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B2 · Building confidence 129 words · 2 min

The Bank That Only Takes Cheese

An Italian bank keeps a vault holding more than half a million wheels of Parmigiano Reggiano, accepted as loan collateral from local dairy farmers.

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This bank only takes cheese. Send this to whoever thinks banking cannot get stranger. In the hills of northern Italy, a bank keeps a vault holding more than half a million wheels of cheese.

The cheese is Parmigiano Reggiano, and it belongs to local dairy farmers. Instead of waiting years for the cheese to ...

The cheese is Parmigiano Reggiano, and it belongs to local dairy farmers. Instead of waiting years for the cheese to age and sell, farmers hand their wheels straight to the bank as collateral for a loan, and the bank pays them a large share of the value right away.

While the loan runs, the bank stores and ages the wheels itself, checking each one and rotating them like a library o...

While the loan runs, the bank stores and ages the wheels itself, checking each one and rotating them like a library of cheese. When the cheese finally sells at full price, the farmer settles the loan, and the whole system starts again with the next harvest.

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