Italian bank accepts cheese , not gold, as collateral deposits

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So, it’s not the gold used but the cheese and more, this is a win- win situation because in fact the bank helps farmers to cut their storage costs of cheese and maturing it preparing for the market. Magazziini Generali delle Tagliate, a Credem subsidiary, keeps the cheese wheels in two bank-owned, state-of-the-art warehouses monitored by trained inspectors with a storage capacity for 440,000 80-pound wheels of cheese. The bank sells the cheese when the loan matures.It’s a long successful experience. For us, the common people who like eating cheese, this is the interesting story of the Parmigiano-Reggiano, which is a hard, granular cheese, made from unpasteurized cow’s milk., aged an average of two years, known as the “The King of Cheeses.” According to a legend, Parmigiano-Reggiano was created in the course of the Middle Ages.

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