Chris I think you missed the whole point with your post... no one was saying Ryanair was in trouble... or gives a stuff about their depreciation policy... the issue is the outlook....
Exactly. If Ryanair are looking at such a sharp downturn in profit over the next 1-2 years then imagine the impact on smaller airlines who don't have RYR's low cost base and cash reserves. Ryanair will most likely survive the worst of recessions, others may well not. It all points to experienced and jet/TP rated pilots "competing" with 200hr guys for the few airlines positions that would be on offer. It's only a possibility, but it is looking more and more likely.