Dublin's planned U2 Tower will not be build for the foreseeable future as Ireland's economy plunges further into recession.

The tower, which was set to rise 130 metres above Dublin's docklands, was to house U2's recording studio in an egg-shaped pod at the top. All four members of the group, along with manager Paul McGuinness, had a stake in the project.

With Ireland the first European economy to formally enter a state of recession earlier this year, and tens of thousands of properties remaining unsold across the country, the Dublin Dockland Development Association said they had no choice but to can the project.