Posted on: 20-02-2021 om 15:20:22
| Karina Imschoot
Barolo and Barbaresco in maturity as guarantee for loan to continue operation: the current situation in Piedmont
A further step has been taken in the cooperation between the bank Intesa Sanpaolo and the Consorzio di tutela Barolo e Barbaresco Alba Langhe e Dogliani. The producers will be able to use the area's finest wines as collateral to obtain new credit quickly. Specifically, the loan will be for five years, with an early repayment period, which is necessary to cope with the difficulties of the sector, restore the financial balance of the business and invest in its relaunch.
The Piedmont, Valle d'Aosta and Liguria section of the banking group has allocated €50 million to support the initiative. The Consortium has been involved in the initiative from the outset and has acted as an intermediary with regard to the actual needs of the wine producers and will continue to play an active role in the initiative.
The operation - technically a securitisation developed by Imi's corporate & investment banking division - gives the companies access to a multi-year, revolving collateralised loan of three vintages of Barolo and two vintages of Barbaresco during the ageing process. The value of the underlying guarantee is calculated on the basis of the price of the grapes as published by the Cuneo Chamber of Commerce. The transaction is based on the legal structure of the non-possessory pledge on agricultural products and foodstuffs, according to which the producer can freely dispose of the wine given as guarantee for processing.
The Covid-19 pandemic has caused many difficulties for the Piedmontese wine sector. Those most affected were the businesses most closely linked to the hospitality channel (hotel-restaurant-café), which suffered greatly from the restrictions imposed on social distancing and the blocking of leisure, tourist and business trips.
The setback was less severe for operators involved in large-scale distribution or organised for online sales.
Arguments of Matteo Ascheri, president of the Consortium
"Despite the problems associated with the pandemic and the gloomy outlook, our sector held up well in 2020. It is clear that in 2021 there will still be a lot of uncertainty in our markets. The knowledge that we can count on the cooperation of a credit institution of paramount importance and with an ear to the needs of our wineries as Intesa Sanpaolo, makes us optimistic and confident".
Teresio Testa, Regional Director of Piedmont, Valle d'Aosta and Liguria at Intesa Sanpaolo: "We wanted to work out a solution tailored to our territory and back it up with an initial allocation of 50 million euros. The wine that matures in the cellar becomes an asset on the company's balance sheet: a simple idea, but one that requires a bank willing to take the risk, a reliable partner like the Consortium and the courage of our producers who understand that the only viable way forward is to continue investing in digitalisation, new working tools, training and communication".
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