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O´Leary was charged with the task of making the airline profitable.

O'Leary quickly decided that the key to profitability was low fares, quick turn-around times for aircraft, "no frills" and no business class, as well as operating a single model of aircraft.

A loss of €3.3 million in the second quarter of 2004 was the airline's first recorded loss for 15 years but the airline became profitable soon after.

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It says that by cutting airport check-in, it reduces overhead costs.

The new airline would be separate from Ryanair and operate under a different branding.

O'Leary returned from a visit to Southwest Airlines convinced that Ryanair could make huge inroads into the European air market, at that time dominated by national carriers, which were subsidised to various degrees by their parent countries.

He competed with the major airlines by providing a "no-frills", low-cost service.

Ryanair launched a new base of operation in Charleroi Airport in 2001.