Who are the losers from the contraction of euro-zone banks?

Euro-zone banks are contracting because they are being weakened by low interest rates, leading to very low profitability and return on equity for these banks. As euro-zone banks are having to reduce their size, they have reduced the volume of business loans since 2009 and loans to households since 2012. But companies that have access to the bond market can offset the contraction in bank credit by increasing their bond issuance. So the following are the losers from the contraction in euro-zone banks : Households; Companies without access to the bond market.