Reports in Britain last week said that Australian investment bank Macquarie is reviewing its 24% stake in the Birmingham operation.

It is understood that the Dublin Airport Authority will also take part in that review.

Birmingham airport is thought to be worth between £1bn ( 1.48bn) and £1.8bn ( 2.66bn), with local councils owning 49%. Some industry sources suggested it could be sold for a figure closer to the lower estimate.

Michael O'Leary told the Sunday Tribune that it is likely to be worth more, especially in light of the fact that Dermot Desmond received more than 1bn for London City Airport.

O'Leary urged the DAA to commence a tendering process to sell the Birmingham stake as well its 40% stake in Dusseldorf. It acquired the two holdings for a combined total of 95m.

"The assets should be sold and used to pay down debt.

The DAA should be forced to live within its means, " he said.

The DAA sold the majority of the loss-making Great Southern hotel chain earlier this year for 265m. Last week it sold its 3% stake in Hamburg airport for 30m.

O'Leary reckons a complete sale of assets would generate about 1bn for the DAA.