Ryanair (ISEQ: RYA, LSE: RYA, NASDAQ: RYAAY) is an Irish airline with heaquarters in Dublin and its biggest operational base at London Stansted Airport in the UK. It is Europe's largest low-cost carrier. As of 31 July 2007, Ryanair operates 516 routes across 26 countries from 26 bases. Ryanair has been characterised by rapid expansion, a result of the deregulation of the air industry in Europe in 1997. Ryanair is the third largest airline in Europe in terms of passenger numbers.