Ryanair Madrid schedule from 1st April 2016:
13:55/14:20 FR2082/2083 1.3.5.7
It certainly looks like a direct retaliation to the Iberia service as those are the days of the IBS operation too. The same thing happened to Manchester a couple of years ago and didn't end well. Norwegian still have their twice weekly service on days 4 & 7.