I am in the same situation than you, Bluefalcon, with just 200hrs.
I wish I be called soon for an interview but is difficult with so little flight time. What I have heard is that there are a lot of Nordic pilots working there and they may be hiring other nationalities but JUST RUMOURS.
BTW a boy told me that there are only three Spanish pilots at Ryanair, so if all this is true...
I am sorry I donīt know much more about this scheeme.
Just waiting for a call.
Regards.