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
Bank of Cyprus A decision was imposed by EU finance ministers to force depositors in Cyprus to take a loss (bail in), in order to help fund an International Monetary Fund and euro zone bailout (bail-in in the case of Bank of Cyprus: with 47.5% of uninsured depositors, above 100,000 Euro, contributing to the bank's recapitalization). Bank of Cyprus Bank of Cyprus () is a Cypriot financial services company established in 1899 and headquartered in Strovolos. The Bank of Cyprus currently operates through a total of 121 branches/business offices, of which 121 operate in Cyprus, one in Romania (€206 million net exposure). The