ENRICO CUCCIA MASTER OF ITALIAN FINANCE, DIES AT 92
Cuccia was the man of "determining importance" for Italy's fragile post-war economy.
Political, bank, finance and business leaders all agree that Cuccia's death marks the end of an era.
Prime Minister Giuliano Amato said that Mr. Cuccia's death preceded by only a few days the formal closing of IRI, the state holding company set up in the 1930's to nationalize private companies after World War II. The Prime Minister remarked that the coincidence of these two events mark the end of an era and the turning point of a capitalism which is more open and competitive.
Newspapers talk of Cuccia as the silent string-puller of Italian capitalism.
Transport Minister, Pierluigi Bersani, praised Mr. Cuccia for his contribution to "the solutions that helped Italian finance and industry emerge".
Bank of Italy Governor, Antonio Fazio stated that Cuccia " was a man who always worked for his country"
Confindustria President, D'Amato remembered that Cuccia 'has always fought to defend private enterprise and the market". "Italy will miss this man of great intelligence and experience" he goes on to say.
Industrialist Giovanni Agnelli remarked that with his death "Italy loses the most important character of this century".
Alfonso Desiata, president of the Generali, Italy's largest Insurance Company, recalled the "high example of professional ethics" given by Cuccia throughout his life.
Rainer Masera, administrator of the San Paolo-IMI bank, underlined Cuccia's " great respect for the value of the bank as an enterprise" while Davide Croff, administrator of the Banca Nazionale del Lavoro, highlighted Cuccia's "exceptional qualities, a man who has given a great deal to Italian finance and economy".
Cuccia was still in control of Mediobanca and the news of his death boosted all the "Mediobanca galaxy" shares.
The race towards succession has already started though Cesare Geronzi, President of the Banca di Roma, the biggest Mediobanca share holder, stated that there are no vacancies (Cuccia was honorary president) and that there will be no revolutions, but only international alliances that will have to be accelerated". Mediobanca, he said, "will continue to be a merchant bank and any change will need time, meditation, and agreement of shareholders". He also stated that he does not understand the reason for the boost on the Stock Exchange.
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