Paraguay's central bank takes control of Ueno digital lender
Paraguay's central bank seized Ueno Bank, a major digital lender, after its solvency ratio fell below half the legal minimum, the regulator said.
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What happened
Paraguay's central bank seized Ueno Bank, a major digital lender, after its solvency ratio fell below half the legal minimum, the regulator said. Resolution proceedings were launched, and the bank's executives were arrested. The central bank head resigned at the request of President Santiago Peña.
Why it matters
Millions of customers are left in limbo, and about $380 million in public funds is at risk.
Timeline
- Monday: The central bank's board voted to put Ueno Bank into resolution after its solvency ratio fell below half the legal minimum.
- Tuesday, Nov 3: The central bank head submitted his resignation at President Santiago Peña's request as resolution proceedings for Ueno began.
- Nov 4, 3:44 PM ET: Ueno's executives were arrested as the central bank seized the bank.
Coverage
- Bank That Counts 60% of One Nation as Customers Just Failed (Polly Davis Doig)
- Paraguay's Banking Collapse Exposes a Trail of Political Ties That Leads Straight to the Presidency (latintimes.com)
- Paraguay raids former president Pena's home after bank collapse
- Paraguay ousts President Santiago Peña over Ueno Bank collapse
- Paraguay's ex-president Peña charged, detained over Ueno Bank collapse
- Paraguay president impeached as Ueno Bank collapse freezes savings
- Paraguay's president quits after Ueno Bank collapse
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