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Speaker 1: Petrol stations aren't the only ones trying not to lose

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Speaker 1: their access to banking. As we talked about yesterday, Gloria

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Speaker 1: Vale has lost the battle against ben Z as well.

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Speaker 1: Jane Tips Trainey is with me. She is The Herald's

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Speaker 1: Wellington Business editor. Janee good evening. Hey Royan, good to

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Speaker 1: have you on the show. And tell me about the

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Speaker 1: You've been speaking to Gloria Vale's lawyer. Are they going

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Speaker 1: to take this further? Are they going to take further

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Speaker 1: action about the decision from the Benzett Look.

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Speaker 2: I've actually been talking to the chief executive of the

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Speaker 2: trust behind Gloria Vale, that's the Christian Church Community Trust,

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Speaker 2: a man called Phil Jamison. He's not actually in Gloria Vale,

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Speaker 2: but he is helping manage Gloriavale's affairs now. Phil said

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Speaker 2: to me, and I quote, it will not be the

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Speaker 2: end of the community. He is fairly adamant that Gloria

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Speaker 2: Vale will be able to find an alternative once benz

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Speaker 2: closes its accounts in three months time. That seems to

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Speaker 2: be the current plan. Phil wouldn't give away too much.

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Speaker 2: He said, these are commercial, you know decisions there or

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Speaker 2: you know, commercially sense of information, but he said Gloria

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Speaker 2: Vale was actively pursuing a range of options. I asked him, well,

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Speaker 2: could Gloria Vale get an overseas bank to deal with it?

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Speaker 2: And he said that was highly unlikely. You know, the

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Speaker 2: thing here is that you would imagine that Gloria Vale

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Speaker 2: does need a bank. Its net assets are worth at

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Speaker 2: least forty seven million dollars. That's that's a lot of money,

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Speaker 2: and you know, it needs somewhere to put its money,

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Speaker 2: and it needs to be able to transact to you know,

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Speaker 2: keep its various commercial farming entities going, keep you know

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Speaker 2: that the people fed and the kids are educated, and

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Speaker 2: laundry going and all that type of thing.

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Speaker 1: Yeah, so what, Yeah, it's an interesting one. Hopefully they

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Speaker 1: have managed to find some kind of solution for them.

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Speaker 1: But generally speaking, the issue of d banking seems to

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Speaker 1: creep up more and more at the moment. Should we

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Speaker 1: feel uncomfortable about that?

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Speaker 2: Yeah, I think we've actually had a couple of weeks

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Speaker 2: of lots of D banking news with the petrol stations

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Speaker 2: and this. I think it's actually been something that's been

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Speaker 2: happening for some time and it's been well marked. So

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Speaker 2: if we go back to the petrol stations issue. I

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Speaker 2: know that, you know, central bankers have for the past

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Speaker 2: decade been worried about stranded assets. That's you know, investors

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Speaker 2: pulling out of sunset industries due to climate concerns, you know,

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Speaker 2: and and banks also pulling out. That's what we're starting

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Speaker 2: to see that has been well signaled in Gloriavale's case.

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Speaker 2: I think it's quite different, you know, because Gloria Vale

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Speaker 2: has been found guilty of, you know, using children to

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Speaker 2: do work, and there are also charges related to sexual harassment,

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Speaker 2: so Gloriavale is quite different to the petrol stations. A

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Speaker 2: few years ago, there was a lot of riff raff

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Speaker 2: because money remitters we're being dbanked because banks were worried

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Speaker 2: about money laundering concerns. You know, if you're a money remitter,

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Speaker 2: it's hard for the bank to know exactly where the

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Speaker 2: money is coming from and who it's going to. So

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Speaker 2: I actually think it's an issue that's been happening for

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Speaker 2: some time. It's just happens to have been in the

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Speaker 2: news quite a bit in recent weeks.

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Speaker 1: Yeah, interesting that, Jena, Thank you very much. Jane Tips

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Speaker 1: Training The New Zealand Herald Wellington Business Editor. For more

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