Paraguay’s central bank has taken control of Ueno Bank after discovering a severe capital shortfall, leaving approximately 2.9 million customers unable to access their accounts.
Branches have closed and banking services have been suspended, creating enormous uncertainty for people who trusted the institution with their savings.
Ueno was reportedly the country’s sixth largest bank, and deposits are guaranteed up to 228.3 million guaraníes per depositor, approximately $38,600. Advance repayments are due to begin today, although recovery of amounts above the guarantee remains uncertain.
For those affected, that uncertainty is frightening enough without adding exaggeration.
It is also a sobering reminder of how much trust the banking system requires of us, when access to the money we have worked for can disappear overnight, leaving us waiting for institutions to decide when, and how much, we will get back.
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