Councillor calls for local currency from the 'Bank of My Own Lovely Lee' to kickstart rebel economy

File photo of Cork City Council.

They've been trading on their charm and sharp wit for years but Corkonians should also have their own rebel currency.

The Green Party in Cork has asked city officials in the self-declared Peoples' Republic to consider introducing a local currency on 'de banks' to help kickstart the economy post Covid-19 lockdown.

The idea was floated by Cllr Colette Finn at this week's city council meeting where several councillors tabled questions about what local supports will be available to traders and businesses as Ireland begins emerging from lockdown next week.

Ms Finn has suggested the introduction of a 'local currency', similar to the Bristol Pound (BP), to encourage people to shop local.

Launched in 2012 to encourage local spending in the British city, the BP initiative is overseen by the Bristol Pound Community Interest Project Limited and is underpinned by Bristol Credit Union which guarantees each BP for one pound sterling.

But it could be some time before tills in Cork are ringing to the sound of Rebel roubles, Leeside liras or a Montenotte zloty even if they come from the Bank of My Own Lovely Lee.

In a written response, officials said while all options to kickstart the local economy are "worthy of consideration", it took about three years of work to launch the BP.

"Robust governance must be in place to ensure that businesses accept the financial risk associated with local currency," they said.

"In addition, it is likely that a local currency would have to be associated with a Money Transmission Business that is regulated by the Central Bank."

Officials said the council is working to develop a local response and supports to businesses post Covid-19.

That response will include the "expanded use" of the Cork Chamber gift card, which was launched in November 2018 to maximise local spend with local businesses.

Operated by the One4all multi-store gift card company, the prepaid card can be loaded with any value from the minimum €15 to the maximum €500.

It is accepted by some 300 outlets in the region.

"This will combine with a range of initiatives that will be developed further to support local retailers and services," officials said.