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O'Leary said the Dublin-based carrier was looking at the possibility of installing toilet doors in its planes which would only open with the insertion of a £1 coin.
"One thing we have looked at in the past, and are looking at again, is the possibility of maybe putting a coin slot on the toilet door, so that people might actually have to spend a pound to spend a penny in future," he told the BBC.
He added: "I don't think there is anybody in history that has got on board a Ryanair aircraft with less than a pound."
It is the latest Ryanair idea to save money in the tough economic climate.
Last week the airline confirmed it planned to close all its airport check-in desks by the end of the year to cut costs.
A Ryanair spokesperson, Stephen McNamara, later played down the toilet charge idea.
"Michael makes a lot of this stuff up as he goes along and while this has been discussed internally there are no immediate plans to introduce it," he said.
AFP