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Time banking

There are some 100 time banks operating in the UK, and another 100 in the pipeline.  Many of them operate on a person to person model. People ‘deposit’ time by helping others, and withdraw it when they need something themselves. But recently there has been the development of ‘person to agency’ time banking, as with model developed by the Wales Institute of Community Currencies and the charity SPICE. Spice has established more than 40 projects in South Wales whereby institutions like local authorities, schools, colleges and housing associations grant time credits for various kinds of volunteer work, which can then be ‘spent’ as part payment on buses, meals, internet time, and even social housing rent.