Irish town money invested in duplicate Lough (7)

I believe the answer is:

clonmel

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'irish town' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.

'money invested in duplicate lough' is the wordplay.
'money' becomes 'm' (abbreviation used in economics).
'invested in' is an insertion indicator.
'duplicate' becomes 'clone' (I've seen this in another clue).
'lough' becomes 'l'.
'm' placed inside 'clone' is 'clonme'.
'clonme'+'l'='CLONMEL'

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(Another definition for clonmel that I've seen is " County town of Co. Tipperary".)

I've seen this clue in The Independent.

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