IPS, Paraguay’s social security and public health institution, holds a significant share of its Certificates of Savings Deposits (CDA) in a small number of banks, while the Senate has stepped up its demands for information on the management of public resources and financial-system operations. Official data for July 2026 show that the concentration is higher in dollar investments.
In guaraníes, the CDA portfolio totals G. 7.75 trillion. Sudameris leads with G. 1.60 trillion, equivalent to 20.71% of the total, followed by Ueno with G. 1.58 trillion (20.35%). Banco Nacional de Fomento (BNF), Paraguay’s development bank, holds G. 1.18 trillion, and Continental holds G. 1.07 trillion. Together, the four banks account for 70.17% of the portfolio; with Zeta, the figure reaches 80.34%.
Dollar investments total US$126.99 million. Ueno holds US$27.43 million (21.60%), Zeta US$25.70 million (20.24%), and Basa US$22.90 million (18.03%). These three institutions account for 59.87% of the funds. Including Continental and Banco Familiar, the five largest positions reach 82.49%.
Weighted average returns are 9.60% on guaraní-denominated CDA and 6.54% on dollar-denominated CDA, with an average term close to five years. The remaining term of the local-currency portfolio is 1.54 years. Among the highest guaraní-denominated rates are Zeta at 11.45%, Ueno at 11.15%, and BNF at 10.87%. In dollars, Ueno yields 7.39%, Zeta 7.17%, and Basa 7.08%.
The figures make it possible to assess distribution by institution, but they do not clarify internal exposure limits, diversification policies or the regulatory criteria applied by IPS, the social security and public health institution. The concentration therefore warrants monitoring, but by itself it does not prove irregularity or a risk of loss.
The issue took on political significance after the Senate sent requests for information to the Central Bank of Paraguay (BCP), the authority responsible for supervising the financial system. BCP President Carlos Carvallo is expected to respond within 15 days to questions about banking operations, links with associated companies, public deposits, prudential controls, and the effects of mergers and acquisitions carried out over the past five years.
One of the requests contains 31 questions about Ueno, including related-party transactions, prudential limits and measures that may have been taken by the Superintendency of Banks. Senator Rafael Filizzola said it is necessary to distinguish routine operations from specific questions involving the institution. He also alleged that the bank had concentrated about US$863 million in state deposits over three years, a claim that is to be checked against the official data requested from the BCP.
The Senate will also continue examining how IPS loans are paid to policyholders. Senator Lilian Samaniego withdrew her own request for information, saying that she had already signed a similar initiative. The earlier request, submitted by Filizzola, asks whether there is any impediment to a beneficiary receiving the credit in an account at any authorized bank, without being required to open an account at a specific institution, and which mechanisms of Paraguay’s Payment System allow transfers to different entities.
Vice President Pedro Alliana supported the inquiry and said the public needs to know whether banks managing public money, including IPS funds, meet solvency requirements and pay adequate interest. The BCP’s responses should indicate whether the concentration observed in the pension investments stems from formal rules, management decisions or market conditions.