IB recent recruitment process is not for LEVEL or the A330. They are hiring for their short-haul fleet based in MAD. Transition onto the A330 (LEVEL or not) is done by seniority (a lot of people in front of the new joiners) and full ATPL required.
IB crews will be flying LEVEL A330s (possibly even under IB colors initially, as website says operated by IB), under IB terms and conditions with a few exceptions (FTLs is one of them, currently IB long haul pilots have a limit of 85h a month).
IB new joiners join on level 11, which is one of the worst in this industry (no better level if more experience, so same level for cadets or 10 year experience FO). It was agreed not far ago that promotion onto the A330 would mean transitioning to level 9, which is a quite better.
This might only be temporary. I would think future expansion will mean LEVEL crews under LEVEL contracts, possibly a lot worse than IB contracts (possibly similar to IB Express). However, that expansion is still unknown and unclear, as many Spanish people think this is only a temporary operation to kick Norwegian out of BCN. Iberia have done this in the past a few times with long haul operations from BCN (temporary ones) and Clickair, which was created to compete against Vueling, and then they both merged and are now part of the IAG group.