Bruce Springsteen will induct U2 into the Rock'n'Roll Hall of Fame in New York on Monday.

Springsteen will be returning a favour: in 1999, Bono inducted him into the Hall of Fame.

U2 will play live at the ceremony which will also feature Justin Timberlake inducting The O'Jays, Rod Stewart inducting Percy Sledge, Neil Young inducting The Pretenders and BB King and Eric Clapton inducting Buddy Guy.

It's a pretty prestigious club to enter and a great honour to join other members such as Chuck Berry, Fats Domino, Elvis Presley, Bob Dylan, The Beatles, Cream, The Clash, Bruce Springsteen and The Rolling Stones.

Make a note to set the video next weekend, Vh1 are taping the show (schedules at the end of this story).

Bono is no stranger to the Hall of Fame. Back in 1993 he was there to induct the late Bob Marley, while in 2001, he inducted Chris Blackwell, founder of Island Records, into the non-performer category. 'To some,' said Bono.'Music is an excuse to make money. To others, money is an excuse to make music.'

Two years ago it was Edge doing the honours, joining Audioslave guitarist Tom Morello to induct The Clash.

Another non-performing inductee on Monday is the promoter Frank Barsalona, also an old friend of the band. Founder and president of Premier Talent Agency, Barsalona created the first legitimate rock and roll booking agency. Along the way, he reinvented the way artists, agents, venues and promoters did business. His roster included Led Zeppelin, Bruce Springsteen and the E Street Band, The Pretenders, The Who and - who else ? - U2.

Artists become eligible for induction into the Rock'n'Roll Hall of Fame, 25 years after the release of their first record. They are nominated on the basis of 'the influence and significance of their contribution to the development and perpetuation of rock and roll.' Seven hundred music experts vote on a panel of candidates selected by the Hall of Fame Foundation's nominating committee.

More on the ceremony and this year's inductees here.

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Vh1 programming schedule for 2005 Rock and Roll Hall of Fame Induction Ceremony (all Eastern Standard Times)

03/19/2005 09:00 PM Saturday
03/19/2005 11:30 PM Saturday
03/20/2005 12:00 PM Sunday
03/20/2005 09:00 PM Sunday
03/21/2005 01:00 PM Monday
03/22/2005 08:00 PM Tuesday
03/23/2005 11:00 AM Wednesday
03/23/2005 01:00 AM Wednesday
(all subject to change)