Allegrini 2018

Chianti Classico and Monte dei Paschi: a revolving pledge and wine is the guarantee

Credit equal to 80% of the market price the Chambers of Commerce publish, but only for wine produced from owners’ grapes
Giovanni Manetti, head of the Chianti Classico Consortium

It is not just a simple credit line and the product, wine, in this case, the guarantee, but an actual revolving pledge focused on the bottles, which will remain property of the producers and at the same time have access to cash assets. This is the important aspect that has never before been contemplated, but now has been provided in the agreement the Chianti Classico Wine Consortium and Banca Monte dei Paschi have established. The tool has been prepared and is now waiting for the Ministry of Agricultural Policies implementation decree to become an application. Then, one of the most famous historic territories in Tuscany, together with the oldest bank in the world, will be able to sign the revolving pledge agreement for agricultural and food products that have Protected Designation of Origin or Protected Geographical Indication, representing a very important innovation for the wine sector.
The CuraItalia Decree introduced this possibility, in the logic of breaking away from previous emergency disciplines, which instead focused on specific sectors, such as the ham sector and the dairy sector. There is, however, another detail in the agreement between the Chianti Classico Consortium and Monte dei Paschi, because the agreement is intended to support “primary winemakers, granting them a loan guaranteed by the wine produced exclusively from the owners’ grapes, and preferably from the last vintage, for an amount equal to 80% of the average market price list the Chambers of Commerce publish (currently the price of Chianti Classico 2019 registered with the Chambers of Commerce of Siena and Florence, for instance, fluctuates between 240 and 310 euros per hectoliter, ed.). Another noteworthy aspect is the non-secondary one of property ownership, which will not be transferred, but instead will remain in the hands of the winegrower”, explained a note from the Consorzio del Gallo Nero, led by Giovanni Manetti.
“This tool”, Manetti commented, “could prove to be essential in overcoming a very challenging moment, and then be able to serenely return to markets all over the world. At this time, giving a concrete opportunity that focuses on the production aspects as well as the full recovery of commercial activity benefits the entire denomination and the entire socio-economic fabric of the Chianti Classico territory, of which wine production is a fundamental driver. The goal we are setting for ourselves is to produce the best wine of our winemaking careers. Let this be the memory to bring out in a few years, when we will open some exceptional bottles of the 2020 vintage”.
The substantial stability of the value of Gallo Nero wine, strengthened by a non-fluctuating and non-speculative demand, plus the quality associated with a brand known and appreciated all over the world, positively contribute to protecting the creditor, underlined the Consortium. The involvement and support of the Monte dei Paschi di Siena bank assigns a significant value to the Chianti Classico territory and confirms the valuable product profile of Chianti Classico wine, supporting the Consortium on the path it has taken to enhance the denomination.

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