Ireland have pulled out of the bidding process to host the 2015 Rugby World Cup, the Irish Rugby Football Union has confirmed, citing the financial downturn.

Ireland had registered an expression of interest to the International Rugby Board in January to make a joint bid alongside England, Wales and Scotland.

"We examined in detail the possibility of other bid options alongside the positive spin-offs of hosting the tournament, but these did not satisfy all of the essential criteria for Irish rugby to remain involved in the process," the IRFU chief executive Philip Browne said.

Australia withdrew their bid to host the 2015 event last month, also alluding to financial reasons.