As a resident in Ireland, your UK driving licence is no longer valid to drive here in Ireland. However, under the current agreement, it will remain valid for exchange only. More information on exchanging a driving licence can be found on the NDLS website.
There is a possibility that in the future that Ireland and the UK will enter into a bi-lateral arrangement on driving licences where Ireland recognise UK driving licences. Inevitably, this will take a little time to complete as it involves a formal agreement and legislation here in Ireland.