Plans to build the 'U2 Tower', a skyscraper which was due to be built in Dublin's docklands area, have been set temporarily set aside.

The development was set to be the highest building in Ireland, housing U2's new egg-shaped recording studio at its summit - but the development has now been scrapped due to the recession.

The Dublin Docklands Development Authority, who inititally green-lit the €200 million enterprise, said in a statement released on Friday that the Norman Foster-designed building had been put on hold until the economy stabilises.

"The objective is to see this landmark project completed," it said. "However, given the current unfavourable economic environment, more time is needed at this juncture."

The tower was initially expected to have been completed in 2011.