Is all lost from the Emerald Isle or could this restore our honour? (6)

I believe the answer is:

redeem

I'm a little stuck... Click here to teach me more about this clue!

'this restore our honour?' is the definition.
'redeem' can be an answer for 'restore' (thesaurus). I'm not sure about the rest of the definition.

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for redeem that I've seen before include "Save or cash in" , "Buy back; absolve" , "Save from sins or buy back" , "Save, from hell or pawnbroker" , "Free - retrieve" .)

I've seen this clue in The Irish Times.

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