This Italian Bank Safeguards No Money . . Only Cheese!
Language
Reading Level
Listen to Article
The next time you pass by a wheel of Parmesan cheese look at it with a little respect for while you may think of it as something to sprinkle over your pasta, for some Italians it is as precious as gold and even, used as collateral in exchange for small loans.
If you think that is impossible, just take a peek inside the vaults of Italy's Credito Emiliano, the country's leading bank, in the cash for cheese program. Located throughout Central and Northern Italy, most branches of the financial institution operate just like normal conventional banks. However, a select few specialize in dealing with food as collateral - Parmesan cheese wheels to be exact.
This of course has to do with the primary business of the customers they service. As you may know, Italy is the world's largest producer of cheese. One of their biggest exports is Parmesan cheese, which takes two years to age - This means that the cheese producers often face cash flow problems, because until the cheese is ready to sell they cannot afford to buy the ingredients to make more.
Credito Emilano allows them to bring in their precious cheese wheels as collateral. The cheesemakers can get up to 80% of the value of the cheese in advance, at a nominal 3% interest rate. Then, while they go about their business, the cheese wheels slowly mature in specially built vaults that are set at optimal temperature and humidity. Experts hired by the bank come in periodically, to turn the cheese wheels, check to ensure that they are maturing well and even, weed out the duds.
Not surprisingly, the unique bank has proved to be a win-win for all - The cheesemakers get to grow their business whilst the bank has collateral that is worth its weight in gold. Don't believe that? Then how do you explain the fact that the vault has been broken into three times - And in the last attempt, the thieves even managed to drag off 570 wheels of cheese. However, unlike currency and gold, the giant wheels are a little difficult to hide and the Parmesan robbers did not get very far.
While the bank which has been in business since 1953, currently focuses only on cheese, they are also considering taking in prosciutto and olive oil in the future These will of course be a little harder to store! Bank officials say that while the food for cash banks only account for about 1% of their annual revenues they are a life saver for the cheesemakers and of course for the rest of us - For what would life be, without a sprinkling of parmesan?
resources: Odditycentral.com
Cite Article
Learn Keywords in this Article
211 Comments
rereswagalmost 10 yearsI'm going to Italy this Summer!!!!!- captain awesomealmost 10 yearswhole cheese that is a lot of cheese
analisealmost 10 yearsCheese is actually ok for an athlete. Plus, its a good way to get all your depleted salt back after a workout...
aandnbalmost 10 yearsWhat a robber would think when he got in there.........- Kaseeabout 10 yearsLove it
j_t_kabout 10 yearsI wonder what would happen if a rat got in there?!?!?!?!?!?
nikukyualmost 10 yearsAcually, I heard that mice don't like cheese! Can you believe that?!
redheadperson22almost 10 yearsI could be wrong (I read this on the internet), but rats actually do eat cheese. They eat pretty much everything. Mice, on the other hand, don't eat cheese (I think it might be poisonous to them, but I'm not sure).- analisealmost 10 yearsYep! Mice will actually eat anything put before them, as long as its not toxic!
peacheslaruealmost 10 yearsThey dont'?
happypug12almost 10 yearsWhat do mice like, then? Once, I saw someone who had set a mousetrap, and instead of putting cheese in it, they put a little piece of chocolate! The next day, there was a little grey mouse in the mousetrap! It was so cute, but the person killed it. : ( But I guess mice like chocolate, too.- nikukyualmost 10 yearsMaybe they like sweet stuff? Oooooh, maybe marshmallows, cuz they're sweet and soft!
turtlenicoleabout 10 yearsMy favorite at the cheesecake Factory is Ultimate Red Velvet Cake Cheesecake. yum!- peacheslaruealmost 10 yearsmy all time favorite is the Caramel Pecan turtle cheesecake!! Its SO goo!d
- happypug12almost 10 yearsI know someone who would totally agree with u, coolnicki477, because they love Red Velvet Cheescake!
pleasedoabout 10 yearswow thats a lot of cheese- nikukyuabout 10 yearsI love cheese cake!! I ate one yesterday... Mmmm
- happypug12about 10 yearsI love Blueberry Cheesecake the most, but classic cheesecake is good, too. nikukyu and peacheslarue, what r your favorite types of cake?
- peacheslaruealmost 10 yearsCaramel Pecan turtle cheesecake!
- peacheslarueabout 10 yearsSome day u should go to Cheesecake Factory! It has 33 different kinds of delicious cheesecake ( my all time favorite is the Caramel Pecan turtle cheesecake (yes i am also a cheesecake lover))!
- happypug12about 10 yearsMmm...The Cheesecake Factory! I have been there before.
- peacheslaruealmost 10 yearsIt's so good!
- nikukyuabout 10 yearsOmg there's a cheese cake factory!? I want to go there!! My favorite type of cheese cake is just the plain kind, but I also like the ones that have nuts, but I don't like raisins...
- happypug12about 10 yearsYeah, The Cheesecake Factory is kind of like a fancy restaurant, so there isn't just desert there.
- peacheslaruealmost 10 yearsThey have VERY good food! AND DELICIOUS ICED TEA!!
- happypug12about 10 yearsMmm... I love cheese.
