Ueno Bank collapse in Paraguay sparks political crisis for President Peña

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A sudden blank screen startled almost three million Ueno Bank customers in the early hours of Tuesday 3 November. At around 03:24, the app of the Paraguayan institution, a key player in the system that manages multimillion-dollar state funds and has grown at breakneck speed in its three years of existence, stopped displaying users' accounts and showed a single message: "We cannot display the balance". At the same time, the Central Bank of Paraguay issued a tough statement on its social networks: the institution was being taken over and its liquidation process was starting. This "resolution procedure" against Ueno Bank was triggered by a major financial alarm, after a critical collapse in its solvency ratio had been detected, falling below 50%.