Ueno Bank collapse in Paraguay prompts President Santiago Peña to resign

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A sudden blank screen startled the almost three million customers of Ueno Bank 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 state funds worth millions 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 beginning. This "resolution procedure" for Ueno Bank was triggered by a broader financial alarm after a critical collapse in its solvency ratio was detected, which had fallen below 50%.