Ryanair (FR, Dublin International) and IAG International Airlines Group, parent of Aer Lingus, are reportedly seeking a one-year moratorium from the European Commission on the enforcement of the EU ownership and control rules after Brexit, the Irish Independent has written.

The moratorium would grant the carriers 12 more months to pursue share buybacks in order to reduce the stakes held by UK-based investors.

According to the EU rules, airlines have to be majority-owned and controlled by EU entities in order to enjoy free access to the bloc's open skies area. In the absence of an agreed United Kingdom withdrawal treaty, it is still unclear what rules will govern aviation between the UK and the EU after the former leaves the bloc in March 2019. However, UK-based investors will likely no longer count towards the EU quota. As such, European airlines based outside of the UK but with a significant share of British investors could risk losing EU status.

The Irish Commission for Aviation Regulation has already sent letters to all Irish airlines reminding them of the change. Irish companies often have significant British shareholdings.

Ryanair said earlier this year that it could restrict the shares held by UK citizens and order them to sell them to EU nationals if needed.