Launch of Local Trading System for Galway

Launch of Local Trading System for Galway

galway.net , 7 Apr 2003

A local trading system for Galway, known as a LETS, will be launched on Friday, 11 April, from 7-9 pm in An Gabhar Orga (the Golden Goat), in Newcastle. LETS stands for “Local Exchange and Trading System”; a LETS is a locally-based barter system in which goods and services are exchanged for a unique, invented currency that is only valid within the system. In Galway’s case, the currency is the Corrib, named after the river. Every registered member has an account where his or her transactions are kept track of; a member earns credit by providing goods or services to other people in the system, and uses that credit to obtain goods or services from them. No interest accrues on either debt or credit.

“There are lots of benefits to participating in a LETS,” observes Kerry Larkin, one of the new system’s organisers. “If you can get some things with Corribs, you’ll have more Euros for other things. Plus, the LETS is all about local exchange – it keeps the wealth here within the community, and utilises our own talents, resources, and energy to enhance our mutual self-reliance. And we increase the “social capital” of our community – that is, we strengthen the connections between people in Galway, we build our community. It’s not very different from the ancient meitheal system.”

A Directory will list what the members of the system are offering and seeking. Goods and services on offer will depend on the members, but could range from help with gardening or yard work to childminding to driving lessons to a laundry service to grinds to organic vegetables to reiki to massage, and beyond.

The system will be based at the Galway One World Centre in the Halls on Quay Street; enquiries can be made there, or to Somhairle on 086 3971244.

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