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
Fair market value in the United States, the fair market value is determined at a hearing. In certain jurisdictions, the courts are required to hold fair market hearings, even if the borrowers or the loans guarantors waived their rights to such a hearing in the loan documents. Fair market value is not explicitly defined in the Income Tax Act. That said, Mr. Justice Cattanach in "Henderson Estate, Bank of New York v. M.N.R.", (1973) C.T.C. 636 at p. 644 articulates the concept as follows: The statute does not define the expression "fair market value", but the expression has been defined in many different