Inside Italy's 'Cheese Bank,' Parmigiano Reggiano becomes financial gold
In Italy's Emilia-Romagna region, Credem Bank operates a unique 'cheese bank' where wheels of aging Parmigiano Reggiano are used as collateral for loans. The system supports dairy producers who face long waits between production costs and revenue, with the bank safeguarding around 500,000 wheels worth €325 million. This centuries-old practice relies on strict quality controls by the Parmigiano Reggiano Consortium and a cooperative supply chain involving thousands of farmers and producers.
- ▪Credem Bank stores approximately 500,000 wheels of Parmigiano Reggiano and handles about 2.3 million wheels annually.
- ▪Each wheel must age at least 12 months and pass a tapping test by the Parmigiano Reggiano Consortium to receive its official seal.
- ▪The bank has never lost a single euro on loans backed by Parmigiano Reggiano since the system began over a century ago.
- ▪The Parmigiano Reggiano Consortium represents around 50,000 people and oversees a sector with over €4 billion in annual turnover.
- ▪Dairies must pay farmers monthly despite not earning revenue from cheese for at least a year, making financial leverage essential to the industry.
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window.CNN.contentModel.leadingMediaType = 'image'; window.CNN.contentModel.isVideoCollection = false; Credem Bank Parmigiano Reggiano warehouse CNN Investing See all topics Facebook Tweet Email Link Threads Link Copied! Follow In the heart of Emilia‑Romagna, northern Italy, vast climate‑controlled warehouses hide one of the country’s most valuable assets. Towering shelves hold hundreds of thousands of wheels of Parmigiano Reggiano aging slowly, quietly and becoming more valuable with every passing month. To outsiders, it looks like a cathedral of cheese. To Italy’s dairy producers, it is a lifeline. Parmigiano Reggiano is one of the world’s most tightly regulated foods.
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