Ryanair CEO Michael O’Leary, speaking yesterday at the World Low-Cost Airline Congress in London, repeated his assertion that there is potential for a low-cost transatlantic operation.

According to O’Leary, a Ryanair long-haul operation would launch service from three EU cities to three destinations in the U.S. using a fleet of seven aircraft. That fleet would then grow by about seven aircraft each year over seven years, while the network would increase to 10 European cities and 10 U.S. destinations.

“The prices on long haul flying are too high,” said O’Leary, “What is needed is a clean sheet, using more efficient and lower-cost aircraft.” He noted, however, that “this can’t happen until we get some planes.”

O’Leary said that a transatlantic operation would not follow the no-frills business model adopted by Ryanair’s short- and medium-haul operation, and suggested that there would be a business-class cabin on the transatlantic services.

“There are a lot of cities where there would be substantial growth where the incumbents are weak,” added O’Leary.