New bank allows people to build up credit in time rather than cash

Youghal Plant hire contractor Dan O'Shea was the first customer of a unique new Irish bank, and he has three hours credit lodged…

Youghal Plant hire contractor Dan O'Shea was the first customer of a unique new Irish bank, and he has three hours credit lodged to his account.

The State's first Time Bank has opened in an office at Little Island Sports Complex, Cork, to serve the communities of the area. The idea is that people will contribute their time to projects or needs in the area, and the time will then be stored for them to use whenever they wish.

Mr O'Shea was called in when some bollards were knocked down at the end of a public walkway near Ashbourne House, on the outskirts of Cork city.

"When they asked me how much I wanted for the work, I said I didn't want money, but to lodge the time I spent doing the work in the bank for me," says Dan. "I think it's a great idea for the community."

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Full-time bank co-ordinator Tom Millane said the plant hire contractor from Carberytown, Glanmire, was the bank's first customer.

"I am setting up a database which will store tens of thousands of details of Time Bank members, their skills, interests, needs, and, of course, their credit and debit details," says Mr Millane. "Initially we are inviting people to donate 1 per cent of their free time a year to the project. We reckon this might amount to 20 hours, and in return they will get 20 hours back.

"The bank operates in the same way as a credit union. It's designed to benefit everyone." People can give time in whatever area they like - sports, the arts, entertainment, youth work, gardening, caring for the elderly, babysitting, free professional advice.

In return, they can call on the skills of others - and there is no limit on age. "For example, an older person might offer to look after children after school until their parents come home. In return they might need help with their shopping," says Tom Millane.

"Young people might do babysitting or clean public areas, in return for help with school work or job seeking."

Initially the communities of Glounthaune, Little Island, Brooklodge and Knockraha are included in the bank, but if successful the idea will be extended to other areas.