There has been a mixed reaction to Mr Adams's keynote address to Republicans at Stormont this afternoon.
The Government has responded positively to the speech saying the remarks from Mr Adams represented a positive and significant response and that a solution to the current impasse was "close"
An Ulster Unionist spokesman, however, said the statement would not be enough to have the suspension of the power sharing executive and Assembly lifted.
The spokesman said: "Republicans build up this statement as something which has the capacity to unlock the deadlock. In the end it failed to live up to its billing. Having seen the details it falls short of what is required.
"It must be borne in mind that this was a statement by Gerry Adams and not the IRA.
"The response to the three questions posed by the Prime Minister are no further forward. This statement does not provide any basis under which suspension can be lifted."
Hard-line Democratic Unionist Assembly member Ian Paisley Jr dismissed Mr Adams' speech as "pitiless piffle" and urged Mr Blair to reject Sinn Fein's latest move.
The North Antrim MLA said: "The Prime Minister promised the world that he was seeking acts of completion but what Adams provided today wasn't even words of completion.
"Adams described the IRA as having good intentions but the road to hell is paved with good intentions. It's not words that count, it's actions.
"This another nail in the coffin of the Belfast agreement," he said.