Asunción, Nov. 5 (EFE).- Paraguayan President Santiago Peña resigned Thursday amid looming congressional impeachment following the takeover of Ueno Bank, a private institution linked to him that received millions in public funds during his term.
“I have decided to submit my resignation as President of the Republic. I am doing so with the stability of our country, social peace, and the need to preserve our democratic institutions in mind,” he said in a video posted on X.
“I also want to apologize to the people. If at any time I have failed, it was never my intention to betray the trust they placed in me,” he added.
The president said he submitted his resignation “with utmost respect” for the Constitution and for institutional and democratic mechanisms, and expressed his hope that those affected by the closure of Ueno Bank “will be guaranteed the return of those funds.”
“May the Deposit Insurance Fund fulfill its purpose and may public funds and the resources that belong to all Paraguayans be protected,” stated the outgoing president, whose departure paves the way for a succession in power.
Peña became embroiled in the crisis after the intervention of Ueno Bank, a private institution of which he was a shareholder until last year, and which received millions from agencies such as the Social Security Institute (IPS) during his term.
The Central Bank of Paraguay found that Ueno’s solvency ratio, with 2.9 million customers in a country of 6.1 million inhabitants, had fallen below 50% of the required minimum, “as a result of adjustments made to its financial statements during the regularization process.”
As a result of the resolution or dissolution proceedings, the savings of thousands of customers were frozen at the now-defunct bank, which also sponsors local soccer teams, the Paraguayan national team, and even events such as the country’s leg of the World Rally Championship.
Hours earlier, the Chamber of Deputies had convened a special session to initiate impeachment proceedings against Peña; by the time Peña delivered his address, the debates had already lasted more than two hours. EFE
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