The financial crisis has not only made Parmigiano Reggiano a popular target in supermarkets - it has also made it an important currency in banks.
Italy's Credito Emiliano bank, the cheese producers bank of choice, has been accepting parmesan as collateral since 1953, and currently has loans of 90 million euros on the basis of the value of wheels of Parmigiano. A 10% increase when compared to last year. This is all part of an effort to finance cheese makers in Emilia-Romagna during the worst recession since World War II. When the loan is about the expire, the cheese maker can either reimburse the bank or let it sell the parmigiano at market prices.
Credito Emiliano’s two climate-controlled warehouses hold about 440,000 wheels worth €132 million, or $187.5 million. Each round of cheese (worth about 916 euro) is branded with a serial number and has a certificate of authenticity to enable tracking. There is also considerable security as more than a few times thieves have tried to steal this gold-coloured treasure.
The parmigiano industry had already been suffering from a decline in prices -- thanks to discounts in supermarkets and international competition from "taste-alikes". Parmigiano makers even received a bailout from the Italian government, which earlier this year said it would buy 100,000 wheels of parmigiano and donate them to charity.
If you ever wandered what hundreds of wheels of Parmigiano look together here is a nice clip:
