collapse he would informally discuss selections with

local constituency associations before making a decision.

A similar decision to bypass the normal selection procedures was taken in 2007 when it appeared that Prime Minister Gordon Brown may be about to call a General Election, but was ultimately not needed.

Sir Reg said that people were "literally out of breath" at the pace of political events in recent weeks.

"We had to look at steps to take if an election is in the offing," he said.

"The executive agreed to give me the authority to select candidates and bring them to the executive for approval.

"The meeting was adjourned at the call of the chair but will be re-convened, probably (this) week, according to developments."

Sir Reg said the election decision demonstrated the fear there is surrounding the stability of Stormont, a fear which he said the Conservatives shared. He said that concern at the stability of the Assembly was the main reason behind Shadow Secretary of State Owen Paterson's decision to engage both unionist parties in talks last weekend.

Asked about the chances of the UUP and DUP closening ties or merging, Sir Reg said that too much had been read into last weekend's discussions.

But he said that unionist unity was a long-term objective of most unionists, adding: "The developments of 1971 - the formation of the DUP and others that followed them - was probably a mistake."

UUP Health Minister Michael McGimpsey said that a snap election was a possibility. Referring to the party executive, he said: "No one in that room is unnerved about an election."