Cash-for-cheese sounds more like a joke that a serious financial agreement, but in some regions of Italy it’s a reality. The famous Parmesan is so precious that some banks are willing to keep the cheese as collateral against loans to local producers.
The Credito Emiliano bank has hundreds of branches and thousands of employees around central and northern Italy. Its central offices look like those of any other banking institution, with cameras watching every angle, security doors to lock down the place and even a big vault in the back. Only you’re not going to find too many diamonds or hard cash stored in there. Instead, there are hundreds of thousands of Parmigiano-Reggiano cheese wheels, neatly placed on giant shelves. The bank takes the Parmesan from local producers in exchange for a cheap loan, and charges a 3% interest as well as a fee for looking after the cheese and making sure it matures properly in the air-conditioned, humidified vault. It might seem strange, but Credito Emiliano treats Parmigiano-Reggiano like other banks do gold. And for good reason, as the mountains of cheese locked away in its secured vault are worth around $200 million.
