The single bank can create money in non-monopoly market, but it's only a part of deposit creation system.

在非垄断市场上，单个银行虽然能够创造货币，但仅仅是整个存款货币创造链条的一个环节。

youdao

Two banks went bust in 1965, leading to calls for depositors to be made good by the government (which would then recover what it could from the liquidation of bank assets), for the introduction of deposit insurance and the creation of a government-backed industrial bank.

ECONOMIST: Hong Kong's economy