Timebanking is away of swapping skills, to earn credits which you then spend on yourself. For every hour participants deposit in a Timebank, perhaps by giving practical help and support to others, they are able to withdraw equivalent support in time when they themselves are in need. In each case the participant decides what they can offer.

Everyone's time is equal, so one hour of a persons time is equal to one hour of another persons time, irrespective of whatever is exchanged. 1 Hour = 1 Time Credit

There are 2 Timebank projects currently being run by Leicestershire County Council:

1) A Timebank for organisations and business's operating in health, social care and the community. An organisation will 'offer up' the assets and skills that it is willing to share I.e. space, work related skills, knowledge, training etc. Another organisation will take advantage of the 'offer' and the exchange occurs. The organisation that 'provides' the asset or skill receives 'one time credit' which equals 'one hour'. The organisation that receives it spends a 'time credit'.

By using a Timebank, organisations can access things that may have a cost in the normal economy, without spending money.

2) A Timebank for people in the community. Two pilot projects are being run in Coalville and Lutterworth. Individuals can join and trade their skills to get support themselves. All members are met, the project explained to themand DBS checks done when necessary. All members are covered by insurance for appropriate tasks.

The scheme aims to enable individuals to create new social links, get things done around the home and in their community. Time Bank Leicestershire website will show members what is going on, who needs what and how to join: