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25 NZ$121 million on the previous year. 49 As a mutual building society, not a bank, SBS offers a growing range of services, including ATM and EFTPOS cards, telephone banking and cheque books. It provides finance for housing, consumers, commerce, agriculture and manufacturing, with the predominant lending activity being residential mortgage finance. The society operates seven branches in the South Island and one in Hamilton, and plans to expand further into North Island in the future. SBS is registered under the Building Societies Act 1965 and is supervised by the Tower Trust to ensure that its operates within the ratios set for it by financial covenants. Building societies are no longer mutuals. That is, they can now lend to nonmembers. In recent history both the United and Countrywide building societies converted to banks. Every year the SBS reviews its decision to remain a mutual rather than go for full bank status, which would give it access to wholesale money markets. Currently, it has no plans to opt for such a change. Manchester Unity The Manchester Unity is a friendly society, with two arms that advance credit to members: through the nine credit unions that are operated by the individual districts; and through any one of three levels of the friendly society where funds are available for investment. Both friendly societies and credit unions are specifically prohibited from borrowing by the Friendly Societies and Credit Unions Act 1982, except by way of normal overdraft arrangements. This therefore precludes margin lending as an activity. In addition, there are specific requirements for minimum reserve levels, which means that credit unions cannot be debt funded. There are, of course, some reserves that have been established over 150 years of operation, and a portion of these may be invested by way of mortgages to members.
26 They donManchester Unity does not belong to the Association of Credit Unions. 50 Credit Unions Credit unions are financial cooperatives – that is, they are owned by their members, who share the profits. As they are based around a workplace or geographical area, their members have what is called a common bond. Their aims are neatly summed up in the prospectus of the Otago Credit Union: ‘The objectives of the Credit Union are essentially the promotion of thrift amongst members by the accumulation of their savings, the use and control of the members’ savings for their mutual benefit and the training and education of the members in the wise use of money and in the management of their financial affairs.’ According to the New Zealand Association of Credit Unions, as at March 2002 about 190,000 people belonged to 45 credit unions with around 100 outlets. In Hawke’s Bay, 16 per cent of residents bank with the local credit union. Together, New Zealand’s credit unions have assets of more than NZ$400 million and an annual income in excess of NZ$46 million. Since 1891 they have been tax exempt, which was confirmed by government in 2000 when stricter controls and higher deposit limits were introduced. As a consequence of these changes, membership increased 15 per cent in the following 18 months. Credit union members can pay their bills though their credit unions, use ATM and EFTPOS cards and bank via telephone and the Internet, but they can’t operate a cheque book. According to the Association of Credit Unions’ Business Services Manager Ross Cambie, the cost of clearing cheques through the banking system is a major impediment to
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Healthy Money Healthy Planet by Dei
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2 During the 1960s I listened on th
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4 money. Richard’s enthusiasm for
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6 must first be complemented by mon
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6 For over a decade, Japan struggle
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8 interestbearing money creation.
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10 provides a benefit for seller an
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2 After that, it didn’t take long
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4 Bank B. This is called a ‘depos
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6 Second comes the bit where banker
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8 debt, hence the collective debt c
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10 simply unsustainable in a finite
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12 pieces of paper grant the bearer
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14 master of all industry and comme
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16 Money Supply 1935 - 2000 120000
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18 commercial banks and is lent int
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2 And nor are things getting any be
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4 international trade in currencies
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6 The data on New Zealand mortgage
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8 The scheme has had unintended soc
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10 Household loans (1978-2000) 90 8
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12 City Council in mid2000 review
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14 Similarly, mortgages are classif
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16 And it is not just bank assets t
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18 Keeping the Secret But surely if
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20 Deputy Prime Minister. I asked h
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22 Individuals have to compete with
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24 instability. This speculation is
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51 cared for. The cancerous parts o
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53 constraints. What we need are so
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55 accelerating. Eighty per cent of
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57 waters to draw down. They also s
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59 As far back as 1987, a UN World
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61 The State of New Zealand Since 1
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63 Health and Disability Like other
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65 Low skilled jobs have largely di
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67 • One in two people in Ireland
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1 4 Unhealthy Globalisation The Sir
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3 Although the process of corporate
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5 globalisation is transnational ca
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7 Many others have spoken of invisi
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9 currencies to the US dollar. The
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11 policies of these nations in ret
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13 000). Round Tables The original
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15 annual meeting in the small ski
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17 When an enemy is powerful and ce
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19 In January 2001, protesters demo
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Martin Khor, Direitn 21
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78 Every day we hear politicians, c
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80 not return to the depression of
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82 billion, equivalent to 39 per ce
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84 which in turn rests on nature it
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86 increase. And when jobs are crea
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88 rather than adding them to the w
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90 achieved very different levels o
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92 placed at the top of the lists.
