Latest news with #IceMountain
The Journal
07-05-2025
- Business
- The Journal
Irish Nationwide provided millions in loans to clients before board approval, High Court hears
IRISH NATIONWIDE BUILDING Society was providing millions of euro in commercial loans and top ups to clients before its board could approve them, including one to a commercial client who already had an exposure of a quarter of a billion euro when they were granted a loan for developing luxury holiday homes in France, the High Court has heard. The civil case against former INBS chief Michael Fingleton is in its second day before the High Court, where it has been alleged that he negligently mismanaged the building society (INBS) and engaged in property 'gambles' with high net-worth individuals in an informal and speculative manner. Mr Fingleton (87), who is in ill health after a stroke, ran the building lender from 1971 to 2009, as managing director and chief executive. At its height in 2007, INBS had reported assets of €16 billion but was a high-profile casualty of the financial crisis of 2008. Liquidators for Irish Banking Resolution Corporation (IBRC) have taken the case against Mr Fingleton, who denies the allegation of negligent mismanagement. The losses, relating to property loans, had been estimated by the IBRC at €6 billion. However, only €250 million in damages is now being pursued by IBRC relating to five loans made by INBS, allegedly approved by Mr Fingleton, who the court was told was also 'nodding through' top ups and extensions to certain clients. At the High Court today, Lyndon MacCann SC, for IBRC, said the building society operated 'flawed policies', which were then ignored by the lender and made worse by what he called 'flawed practices'. Mr MacCann said an expert witness for IBRC will give evidence to the court that the level of 'delegation of power' given to Mr Fingleton 'was hideously flawed'. Counsel said that in one instance, Mr Fingleton approved a loan of €28M, months before it came before either the board or the credit panel of INBS in January 2009. The loan was for the purchase of two run-down hotels in the French alps despite them not having planning permission for a proposed luxury development. The application for the loan came before the board after it was already approved, it is alleged. The court heard that Mr Fingleton 'nodded' through loans, top-ups and loan extensions by phone or by 'scribbling' a note on memos that reached him, as he did not have a computer or email. Advertisement Mr MacCann said the France loan, referenced 'Ice Mountain', was allegedly approved by Mr Fingleton despite the borrower's company and his daughter already having a combined exposure of 'a third of a billion euro' to INBS and that the company was 'coming in at number seven in a Top of the Pops' – at €260 million – of those lenders with the most exposure to the bank. The court also heard that a different loan for £71 million was 'topped up' by a further £10 million, with only Mr Fingleton's approval on record for the expanded loan. In the case of a separate loan valued at €130 million in 2009, after Mr Fingleton had retired, INBS asked the borrower to repay the outlay. However, the borrower told INBS that the loan had been granted on a 'non-recourse basis' which was disputed by the society. The court was told that the borrower provided INBS with a letter from Mr Fingleton allegedly confirming the non-recourse status of the loan but INBS took legal advice which stated that the loans were of full recourse and that the borrower could indeed be pursued for the money, said counsel. Mr MacCann described the letter stating the loans were non-recourse was an 'extraordinary document' for Mr Fingleton to write and that a hand-writing expert will feature in the case. In opening the case yesterday, Mr MacCann said Mr Fingelton 'gambled' with the society's money when he allegedly approved 'speculative, risky' commercial loans, which sometimes had already been greenlit by him before they were taken before the board of directors, on which he also sat. The return on the loans and interest from INBS was that if the properties could get planning permission, they were to be 'flipped' for a profit, making it a 'joint-venture' for INBS in profit agreements. The five loans allegedly approved by Mr Fingleton relate to property land development projects between 2006 and 2008 despite them having no zoning or planning permission, counsel said. It is further alleged that there were no securities in place on the loans and no personal guarantee sought for or provided by the borrowers. Mr Fingleton was a prominent presence in Irish business during the Celtic Tiger and was reported to have been worth around €75 million in 2006. However, his son has told the courts that his father is reduced to €25,000 in two personal bank accounts and has outstanding judgment debts of more than €10.7 million. The case continues at the High Court. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Yahoo
19-03-2025
- Lifestyle
- Yahoo
The Best (And Worst) Bottled Waters You Can Drink In 2025
