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Allegrini 2018
AGREEMENT

Revolving pledge, Chianti Classico-MPS agreement finalized: loans at 80% of the wine value

Only primary producers will have access to the financial tool. Reference values are those Chambers of Commerce published
CHIANTI CLASSICO, Monte dei Paschi di Siena Bank, revolving pledge, News
Revolving pledge, Chianti Classico-MPS agreement finalized

At the end of August the Ministry of Agricultural Policies applied the implementing decree, and the Monte dei Paschi di Siena Bank and the Chianti Classico Consortium defined an agreement, which they signed today. The agreement focuses on an innovative financial instrument in the wine sector that has become extremely popular in a very short time: the revolving pledge for protected designation of origin or protected geographical indication products. This financial tool has been consolidated for the fine meats and cheeses sector, and is coming to the aid of the wine sector, breaking away from the traditional tools the sector has used to manage emergencies. In the case of Chianti Classico, the agreement finalized today between the Consortium and the MPS bank will support the primary producers, granting them a loan guaranteed by the wine produced exclusively from their own grapes, for an amount equal to 80% of the average price on the price list the Chambers of Commerce have published. The reference price is the one recorded at the beginning of the last two quarters, prior to the rotation date of the product set as a guarantee. The agreement, which will guarantee stable interest rates for the entire period, will last three years. The role of the Consortium is guarantor of the stability of the value of Gallo Nero wine to support a non-fluctuating and non-speculative demand for the product, maintaining its notoriety and the value associated with a brand known and appreciated all over the world.
“The involvement and support of the Monte dei Paschi di Siena Bank is to assign an important value to the Chianti Classico area and confirm the profile of our wine as a prestigious product”, commented Giovanni Manetti, president of the Chianti Classico Consortium, “supporting us in the path we have taken to enhance the appellation, and offering winegrowers, severely hit by the past and looming lockdown, a concrete possibility to face the next months with greater serenity, and put energy and dedication into production and commercial activities. We are proud to have been the first to express an intuition that was based on a thorough study of the rules and the status of the denomination. We are sure”, concluded Giovanni Manetti, “that our work will be useful to the entire wine sector and to the other prestigious denominations in our Region”.
“The agreement we signed today with the Chianti Classico Wine Consortium”, said Alessandro Faienza, General Manager of the Tuscan Territorial Area of MPS bank, “confirms the great attention we have always paid to local companies, which has distinguished the activities of the Monte dei Paschi di Siena bank. This is especially significant for the wine sector, which is an expression of quality and a symbol of Italian excellence throughout the world. The traditional commitment of the Bank alongside companies in the wine sector will only be further strengthened during the current Covid-19 health emergency, also utilizing extraordinary tools. The revolving pledge for agricultural and agro-food products has taken this direction, reaffirming the MPS bank’s support for the wine sector, researching innovative financial solutions, and a view towards constantly enhancing the Chianti Classico DOCG production”.

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