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88 6 Facing the Critics Through the
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90 the interestbased system, the
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92 good or fair or sustainable. An
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94 Certainly there are other ways o
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96 landlord who charges you rent al
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98 believe that credit to be valuab
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100 If interest rates were zero the
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102 It is quite fair that banks sho
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2 free money before, as we shall se
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4 In precolonial times, Maori tri
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6 In Maori tribes, the gift society
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9 What Gives Money its Value? To he
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11 accept money as payment, we unco
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13 goes still further and calls mon
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15 Spanish and Dutch coins from ove
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17 claimed that the UK’s financia
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19 Today, the Reserve Bank retains
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2 living systems. Finally, it discu
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4 If our species is to survive, a n
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6 with its own currencies, the patt
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8 While it is possible for each tea
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10 addiction, chronic illness and i
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12 4. Human economies can and shoul
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14 furniture transported at great c
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16 down and money has been moved ar
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18 areas? Is there a continuing dyn
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Some estimate the costs of traffic
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22 be a tension between the two. Th
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24 democracy at the local governmen
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26 as the individual organs of the
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2 The democratisation of national c
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4 her children who were fed by its
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6 happened - the imposition of a co
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8 existed and thrived for thousands
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10 In addition, by focusing on loca
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12 there is no hierarchy. As we saw
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2 Michael Linton, David Weston and
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4 could. He described them as ‘a
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6 resorts may find themselves amass
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8 problems. Since then, the system
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10 forms. In version 1, operating u
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12 All the following examples of co
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14 sent a researcher to check the w
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16 Salt Spring Island Dollars Salt
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18 British Columbia Financial Insti
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20 partnership. This trend has spre
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22 traditional rice planting and ha
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24 The city solicitor put the bigge
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26 In the next chapter on commercia
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28 43 Email from Eric Booth to Cal
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2 Enz, who were supporters of the f
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4 As with WIR, businesses are regis
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6 A significant innovation in New Z
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8 granting temporary credit where t
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10 requiring transactions to be 100
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12 participants of the scheme were
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14 Ideology of the Wirtshaftsring
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255 are already in possession of it
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257 that all hoards of money would
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259 sophisticated that Egypt became
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261 Austria, for a period of 14 mon
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263 US$260 million worth of work in
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265 Saving will become impossible.
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267 law professor in Italy. Profess
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269 The Chiemgauer 21 In early 2002
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271 Currency to Support Waldorf Sch
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20 It started in 1989 when Frank To
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22 Privately Issued Fiat Currencies
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24 The Note Corporation itself then
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26 andahalf years, A$3.5 millio
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2 of agricultural and mining produc
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4 such resource as fossil fuel, sin
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6 • The demurrage charge would re
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1 15 Lessons Learnt From Currencies
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3 Regardless of whether the transac
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5 payment of taxes. When the mayor
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7 within that global economy we mus
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9 Money can also be spent into exis
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11 Huber and James Robertson, 6 it
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13 apparently no one spread rumours
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15 One of the weaknesses of local c
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17 example (see page 000), the demu
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19 trading. We therefore need decen
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21 If citizens decide to build a se
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Page 289 and 290: 27 1905. 2 Michael Reddell of the R
Page 291 and 292: 2 Taxation Policies Before I discus
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Page 299 and 300: 10 Bob Keall has also proposed taxe
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Page 303 and 304: 14 Ltd, 1879. 3 Henry George, Socia
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Page 309 and 310: 6 Countries using the Australian do
Page 311 and 312: 8 3 Helen Clark in an interview on
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Page 315 and 316: 4 feeling that the banks were not t
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Page 323 and 324: 12 decided to create an entirely ne
Page 325 and 326: 14 Attempts to Start New Banks In 1
Page 327 and 328: 16 During the local body election c
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Page 331 and 332: 20 Problem numbertwo — fees going
Page 333 and 334: 22 Other microcredit schemes. A goo
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Page 341 and 342: 30 The Future of Community Banking
Page 343 and 344: 32 8 Quoted in ‘Banks Profit Exce
Page 345 and 346: 34 45 Details of Consumers’ Insti
Page 347 and 348: 2 created when commercial banks iss
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Page 367 and 368: 22 and James Garfield have struggle
Page 369 and 370: 24 away and the scientific programm
Page 371 and 372: 26 Sources of Hope There are ground
Page 373 and 374: 28 beneficial effects. Indigenous i
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Page 377 and 378: 32 New Zealand’s isolation, humil
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Page 381 and 382: 36 Although such a system will not
Page 383 and 384: 1 Ralph Chaplin Bars and Shadows. 2
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11 Lietaer, The Future of Money, p3
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37 Allison Stinson, ‘Developments
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4 Roy Madron and John Jopling, Gaia
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25 Viviane Forrester, The Economic
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2 Michael Rowbotham, The Grip of De
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25 Text of the Genoa G8 Summit, acc
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18 The Independent, 21 July 1999. 1
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14 Wolfgang Rosenberg, Money in New
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6 Fritjof Capra, The Web of Life: A
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11 Bernard Lietaer, ‘The Future o
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39 1.1 Warehouse receipts. (The fin
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41 2.3 By a commercial company, sma
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43 Summary of Complementary Currenc
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45 000) volunteers. Credits are put
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47 the currency generating enthusia
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140 Appendix 2: Useful Websites Gen
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142 writings of evolutionary biolog
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144 Green Dollars/LETS www.appropri
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146 www.earthsharing.org.au An Aust
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148 Email: bryank@earthsharing.org.
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Bibliography 1 Books and Chapters i
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3 Douthwaite, Richard, The Ecology
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5 Henderson, Hazel, Beyond Globaliz
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7 Mitchell, Ralph A., and Shafer, N
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9 Cobb, Clifford, ‘Displacing Bad
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Turnbull, Shann, ‘Why Reducing Ta
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The Guardian (UKbased daily) The
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1 Glossary Barter The direct exchan
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3 shared land ownership. Koha The M
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