We are especially excited by the prospect of CEW’s initiative in introducing and piloting the CELYN, which can be considered as Wales’s first 'own' currency because it can only be used in Wales. Celyn members use it to acquire the vital goods needed to operate Wales's army of small businesses. The ability to repay for any goods received is done by selling unused stock, within 12 months, back into the circuit. 'Backing' for credit lines offered therefore comes from within Wales's small business community itself – which comprise 99.6 per cent of Wales’s businesses turning over £45billion per annum.
The result? Using Mutual Credit helps the sterling liquidity of small businesses.
CEW reports that Mutual Credit in Switzerland - the WIR - has helped Swiss SMEs in this way since 1934. More recently, Sardinia’s SARDEX assisted Sardinia and mainland Italy since the 2010 downturn; helping businesses to stay afloat whilst saving local jobs and vital services.
Mutual Credit is thus a 'complementary' not an ‘alternative’ to conventional currency, each credit being 'equivalent' in value to sterling whilst not being convertible to it. CELYN circuit members helping each other with zero interest finance to ease liquidity challenges is a really fair way of utilising their spare commercial capacity for the benefit of the Welsh economy --- a good buffer against the knocks coming from the current adverse business environment.
Eifion is CEO Circular Economy Wales CIC and founder of CELYN Ltd. This year he was Wales's first Global Acumen Fellow 2020 and Churchill Fellow 2018 writing ‘Circular Wealth Wales’ a report providing recommendations for a Welsh Mutual Credit System, published last year.
He helped develop Wales’s first Zero Waste Village and is Founder and Chair of Minera Community Ltd, leading a successful Community Share scheme to reopen a community pub and restaurant.
Malcolm Hayday FRSA, CBE. Advisor: CELYN Steering Group Founder CEO Charity Bank UK
After a career in international banking, Malcolm joined Charities Aid Foundation to pioneer research and experimentation into the provision of social finance. This led to the launch in 2002 of The Charity Bank, the world’s only registered general charity and authorised bank. Malcolm was the bank’s founding chief executive.
He has been President of international social investors association, INAISE; Chair of the Big Issue Foundation; and member of the Advisory Group of global foundation leaders to the World Economic Forum.
Malcolm coordinated the peer reviewed Working Paper, Values Based Banking for the UNEP Inquiry into the design of a sustainable financial system. He is a Senior Fellow of the Finance Innovation Lab. Most recently he has co-authored the Recipe Book for Social Finance for the European Commission and was a financial expert for them on innovative approaches to social finance.
Robert Little: CEW Board Member, BSc MPhil MBA CEnv FICE FIHT MICWM
Robert lives and works in Cardiff and has 30 years’ experience in the waste industry having worked in the public and private sectors as well as the community sector. Robert is the Chair of the CIWM in Wales and the Chairman of WAMITAB.
Robert owns and manages a facilities management business delivering services to the public and private sector and is a Non-Executive Director for a number of other related businesses.