A German court on 16 March declared that a small bank tied to a collapsed UK finance company was insolvent, triggering losses for dozens of small German towns.

Greensill Bank was deemed insolvent by a local court, leaving the towns as creditors that will likely sustain losses. Around Germany, at least 12 towns with a combined €200m, equivalent to about $238m, in deposits are in the same situation. Individual depositors are covered by insurance.