What Does the “Rivarola Report” Say About Ueno Bank?

A technical memorandum by Fernando Rivarola may have raised alarms about Ueno Bank’s balance sheets more than a month before the issue became public in Paraguay’s Congress.

The document emerged through a draft resolution seeking information from the Central Bank of Paraguay. Senators Basilio Núñez, Natalicio Chase and Antonio Barrios, all from the Honor Colorado caucus, are asking the bank to explain the report and how officials handled it.

The episode has exposed what the article describes as a possible conflict between technical criteria inside the central bank. It also suggests that concerns about Ueno Bank S.A., linked to Grupo Vázquez, were not limited to private bankers and economic analysts. They may have been formally recorded by state supervisory bodies.

Rivarola’s career has been closely tied to financial regulation. According to his publicly available résumé, he served as manager of banking supervision at the Central Bank until mid-2026, one of the most sensitive positions in the country’s monetary authority. Shortly before the Senate request was formalized, Executive Decree No. 6329, dated July 6, 2026, transferred him from the Central Bank’s supervisory offices and appointed him a full member of the board of the Development Finance Agency.

The Senate’s questionnaire includes a section titled “Internal traceability of the warnings.” Questions 21 through 26 focus on the technical report. The first asks the Central Bank to confirm whether its banking regulator received a memorandum dated July 2026 and signed by Rivarola, then the banking supervision manager, concerning Ueno Bank’s operations.