Former British Prime Minister John Major has tonight paid tribute to the late Albert Reynolds as a "genuine hero of Irish history" after accepting an Outstanding Contribution to Ireland award on behalf of himself and Mr Reynolds.

The award was bestowed on both men by Business and Finance magazine, at its 50th Irish Business Awards, for their joint contribution to the peace process.

Speaking at the ceremony in the Convention Centre, Dublin, Mr Major said he was “moved” by the award and that he was confident Mr Reynolds would be too.

“It is not easy to say how moved I am to receive this award and I know that Albert would be too,” he said. “The fact that he is not beside me now is the only blot on this wonderful evening. But – in a very real sense – Albert isn’t absent. His spirit lives on.

“And how thrilled he would be that Kathleen – his wife and his inspiration – is here, together with so many members of their family. To them I say: ‘You have every right to be proud of Albert. He is, and will forever remain, a genuine hero of Irish history.’

Recalling his time working with Mr Reynolds on the Downing Street Declaration, Mr Major said: “We were optimistic. We felt a deal could be done because violence could not win. We knew it wouldn’t be easy. That it might go wrong.

“We recognised we might start a process and not be there to finish it. We weren’t blind to any of these problems, but nor were we blind to the rewards of success and the prize it would yield for the future. And, as Albert once put it, ‘given the size of my family – the future is important.’”