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10 Weird-but-true Food Facts


9
Stack That Cheese -- as Loan Collateral
A man moves a wheel of Parmigiano-Reggiano at the Coopertiva Cappelletta, which produces the famous cheese. © Federico Scoppa/Demotix/Corbis
A man moves a wheel of Parmigiano-Reggiano at the Coopertiva Cappelletta, which produces the famous cheese. © Federico Scoppa/Demotix/Corbis

Formaggio fans know the Emilia-Romagna region of northern Italy as the only place in the world legally entitled to call its hard, dry skim-milk cheese Parmigiano-Reggiano. But within the world of finance, this home to Ravenna, Bologna and Parma has also gained fame for a pecuniary peculiarity: It's home to a bank that accepts the celebrated cheese as collateral [sources: Migliaccio and Rotondi; Sirletti and Cinelli].

Credito Emiliano SpA (aka Credem) stores and cares for around 450,000 80-pound (36-kilogram) wheels of aging Parmigiano-Reggiano at a time. That stacks up to around 160 million euros, or (very roughly) $176 million worth. By accepting the curd-based collateral, the bank provides a valuable service to local cheese producers, who must finance milk-buying and storage while their products cure [sources: Migliaccio and Rotondi; Sirletti and Cinelli].

Loans from Credem can reach as high as 80 percent of the cheese's market value. Each wheel bears a branded serial number, which became important in February 2009, when thieves burrowed their way into one depository and rolled off with 570 pieces before police nabbed them [source: Migliaccio and Rotondi]. That must have really grated.


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