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🇵🇾 Paraguay /Elections & Politics

Cartista senators seek BCP report on Ueno Bank operations

From ABC Color · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Ongoing story
  • Senators from Honor Colorado submitted a request for information from Paraguay’s central bank about Ueno Bank’s compliance with limits on transactions involving related companies.
  • The request asks about transactions involving named firms, a portfolio sale valued at US$35 million and 36.9 billion guaraníes, and bonds purchased by other companies.
  • Senators also want the central bank to explain its oversight of Ueno Bank’s large deposits from public institutions and the Social Security Institute.

Senators from Paraguay’s ruling Honor Colorado bloc have formally asked the Central Bank of Paraguay, or BCP, to provide detailed information about Ueno Bank’s operations with related companies.

Congress President Basilio “Bachi” Núñez, Senate bloc leader Natalicio Chase and Senator Antonio Barrios presented the request. The resolution asks the central bank to report on Ueno Bank’s compliance with prudential limits and on any corrective measures taken against the institution.

I think it is important to make things transparent. They will agree with that too; just as requests for information have been made about other banks, Continental, Atlas and others, it was decided to submit a request about Ueno Bank as well.

· Basilio NúñezThe Congress president explained why lawmakers were extending parliamentary scrutiny to Ueno Bank.

The senators want to know whether the Superintendency detected breaches involving Mowi S.A., Grupo M S.A., Grupo Hendy S.A., Tuiu S.A., Franede S.A. and Aime S.A. Corredores de Seguros. They also requested traceability information for a portfolio sale to Vinanzas S.A. valued at US$35 million and 36.9 billion guaraníes.

The project seeks to determine whether Ueno exceeded the legal limits established for operations with related companies and whether the BCP acted correctly in that oversight, or whether its oversight was lax.

· Natalio ChaseChase described the purpose of the request for information.

Another section asks whether authorities examined the issuance and placement of bonds involving related parties, including ITTI S.A.E., Grupo Vázquez S.A.E. and Ueno Bank itself. The document names Technoma S.A. and Factopar S.A. as purchasers.

Chase said the lawmakers wanted to determine whether Ueno Bank exceeded legal limits and whether the BCP exercised adequate oversight. The request also asks whether the central bank assessed the fiscal and social-security concentration risk created by large deposits from the Social Security Institute and other public entities. Chase said the senators were not claiming public funds were at risk, but wanted to verify that legal limits had not been exceeded.

We are not afraid that public money is at risk. What we do want to verify is that the established limits were not exceeded.

· Natalio ChaseChase addressed concerns about deposits from public institutions and the Social Security Institute.
About this summary

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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