The 181 planes he has have each lost around 5 million euros in value over the last year. In the q3 accounts upto dec 07 they were shifted out at 26.5 million euros each. As of Dec 2008 they were selling 5 year old 787s at 21.2 million euors. The 2nd hand value of the fleet has drop around a billion euros. In 2007 they were declaring exception profits on teh sales were now they have extra write-downs. The ryanair model need to buy new planes cheap and sell then on at a primum. They now have very few who can buy. The cost of ownership in effect rises sharply if the price difference rises.