Time bank

Time Bank In Lefkas island is a network for exchanging services and knowledge (know-how) which was established by two volunteers in 2012 and is being supported by the NGO “Solidarity Tracks”.

A Time Bank is a alternative system to money and the capitalist foundations. It forms a network of mutual exchange of services and knowledge on the scale of a local community. Within its frame, all transaction is made based on the value “time”, thus excluding the monetary value.

Every member can offer some of his/her time, under the form of services with regard to his/her skills/competences. He/she is entitled to receive other services, on a mutual basis, according to his/her needs and wishes.

The principle of parity of statuses

Every person has competences and knowledge proper to him/her. These competences and knowledge may be manual or intellectual. In our network, no hierarchical distinction is made among the offered services: they all have the same value and correspond to the same “time credit”.

For instance, one hour of babysitting offered for exchange is worth one hour for computer repair, offered for exchange too.

The principle of the reciprocity of the exchanges

Each and every member of the Time Bank’s network is both a seeker (demands services) and a supplier (offers his/her own services). In this way every member is entitled to asking another member for a service, but on a mutual basis, he/she has to offer another kind of service and stay at the other members’ disposal.