Ryanair has arranged $1.6 billion (€1.1 billion) in financing for new aircraft with a syndicate of banks. The funding relates to 55 aircraft to be delivered between November this year and October 2010.

The banking syndicate comprises BNP Paribas, Calyon and Sumitomo Mitsui Banking Corporation. Calyon has underwritten 25 aircraft and BNP Paribas and SMBC have each underwritten 15.

Ryanair chief financial officer Howard Millar said the financing was testimony to Ryanair’s financial strength.