Theory
- A mutual (open) credit system where credit only exists between individuals
- Exchanges take place between individuals initially set up by a central hub
- Facillitates acts of neighbourliness between individuals
Practice
- Time bank often established as a project within a 'host organisation'
- When an individual joins the bank they are asked to list the skills they can share and the skills they would like to receive
- Exchanges are co-ordinated and recorded by a broker
- Type of exchanges is governed by skills available within the membership
- Projedct is evaluated by number of time bank members, number of exchanges taking place
Factors for Success
- Supportive host with organisation-wide understanding of time banking
- Funding for a time bank brokeer and project manager
- Core group of local supporters
- Visible location (e.g. shop front)
- Clear definition and understanding of project area (geographically & operationally)
- Links to local community sector
Potential Problems
- Essential to avoid over-reliance on the broker by members when setting up exchanges and activities. Broker encourages set-up of 'kitchen cabinet' of members to run activities.
- Important to ensure that the time bank is embedded within the organisation and able to extend/improve existing activites as well as developing new ones.
- Important to have sufficient resources to manage the adminstration of 1-to-1 exchanges.
Examples from London
- Rushey Green Time Bank: launched in 2000 this project is housed within a doctor's surgery, although it is an independent registered charity.
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