Technically it’s JAA compliant. However, I recently trained with some Spanish guys who told me about their IR tests. I was very surprised to learn that it was far less rigorous than the UK standard. That said, its only the UK airlines who seem to be bothered about where you trained.
So basically what im saying is (IMO), if you want to fly for a British airline then do the IR here, if your not so bothered save your cash and go to España.