巴拉圭总统圣地亚哥·佩尼亚于11月5日辞职，此前与其政府有关联的知名商业银行ueno倒闭。以下是关于ueno的更多细节，以及其倒闭如何导致总统垮台。
Paraguay’s President Santiago Pena resigned on Nov 5 after the collapse of ueno, a prominent commercial bank with ties to his government. Here are more details on ueno and how its collapse led to the President’s downfall.
什么是ueno？ Ueno（名称以小写“u”拼写）是一家数字贷款机构，从一家小众的本地金融科技公司迅速成长为一家中型巴拉圭银行。
What is ueno? Ueno, which spells its name with a lowercase “u”, is a digital lender that grew rapidly from a niche local fintech company into a mid-sized Paraguayan bank.
该银行于2021年推出，曾被拿来与Nubank、Monzo或Revolut等其他快速增长的数字银行相提并论。
Launched in 2021, ueno had been compared to other fast-growing digital banks like Nubank, Monzo or Revolut.
截至6月，该公司称拥有约300万客户——在一个拥有650万人口的国家里——并管理约8.5亿美元（约10.9亿新元）的公共资金，包括来自国家机构和养老金相关机构的资金。
As at June, the company said it had around 3 million customers – in a country of 6.5 million people – and administered roughly US$850 million (S$1.09 billion) in public funds, including money from state institutions and pension-related bodies.
该银行的快速扩张使其成为巴拉圭最引人注目的金融成功案例之一。但在最近几个月，它因涉嫌向其控股股东Vazquez集团关联公司过度放贷而受到监管审查。
The bank’s rapid expansion made it one of Paraguay’s most visible financial success stories. But in recent months it came under regulatory scrutiny over alleged excessive lending to companies linked to its controlling shareholder, Grupo Vazquez.
巴拉圭央行在认定ueno违反最低偿付能力要求后进行了干预，引发了一场危机，导致数百万客户暂时无法访问其账户。
Paraguay’s central bank intervened after determining that ueno had breached minimum solvency requirements, triggering a crisis that left millions of customers temporarily unable to access their accounts.
总统佩尼亚与ueno有何关联？ 2023年当选的经济学家佩尼亚，因其过往与Vazquez集团的商业关系而面临政治审视。佩尼亚表示，他曾是Vazquez集团的股东，直到2025年3月出售了其股份。Ueno称，佩尼亚从未作为股东或投资者与该银行有直接关系。反对派议员指责佩尼亚存在利益冲突、挪用养老金以及机构包庇。
What links President Pena to ueno? Pena, an economist who was elected in 2023, has faced political scrutiny because of his past business ties to Grupo Vazquez. Pena has said he was a Grupo Vazquez shareholder until March 2025 when he sold his stake. Ueno says Pena never had a direct relationship with the bank as a shareholder or investor. Opposition lawmakers have accused Pena of conflict of interest, misuse of pension funds and institutional cover-up.
佩尼亚多次拒绝任何关于不当关联的暗示，将这场争议描述为原本属于监管问题的政治化升级，并主张应通过法院解决。
Pena, who has repeatedly rejected any suggestion of improper ties, has described the controversy as the political escalation of what began as a regulatory issue and has argued that it should be addressed through the courts.
检察官11月5日表示，他因该银行的倒闭而受到调查，但尚未被带走问话。他们本周对八名Ueno高管发出了逮捕令。监管机构是如何处理Ueno的？
Prosecutors said on Nov 5 that he was among those being investigated over the bank’s failure but he has not been taken in for questioning. They issued arrest warrants for eight ueno executives this week. How did regulators deal with ueno?
问题集中在监管机构在Ueno扩张期间是否对其进行了充分监管，尤其是因为该国央行行长卡洛斯·卡瓦略此前曾担任这家数字贷款机构的负责人。
Questions have focused on whether regulators adequately supervised ueno as it expanded, particularly because the country’s central bank chief, Carlos Carvallo, had previously been head of the digital lender.
卡瓦略于11月3日从央行辞职，此前央行将Ueno置于处置程序，这是仅次于立即清算的最严厉措施。
Carvallo resigned from the central bank on Nov 3 after it put ueno into resolution, its strongest measure short of immediate liquidation.
央行否认存在任何利益冲突，称卡瓦略回避了所有与Ueno相关的决策。
The central bank has denied any conflict of interest, saying Carvallo recused himself from all decisions related to ueno.
尽管如此，在监管调查的细节公开后，压力不断加大，议员、银行业代表和反对派人士纷纷质疑此前是否存在充分的监管。Ueno的账户发生了什么？
Nonetheless, pressure mounted after details of a regulatory probe became public, with lawmakers, banking industry representatives and opposition figures raising doubts as to whether there had been sufficient oversight. What has happened to the ueno accounts?
央行表示正在努力将Ueno的客户账户转移至其他金融机构，这一过程给整个银行系统带来了压力，并导致多家银行应用程序出现故障。
The central bank said it was working to transfer ueno customer accounts to other financial institutions, a process that created strains across the banking system and contributed to outages at several banking apps.
客户仍然无法访问其在Ueno的账户。本周一些人聚集在Ueno分行外，要求取回自己的存款。
Customers are still unable to access their accounts within ueno. Some gathered outside ueno branches this week seeking access to their savings.
Ueno以移动端为先的模式帮助吸引了传统银行服务不足的新客户，也让许多巴拉圭人更容易获得数字支付、储蓄和其他金融服务。
Ueno’s mobile-first model helped attract new customers who were underserved by traditional banks and gave many Paraguayans easier access to digital payments, savings and other financial services.
无法访问账户的人中包括通过Ueno领取国家福利的养老金领取者，这促使当局迅速采取行动保障存款并保护公共资金。
Those who have been unable to access their accounts include pensioners who receive state benefits through ueno, prompting the authorities to move quickly to guarantee deposits and safeguard public funds.
佩尼亚本周早些时候批准了一项立法，以帮助加快向受该银行倒闭影响的储户付款。这是否会在更广泛层面上影响巴拉圭的金融体系？
Pena earlier this week approved legislation to help accelerate payments to depositors affected by the collapse of the bank. Could this affect Paraguay’s financial system more widely?
当局表示，危机仅限于乌埃诺银行，并不反映巴拉圭银行体系存在更广泛的弱点。
The authorities say the crisis is limited to ueno and does not reflect broader weaknesses in Paraguay’s banking system.
除了存款外，该银行在2026年的一份声明中表示，已从开发机构、国际基金和资本市场获得约5.1亿美元融资。其中包括由摩根大通和美国银行牵头在华尔街发行的3.5亿美元债券。
In addition to deposits, the bank said in a 2026 statement it had secured about US$510 million in financing from development institutions, international funds and capital markets. These include a US$350 million bond issuance on Wall Street led by JPMorgan and Bank of America.
巴拉圭已获得投资级信用评级，并建立了作为南美洲较为稳定且友好改革经济体之一的声誉。目前尚不清楚这场危机长远来看是否会影响该国的声誉。
Paraguay has won investment-grade credit ratings and built a reputation as one of South America’s more stable and reform-friendly economies. It is unclear if the crisis will affect the country’s reputation in the longer term.