Allegrini 2018

SIAN has been updated, the revolving pledge will go into effect, data will be available to the bank

The tool allows companies to use quality products to guarantee bank loans, which have reached 100 million euros, thanks to wine
bank, MADE IN ITALY, revolving pledge, SIAN, News
Revolving pledge: quality wine and food guarantee bank loans

In 2021, the “revolving pledge”, a new financial product available to agricultural businesses, will be put into full effect. The procedures to update SIAN, the IT portal of the Ministry of Agriculture, have been concluded, and therefore, will now allow companies to activate the “revolving pledge”, as well as the banking institutions to directly view the certified quality productions of the individual companies that are their customers. The instrument was introduced with a law to amend the Cura Italia (Heal Italy) Decree, and permit agricultural businesses to obtain the financial resources they need from a credit institution at a lower rate, pledging their production but keeping the asset available for subsequent stages of ripening and refinement. Once the pledged product is put up for sale, it will be replaced by another product of the same quality, which will then, in turn, begin the process once again. Therefore, the pledge “rotate”. That is to say, it moves from time to time on the new product when the previous one, given as a guarantee, is sold.
In the last few months, banks and major wine denominations have signed appropriate agreements. The most recent one was at the end of the year 2020, which was signed by the wine protection association, Valoritalia, the federation of wine industries, Federdoc and Intesa Sanpaolo bank, concerning the wine companies of Barolo, Barbaresco, Franciacorta, Amarone della Valpolicella, Castel del Monte, Brunello di Montalcino, Bolgheri, Chianti Classico and Nobile di Montepulciano. Previously, the Monte dei Paschi bank di Siena had taken action by guaranteeing loans up to 80% of the value of the wine in the wine cellars to producers of Brunello di Montalcino, Chianti Classico and Nobile di Montepulciano; i.e., the historic Tuscan denominations. The agreements, between Made in Italy wine and food, are already worth 100 million euros in loans.
“The operation has been entirely managed remotely by companies and financial institutions that can control the certified productions on the IT portal of the Ministry of Agriculture, directly through their own accounts”, explained Giuseppe L’Abbate, Undersecretary for Agricultural Policies. We strongly endorsed this measure, which will affect all certified quality products, including wine, oil and spirits such as liqueurs, hard liquors, distilled spirits, etc. The financial institution”, continued L’Abbate, “will have the advantage of providing the credit, while the collateral will be the asset that, over time, will acquire value. Consequently, the company will manage the loan, and since it will have custody of the product, it will therefore be able to dedicate all its energy to increasing production. The company, in turn, will obtain a loan at a lower rate, and be able to take advantage of the obligations it is already required to carry out, but it can also innovate because it will be able to “rotate” its quality production without having to worry about having to repay the credit received. The entire system will benefit”, concluded Undersecretary Giuseppe L’Abbate, “when each party has talked with the other about their common interest technical issues. This is the working method that we want to pursue for the growth of quality agriculture”.

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