Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
Corporation tax in the Republic of Ireland important issue as Ireland's BEPS tools, the core of Ireland's , rely on having a global network of full bilateral tax treaties that accept Ireland's BEPS tools; major economies do not sign full bilateral tax treaties with known tax havens (e.g. Bermuda or Jersey). When the EU Commission published their findings on Apple's Irish BEPS tools in 2016 (see below), Brazil became the first G–20 economy to blacklist Ireland as a tax haven, and suspended the Brazil–Ireland bilateral tax treaty. In 2014, Ireland refused to implement the 2013 EU Accounting Directive, and invoked exemptions on reporting holding company structures until