First, that BNDES has grown too big.

第一，BNDES的规模已经变得过于庞大了。

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And BNDES is practically alone in the long-term loan business.

而BNDES几乎是提供长期商业贷款的唯一银行。

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First, BNDES seems to have gone on boosting its loans for too long.

第一，BNDES很久前就已经开始不断增加贷款了。

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Petrobras has secured a large slug of cheap funding from BNDES, Brazil's state development bank.

ECONOMIST: Petrobras sets some ambitious targets

Even though the economy has rebounded this year, BNDES loans have continued to rise sharply.

ECONOMIST: Brazil's development bank

Those credits, for which the BNDES has offered IOUs, have led to accusations of creative accounting.

ECONOMIST: Brazil's booming economy