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Speaker 1: Now Gloria Vale has taken a knock in the battle

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Speaker 1: to keep access to banking services. Be and Z has

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Speaker 1: been wanting to close Gloria vale'sccounts for two years. Now

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Speaker 1: it's going to be decided at trial. Genative Trainee is

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Speaker 1: The Herald's Wellington business editor and with us now, hey.

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Speaker 2: Jana, hey, Heather.

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Speaker 1: Even before it gets to trial, there's going to be

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Speaker 1: a hearing on an injunction, right, and so these accounts

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Speaker 1: could close before it even goes to trial.

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Speaker 2: Is that right, Yeah, that's right. So B and Z

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Speaker 2: was upset because the court said that it had to

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Speaker 2: keep Gloria Vale's accounts open until the issue was dealt

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Speaker 2: with at trial. So B and Z went to the

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Speaker 2: Court of Appeal and said, hey, look, we don't agree

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Speaker 2: with this interim injunction. Now the Court of Appeal will

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Speaker 2: look at that issue. Depending on what the Court of

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Speaker 2: Appeal finds, you know, that could end up being quite

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Speaker 2: a big blow for Gloria Vale. Of course, you know,

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Speaker 2: like all of us, you need a bank account to

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Speaker 2: operate in today's society, and Gloria Vale is no different

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Speaker 2: you know, to the rest of us.

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Speaker 1: Yeah, So what's b and Z's him of white ones

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Speaker 1: to suspend the accuncil shut them down.

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Speaker 2: Well, bn Z took action in twenty twenty two after

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Speaker 2: employment court decision was made that said some former Glory

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Speaker 2: of Our members who'd been working in the community since

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Speaker 2: they were six years old should have been treated as employees,

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Speaker 2: not volunteers. So that prompted bean Z to say, sorry, Glorival,

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Speaker 2: we want to get rid of you. We don't want

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Speaker 2: to bank you anymore because you know you're you're set

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Speaker 2: up doesn't align with our human rights policy. So ben

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Speaker 2: Z gave Gloria three Glorival three months to find another bank.

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Speaker 2: Glorivale couldn't find another bank, so you know, the issue

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Speaker 2: has has ended up in court. Now. The thing here

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Speaker 2: here that I think it's actually a really interesting case.

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Speaker 2: A for Gloria Vale, as I said before, it needs

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Speaker 2: a bank to sort of survive in the modern world.

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Speaker 2: But b this issue could set a legal president for

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Speaker 2: other banks in terms of, you know, sort of providing

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Speaker 2: some clarity around the extent to which banks can choose

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Speaker 2: who they do business with.

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Speaker 1: Takes us to the Nigel Farage case, doesn't it where

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Speaker 1: the bank just decided they didn't want to do banking

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Speaker 1: with him and that was the end of that.

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Speaker 2: Yeah, there are quite a few examples of this at

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Speaker 2: the moment, so cryptocurrency traders and businesses, also money remitters,

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Speaker 2: These are some of the things that have been d banked.

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Speaker 2: The banks have said, no, you pose too much of

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Speaker 2: a risk to us, you know, because we don't know

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Speaker 2: if you're laundering money, for example. That's been a concern

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Speaker 2: with some of the money remitters and the cryptocurrency people.

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Speaker 2: So you know, there is this kind of larger debate

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Speaker 2: at the moment. Can banks choose who they do business with?

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Speaker 2: And you know, what are the consequences if banks say no, sorry,

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Speaker 2: we don't want anything to do with you. Is quite

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Speaker 2: a hot topic.

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Speaker 1: Yeah, totally. What happens if Gloria Vale has its accounts

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Speaker 1: shut down? Do they have to just draw millions and

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Speaker 1: millions of dollars out and stick it in suitcases?

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Speaker 2: Gosh, well, we'd have to wait and see. You know,

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Speaker 2: this Glory Vala is definitely coming under increasing pressure from

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Speaker 2: so many fronts at the moment, so you know that

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Speaker 2: this will be a key issue. And it's lawyers, you know,

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Speaker 2: argue that these are a vulnerable people and you know

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Speaker 2: you can't just remove banking services from them, but you know,

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Speaker 2: beans ed is a private company. If it doesn't want

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Speaker 2: to give me a mortgage, it doesn't have to.

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Speaker 1: Yeah, Jennay, thank you very much. Thanks for running us

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Speaker 1: through genetive trainee The Heralds Wellington Business editor.

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Speaker 2: For more from Heather Duplessy Allen Drive, listen live to

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Speaker 2: news talks.

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Speaker 1: It'd be from four pm weekdays, or follow the podcast

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Speaker 1: on iHeartRadio