I lived there for a while too - thats how i got my licence - the only people that can do you for the licence as far as i can see is the UK police. You are supposed to inform the DVLC in swansea immediatly for a change of address. So ironically, i wouldnt drive over there on my UK licence. However, as its all the EU now or whatever you want to call it, you're legally allowed to drive here on it BUT the Garda cannot endorse or hassle you over it. I was told when stopped that i had to change my licence, so i got onto the dept of transport here and they said is was not mandatory.
I dont believe that the Guards would check up in the UK on your licence. Seems a little drastic i think. Talk to the dept of transport - they have all the answers and i found them to be very helpful. I was actually more informed than the guard who stopped me after speaking with them.