Paraguay seizes Ueno Bank, President Peña resigns
Paraguay's central bank seized Ueno Bank after its solvency ratio fell below half the legal minimum, leaving almost three million customers unable to access accounts. President Santiago Peña has resigned, with Vice President Pedro Alliana set to take office.
IllustrationThe story so far
On 3 November, Paraguay's central bank put Ueno Bank into resolution after its solvency ratio fell below half the legal minimum. The bank managed $800 million to $850 million in public money, including about $380 million from the state pension and health fund. The seizure marked a dramatic turn in a scandal tied to President Santiago Peña, who appointed Ueno's then chief to lead the central bank.
By 5 November, the central bank had begun winding up Ueno Bank, leaving almost three million customers unable to access accounts. The bank held about $850 million in public resources, including pension and healthcare funds. The collapse triggered political turmoil and an impeachment move against President Santiago Peña. Lawmakers accused Peña of conflicts of interest as the lower house moved toward impeachment. President Peña resigned Thursday, and Vice President Pedro Alliana is set to take office.
Latest updates
3 updates · newest first- 5 NovNew development
Ueno Bank liquidation triggers Paraguay turmoil and impeachment move
Paraguay's central bank began winding up Ueno Bank on Tuesday after its solvency ratio fell below 50%, leaving almost three million customers unable to access accounts. The bank held about $850m in public resources, including pension and healthcare funds, and the collapse has triggered political turmoil and an impeachment move against Santiago Peña.
Euronews ↗
- 5 NovNew development
Paraguay's President Peña resigns after Ueno Bank collapse
Paraguay's President Santiago Peña resigned Thursday after Ueno Bank collapsed, leaving about three million customers unable to access accounts. The bank held roughly $850 million in public funds, and the central bank seized it after it breached solvency rules. Lawmakers accused Peña of conflicts of interest as the lower house moved toward impeachment, and Vice President Pedro Alliana is set to take office.
BBC News ↗
Al Jazeera ↗
DW ↗
- 3 NovNew development
Paraguay seizes digital bank tied to president, leaving millions in limbo
Paraguay's central bank put Ueno Bank into resolution after its solvency ratio fell below half the legal minimum, leaving millions of customers' savings and public funds in limbo. Ueno manages $800 million to $850 million in public money, including about $380 million from the state pension and health fund. The seizure marks a dramatic turn in a scandal tied to President Santiago Peña, who appointed Ueno's then chief to lead the central bank.
ABC News ↗