Though we're all about our reusable water bottles (and everything related to the Stanley tumbler), the love we have for fancy-shmancy bottled water is just undeniable. Despite the crisp, cold convenience associated with bottled drinking water, there's a *huge* rift in which brands actually taste good. Some drinkers prefer Aquafina over Dasani (or even artesian water cuvée, like the cast of Vanderpump Rules), and that's okay – but sommelier Belinda Chang has an immeasurable wealth of knowledge to dictate which ones are worth sipping on based on their flavor (and yes, they differ). Mineral water is considered the healthiest bottled drinking water since it contains additional minerals and vitamins. According to our ranking of the best and worst bottled waters, Roundy's bottled drinking water is #1. In terms of your health, all plastic bottled waters are the worst – they can contain hundreds of thousands of microplastics that harm the body. The safest bottled water you can drink is likely some filtered drinking water that you put into a reusable water bottle. Propel, Dasani, Ice Mountain, Aquafina, and Naleczowianka are the top 5 worst bottled drinking waters, according to their taste. According to expert water sommelier rankings, the top 5 best drinking waters are: Evian, Smeraldina, SmartWater, Fiji, and Roundy's. Belinda Chang hails from Chicago, and was formerly the head of the wine and spirits program at upscale steakhouse Maple & Ash, so she knows her drinks. While she usually puts her skills towards perfect pairings of wine and sumptuous meals, Belinda welcomed Thrillist into her domain to put water to the ultimate test. Belinda compared ten different bottled water brands by evaluating their flavor, aroma, texture and finish of each, giving them a score out of a possible 100 points. Her bottled water ratings shed light on which brands you should drink! 'A good bottled water shouldn't have any off-putting aromas or flavors – that would be an automatic negative,' Belinda explained. 'In wine, we always talk about terroir, and I think for water, it's the same. You want it to speak of the place where it comes from. And, of course, you want it to be delicious.' When it came to tasting Propel bottled water, Belinda was immediately put off by the odor, saying it smells "salty, metallic.' Ew. When it came to taste, it might not have been as bad, but it certainly wasn't an A+. 'When it gets onto your tongue, the impact is bizarre. The texture and flavor is a lot like Gatorade, but not masked with orange or blue raspberry.' Dasani was another bottled drinking water that was... somewhat stinky. 'See, this one does not smell good — it smells like a wine that's been dosed with sulphates.' What's with all the smelly water? Belinda deemed that when it comes to Dasani, 'The thirst-quenching quotient is really low on this guy.' Ice Mountain bottled drinking water got it right if you're looking for nothing but water – tasteless water. 'It's completely neutral in almost every way, which I think is a total positive.' In this case, definitely. Though Belinda did note a slight 'mineral-y' aftertaste, a 'pipe-like flavor.' No thanks. Instead of tasting pipe-like, Belinda felt Aquafina tasted 'a little powdery, with some dissolved minerals and a little bit of salt.' Still, she felt that this was a decent thirst-quencher. 'For an inexpensive water that you're just drinking because you're in the airport and you want to hydrate before you go on a flight, I think this is a good option.' Naleczowianka bottled drinking water was another water with a 'distinctive' smell — this time, a stony hint. Kinda strangely, it made Belinda think of 'a salt character — I want it with a pierogi.' That's… specific. Overall, this one failed where it seems to matter the most, with the skilled sommelier noting, 'It's not that thirst-quenching. It dries out the palate.' Evian bottled drinking water is better when it comes to the smell, Belinda claiming it's 'really clean on the nose.' But interestingly, she also noted, 'I do taste the Alps — I don't smell them, but I taste them. And I can definitely imagine myself après-ski with a bottle of Evian.' That's a plus for Evian! Smeraldina bottled drinking water scored slightly higher than Evian despite the fact that 'after you have a sip of it, it feels like there's this fine silt lying on your tongue.' Besides that, however, 'this would transport you back to the south of Italy.' Whoa. First the Alps, now Italy. We're globetrotting with every sip. Smartwater is actually something that Belinda is familiar with herself, but admitted, 'I've always chugged this the next morning when I'm hungover.' However, when she took some time to consider it, she claims, 'it's probably 1000% the marketing, but it does taste different,' i.e. a really interesting texture in the mid-palate, which Belinda assumes is the added electrolytes. Fiji took the runner-up spot of the best bottled water to drink, partly due to the fact that it's 'totally neutral on the nose, which [Belinda thinks] is important,' but it was also the fact that it's a heavy water that got Belinda's stamp of approval. '[If] you want to drink a glass of water after a spectacular dish or, like, a great bite of a burger, you want something that cleanses, and this is it. I really love this water.' And the bottled water winner is… Roundy's! First, the smell won Belinda over. 'This is going to sound so weird, but it's a little sweet-smelling — which I like!' But, of course, that wasn't all. Taste is the major factor here, and the sommelier thought this option was delicious. 'It has no pretension, it's incredibly thirst-quenching." "It doesn't taste like anything, which is perfect. When you're drinking water you just want to be drinking water, and this is the most watery of all the waters. This is the Moet Imperial of bottled water — it's simple, it's classic and it does exactly what it's supposed to do. It delivers and that's my professional opinion.' Do you notice differences in the taste of water from different brands and your tap? Tweet us ! H/T Thrillist. This post has been updated.
