Regional Exchange System «Time Banking» (RES “TB”) is an instrument, providing on-line interaction of physical and legal persons in the system of goods exchange at local (regional) level in the period of crisis.

The first reason, urging to creating of Regional Exchange System «Time Banking», was the most severe world financial crisis, that had affected the local markets of product and service exchange, which, in spite of availability of all the resources, faced the shortage of money.

The second reason was the peculiarity of the present development of capitalism with possibilities of instant transfer of large monetary funds from one spot of the world to another. The money deposited at local banks by people is used by transnational companies in other countries of the world, bringing them superprofits, but at the same time becoming a deficit for the local people, who put it in the banks and want to obtain credits for production or trade. The money is leaving local economy, people are losing jobs, enterprises are closing.

Therefore, creation of the systems of labour exchange at the local level under the conditions of labour division and on the basis of new principles of interaction between people becomes the solution of the problems which can't be solved within the limits of traditional organization of economics.

RES “TB” provides organizing of product and service exchange at the local level for satisfying of the needs of local residents in the conditions of financial crisis and of deficit of monetary funds on the basis of social agreement between the participants of the exchange system.

Goals of Regional Exchange System «Time Banking»

1. To remove the social distress from the society by unlocking of labour potential of people and organization of collaboration between the members of every territorial community.
2. To organize the effective cooperation between local government institutions and public organizations and to improve the quality of life and service level for the population in the conditions of local budget deficit.
3. To create the instrument of satisfying of the needs of territorial community members in the conditions of financial crisis by way of a social agreement.
4. To replace the purpose of financial enrichment to purpose of public utility and mutual assistance in the conditions of financial crisis.
5. To enable people to fulfill and to express themselves through interaction with other members of the society.

Regional Exchange System «Time Banking» helps local communities to find additional resources for survival during the global financial crisis.

Principles on which Regional Exchange System «Time Banking» is based:

1. Voluntariness. The participants of the System voluntarily agree to take part in the System. None of the Participants has liabilities to cooperate with either one or another Participant.
2. Charity. Now you are sharing with others, because you have such a possibility and such a will, and then others will share with you.
3. Mutuality. Every exchange transaction is a personal consent to a mutual exchange and a personal consent to render a mutual service or to provide his/her products to other Participants of RES “TB”.
4. Self-accounting. Administrative costs are recovered according to the cost of providing the service requested.
5. Social orientation. RES “TB” is non-commercial System with an ethic accent. The system works without money. The information about offers and needs in the System is opened for all its Participants.

The peculiarity of the work of Regional Exchange System «Time Banking» is the usage of single information equivalents of the System – «Points». With their help the accounting of a mutual exchange between the Participants of the System is carried out.

Any person can become a participant of RES “TB”. To do this you need to contact the office of the System, sign an Agreement and fill in the Application Form, where you should specify what you can offer to other Participants of the System (products, services) and what you need. After that an electronic account in the System and a personal page of the Participant with the information from your Application Form will be opened for you.

All the Participants start working in the System with zero-balance accounts. The Points for exchange accounting are created by the Participants themselves, acting as the consumers of services or products, at the moment of exchange. A personal account is managed via Internet or SMS-messages, or via the calls to the Operator of the System. The System reduces the account of a consumer and increases the account of a supplier for the amount of the transaction, established by the mutual agreement of the Participants.

Social effect caused by the Regional Exchange System «Time Banking»:

1. RES “TB” restores trust and improves the level of concern of the society members for each other by way of organization of mutual beneficence and community cooperation, which comprise significant parts of social capital.
2. RES “TB” involves the resources and capabilities of students, retired persons, disabled persons, low-income citizens, «risk group» population, the most disadvantaged people. Using their resources and capacities, they can make their contribution into the achievement of a common welfare, helping the others, which is appropriately appreciated and rewarded by the other members of the society.
3. RES “TB” helps to strengthen the family relations, unites the society, and improves the living standards by means of organization of mutual exchange between the members of the territorial community.

Regional Exchange System «Time Banking» allows to employ the resources of the society which are not used in the traditional economics and brings the spirit of cooperation into the market relations.