CATAIR low cost airline

[Nige]

Does anyone know the full story about CATAIR? I heard that Iberia are creating a low cost airline in order to follow the competition such as Vueling and of course Easyjet/Ryanair. The start of the new airline is planned for October, initially based in Barcelona, and in 2 years time they hope to have 30 aircraft in use. I don't know whether this will mean more competition between Malaga or other Andalucian airports to UK or other places.
Also Ryanair was granted a 'slot' to fly between Madrid and Granada but I don't know if this means they will utilize this route in their flights to places outside Spain.