Paraguay seizes major digital bank tied to president, leaving millions of customers in limbo
- ASUNCIÓN, Paraguay -- Paraguay’s central bank seized a major digital lender with close ties to President Santiago Peña early Tuesday, throwing the savings of millions of customers and hundreds of millions of dollars in public funds into limbo.
- The Central Bank of Paraguay said that its board voted unanimously Monday to put Ueno Bank into resolution after its solvency ratio — a measure of a bank’s capital against its risk-weighted assets — fell below half the legal minimum.
- Unlike bankruptcy proceedings in court, resolution allows regulators to transfer a failing bank’s deposits to more stable ba
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- ASUNCIÓN, Paraguay -- Paraguay’s central bank seized a major digital lender with close ties to President Santiago Peña early Tuesday, throwing the savings of millions of customers and hundreds of millions of dollars in public funds into limbo.
- The Central Bank of Paraguay said that its board voted unanimously Monday to put Ueno Bank into resolution after its solvency ratio — a measure of a bank’s capital against its risk-weighted assets — fell below half the legal minimum.
- Unlike bankruptcy proceedings in court, resolution allows regulators to transfer a failing bank’s deposits to more stable ba
Sources: ABC News