owning planes
Both Easyjet and ryanair have a complex mix of plane ownership. Leases are used to keep part of the fleet off the books. They also allow for them to translate discounts on aircraft into hidden profits. They also own some with a morgage. I am sure they are now powerful enougth to write the terms of the leases.
The 97 airbus 319 are split 46 owned, 45 under operating lease and 6 under finance lease. All 737s are under lease. They have 3 less 737-300 and 2 less 737-700 in the half year to March 07.