Paraguay, refunds to Ueno Bank account holders from November 6th

The Central Bank of Paraguay (BCP) has started the payment of guarantees to the depositors of Ueno Bank, an institution subject to resolution proceedings.

The first phase concerns account holders who simultaneously satisfy three requirements: have deposits not exceeding 10 million guaraní (around 1,450 euros), have no debts with the bank and have an active account with another banking or financial institution in the country. Those with total savings within this threshold will receive the full amount deposited.

The BCP specified that individual notifications to the beneficiaries began on Thursday 5 November, through communications sent via e-mail, with the indication of the bank where they will receive the money. The accreditations will start within 24 hours of communication and the entire procedure relating to this first phase must be completed within five working days, reports the Paraguayan newspaper Abc Color.

Anyone who already has an account with another bank or finance company will receive the credit on the one with the highest available balance. For those who do not have other banking relationships, a savings account will be opened at an institution assigned by the Central Bank. The advance of the guarantee will be able to reach 40 minimum wages, equal to 121.76 million guaraní (approximately 17,700 euros) per depositor, net of any overdue debts. The overall coverage provided by the Deposit Guarantee Fund reaches 75 minimum wages, equivalent to 228.3 million guaraní (approximately 33,200 euros).