Savings = investment with private money creation?
Say you take out a \$1m loan from ABC Bank - they create two entries on your books:

Assets: \$1m cash available funds.
Liablities: \$1m loan you owe the
bank.

Similarly on their books they create two entries:

Assets: \$1m owing from Simon Lyons
Liabilities: \$1m payment we must honor.

Now you buy a factory with the \$1m. You write a cheque to Bob who you're buying the factory from. He banks with XYZ bank.
Your books:

Assets: A factory worth \$1m.
Liabilities: \$1m loan you owe the bank.

The bank's books:

Assets: \$1m owing from Simon Lyons
Liabilties: We owe \$1m to XYZ bank.

In practise what happens is that the banks are exchanging money between each other all day (for example XYZ bank customers may have paid cheques to ABC bank customers), and at the end of the day they need to settle the difference by taking a loan from someone.
In New Zealand's system for example, that difference can be borrowed from the Reserve Bank (New Zealand's central bank) - paying interest at the Official Cash Rate (OCR). This rate is set by the Reserve Bank - and is the primary means that the Reserve Bank controls inflation.