Opposition Senator Rafael Filizzola accused President Santiago Peña and the Honor Colorado movement, linked to former President Horacio Cartes, of ignoring warnings about Ueno Bank and simultaneously exposing the financial system, public resources and funds belonging to the Social Security Institute (IPS), Paraguay’s social security institution that administers mandatory insurance and health services.
The statements came after the Association of Banks of Paraguay (Asoban) urged the government and the Central Bank of Paraguay (BCP) to pay attention to concerns related to the solvency and liquidity of an institution that, according to Filizzola, holds a significant share of public resources. The senator described the authorities’ stance as “criminal irresponsibility” and said previous requests for information and warnings had been ignored.
Filizzola also questioned potential conflicts of interest. Carlos Carvallo, the current president of the BCP, headed the then-Ueno Finance Company before Peña appointed him to lead the monetary authority. The senator also said Peña retained a stake in Ueno Holding until March 2025, in a structure that commercially linked him to the Vázquez SAE group, owner of Ueno Bank.
In the lawmaker’s assessment, Peña uses Ueno to make “poor deals” with state money and IPS contributors’ funds. He said any losses would be paid for by the entire population and could affect not only public resources but also the health care and retirement of workers affiliated with the institution.
Filizzola added the supply of energy at low prices to his list of alleged attacks on national interests, without presenting, in the statements reproduced, documents proving irregularities in those transactions or losses attributable to the bank. The accusations are political and, on their own, do not demonstrate financial deterioration at Ueno, illegal use of resources or a concrete risk to IPS funds.
The senator also rejected the interpretation that there is an effective rupture within the Colorado Party (ANR). He linked the alleged internal dispute between Cartes, the ANR president, Peña and Vice President Pedro Alliana to requests for information that Cartes-aligned lawmakers made to the BCP about Ueno, but said the group continued to support the government’s decisions. Confirmation of the bank’s situation depends on official BCP data, its financial position and any independent audits or investigations.