The two sons of Dr Tony Ryan, Mr Cathal Ryan and Mr Declan Ryan, have each realised £16.7 million (€21.1 million) after selling 1.8 million Ryanair shares at €11.75 each. The shares were sold to institutional investors on Tuesday.

This is the second time in the space of eight months that the Ryan brothers have sold substantial amounts of Ryanair shares. Last November, they each sold 1.17 million to realise £9 million (€11.4 million). After their latest sale, each brother holds 12.1 million shares which are currently worth €144 million.

Chief executive Mr Michael O'Leary previously sold 4 million Ryanair shares for a total of €46 million as part of an over-allotment that was part of a €123 million share placing by the airline. Mr O'Leary's remaining 26 million shares are worth €310 million.