> That's not correctly stated

It is. (EDIT: It's a mixed bag. OP was correctly calling out a definitional error.)

Banks have loaned $300bn mostly to private-credit firms. Those firms then compete with the banks to do non-bank lending. It's a weird rabbit hole and I'm grumpy after a cancelled flight, but it feels like I'm in the middle of a Matt Levine writeup.

Good grief. I was responding to "Most of what banks do is private credit", which is wrong. Bank lending is not private credit.