The two big beasts of Italian finance – Generali, the country’s largest insurer, and Intesa Sanpaolo, the biggest bank – reported their 2008 results last week.

The figures were not at all glamorous, but the two were at least able to show the benefits of their ultra-conservative approach during the bubble years. In particular, they managed to set the market’s mind at rest over the all-important issue these days of capital strength.