David Cullinane (Waterford, Sinn Fein) | Oireachtas source

While I do not always believe everything I read in the newspapers, a very interesting column in The Times, Ireland edition, was headlined "State buys back homes sold to US equity firm", that firm being Cerberus. Essentially, NAMA sold houses to Cerberus and Cerberus then sold them back to the State's Housing Agency.

I can only surmise that they bought the properties at an attractive price, perhaps made money on them, and then they sold them back to the State.