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I see those all the time. For the most part they're just showing love for a country, like "UK" or "SZ" (Switzerland) or "DL" (deutschland, a.k.a. Germany). Not necessarily that the vehicle was imported from there, just that the owner likes that country.
I have seen some that are imitations of them, like "DMB" (Dave Matthews Band), etc. So, "IRE" could mean ireland, but usually, it's straight type, usually no slanting letters like the "L" or anything...
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