The argument that smaller lenders are not a systemic threat is spurious: consider Spain’s cajas. In any case, there will not be a level playing field.
那种认为小型贷款者并未遭遇系统性威胁的说法是错误的：试想西班牙的那些储蓄银行。无论在任何情况下，这场竞争都不会是公平的。