The deal is part of Ryanair's attempt to win approval from the European Commission for its third attempt to take over Aer Lingus. The airline needs to make concessions to ensure Irish air travel remains competitive.
The EC has since blocked this attempt, so I think you'll find that FlyBe Ireland is now a dead duck.
See
EC dismisses Ryanair's Aer Lingus bid and deal with Flybe - www.travelweekly.co.uk
No doubt Ryanair will appeal, but I doubt whether they'll have much success.