Theory
- A flat (closed) credit system, with credits originating from the 'bank'
- All local service providers, voluntary and statutory use time banking as their currency to recognise and reward community involvement.
Practice
- The time bank is based within an existing time centre but delvelops to incorporate service providers in the wider area
- Requires an initial time audit
- Creates local consistency so that local residents see their contribution valued in the same way no matter which activity or service they are interacting with.
Factors for success
- Time is required to embed the time banking tool with local service providers
- A broad understanding and acceptance of the time banking principles, particularly of 'give and take' is necessary across all service providers
Potential problems
- Important that the use of and accounting for time credits is standardised across all agencies otherwise consistency is threatened.
Examples
Blangarw Working Mens Hall: This community centre based in the Welsh valleys is extending its time centre in order to link in with all local service providers.
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