The extent to which direct lending to small, undiversified corporates can become a big business for non-banks remains to be seen. French institutional investors will never replace the banks, but we have further to go, says Blanchoz. The natural way is not to go to the banks. New start-ups go to private capital, and it should be the same for loans. We are moving from a mark-to-market world where it is not the instant value of assets that investors care about, but more the cashflow projections for those assets.