No, Ryanair have reduced frequency on BHD-STN from 5 Daily last Winter to 3 daily this Winter. This makes their figures quite impressive. They have cut capacity by 40% while passenger numbers have fallen only 10%. To say that FR aren't having an impact on the London market just isn't true. FR have been operating from Belfast for less than 16 months yet they are carrying almost the same number of passengers on the Stansted route as Easyjet who have been operating from Belfast for over a decade.
I think if my memory serves me well that last January there were 3 returns with FR to BHD/STN at a push 4. They increased to 4 or 5 late in the spring. I may be wrong but I would dispute 5. Also last January FR carried more than EZY on the STN/Belfast route, so if you take the credit crunch into the equation, EZY have grown on the STN route, while FR have contracted.