Deutsche Bank granted a loan of 27.5 million euros to an Italian company, against a guarantee in ... cheese.
In detail, this highly unusual guarantee consists of 125,000 wheels of Parmesan and Grana Padano.
The very serious German business newspaper
revealed an astonishing story
For the first time, on Monday, a German bank granted a loan for ... cheese.
The bank has in fact granted the Italian company Ambrosi a credit of 27.5 million euros, and in return accepted a guarantee of 125,000 wheels of Parmesan and Grana Padano.
It is the Italian subsidiary of the Banking Institute of Frankfurt which took this initiative to support the boss of a large cheese group in the peninsula, Giuseppe Ambrosi.
This loan, writes the newspaper, relayed by
, will allow the company "to build a new fermentation cellar for the production of Parmesan and Grana Padano".
A grindstone is worth between 550 and 740 euros
calculates that with a grindstone worth between 550 and 740 euros each, the total value of Giuseppe Ambrosi's stock would reach at least 70 million euros.
And according to the daily newspaper, Parmesan is a standardized food, easy to sell, which can be stored for a very long time.
The guarantees are therefore excellent for all parties.