A massive development at the heart of Dublin's docklands - dubbed U2 tower - has been deferred, as the Irish recession takes a bigger bite.

The 120-metre scheme was set to house rock super-group U2's new studio.

Last week, the Dublin Docklands Development Authority (DDDA) suspended negotiations on the project, citing the plunge in property and financial markets for its decision.

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It could take up to a year for talks to be re-established.

Last year, rock band U2 joined a consortium including top UK architect Norman Foster to build the tower, billed as Ireland's tallest building.

Located at the mouth of Dublin's River Liffey, U2 planned an onsite recording studio, which would be suspended at the top in an egg-shaped pod.

Designs also incorporated a public viewing platform, retail and residential space and a hotel.

In a statement, DDDA said: "The objective is to see this landmark, however, given the current unfavourable economic environment, more time is needed at this juncture."

(PR/JM)