Closing conditions

Author: | Published: 24 Aug 2017

Wheel of fortune

Just a couple of months ago Closing Conditions reported on Cuba's unusual use of its national treasure – rum – as an asset to repay a loan from the Czech Republic. But Italian bank Credito Emiliano has been bringing such innovation to its approach to collateral for years now.

So if you're short of some of the more traditional forms of collateral like property, this bank, based in the Reggio Emilia province of northern Italy will happily accept young wheels of Parmigiano Reggiano in its place. The cheese, which takes up to three years to age fully and is stored in a climate-regulated vault until that time, happens to be...



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