That is, as a new deal is agreed on, it generates a cost of borrowing from the shareholder.
The Hungarian government faces serious problems in its banks, as well as a rising cost of borrowing.
But they will rise, as will the cost of borrowing for everyone, including Wall Street.
Investors had become increasing nervous about an increase in the cost of borrowing as the economy recovered, but Carney made a point of stamping on that idea.
Even that was much better than in the late 1990s, when rates went as high as 45%, but it meant that the cost of borrowing money in Brazil was still higher than almost anywhere else in the world.
Pointing to the return of real wage growth earlier this year, it forecast a rate rise from as early as August, with another two hikes for the cost of borrowing next year to reach 1.25%.
Insofar as it drove down the cost of borrowing for governments and reduced the risk of deflation, it would make debt burdens easier to bear; insofar as it pushed down the euro, it would help raise the euro zone's competitiveness.
As a result, the cost of borrowing spikes at the same time that a bank's available capital is being shrunk by losses.
For lenders who use the scheme, and who increase their lending as a result, the cost of borrowing for that new lending is likely to be relatively cheap.
That is about 0.5 percentage point below the cost of borrowing (see chart), as clear a sign of a bubble as any.
Analysts warn the government may need to move more quickly to prevent a fiscal crisis as rising global interest rates push up the cost of borrowing.
