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He secured cheap funding by issuing deposit-like liabilities.
Petrobras has secured a large slug of cheap funding from BNDES, Brazil's state development bank.
It is why bankers' fat bonuses, paid from profits boosted by cheap funding, are unfair.
To bolster growth, it provides cheap funding to banks to lend to businesses.
Most seek to lure banks to lend more, through guarantees or cheap funding.
It clubbed together with the Treasury to provide cheap funding for banks.
That will make it less attractive than it was as a method of cutting credit risk and obtaining cheap funding.
Some banks manage money-market funds, and almost all of them rely on them for short-term cheap funding.
Cheap funding from the ECB should help, as will lower provisions if the economy stays on track.
It seems logical that taking away the cheap funding behind these deals will mean rates start to rise.
A clearout of bad loans would precipitate mass insolvencies among business customers that depend on cheap funding.
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