Budget airline Ryanair has been rapped for falsely implying rival Thomas Cook was likely to go into administration.

The reprimand came in response to adverts headed ‘Bye bye Thomas Cook’ which claimed the tour operator was in “dire straits” and had accumulated debts of nearly €1.198 billion.

The “denigratory” campaign has now been banned for implying it was “risky” to book with the beleaguered travel company.

Ads appeared in British newspapers in November as the ailing holiday giant turned to its banks for financial aid. The marketing sparked 15 objections.

Ryanair insisted it had not set out to mock its competitor’s cashflow troubles, the UK Advertising Standards Authority said.

While it conceded the advertisements were unlikely to cause “serious or widespread offence” or “fear or distress”, the watchdog ruled against the Irish carrier’s campaign.