RYANAIR has a powerful team preparing it for the impending float. Naturally US airline investor David Bonderman is heading the charge, assisted by US investment bank Morgan Stanley, with which Mr Bonderman has close links.

On the Irish side is the Investment Bank of Ireland team led by Richard Keating. Also batting for the Irish airline, of course, is former chairman Dr Tony Ryan and board members such as James Osborne. Mr Osborne is believed to be an important figure in lining up investors to support the Ryanair flotation.