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
Central Bank of Cyprus Central Bank of Cyprus The Central Bank of Cyprus ( ), is the central bank of the Republic of Cyprus, located in Nicosia. It was established in 1963. Its current Governor is Chrystalla Georghadji The bank issued Cypriot pound banknotes and coins prior to 2008, when Cyprus adopted the euro. The Central Bank of Cyprus has its origins in the British Colonial Government of Cyprus, which established a Cyprus Currency Board in 1927. This followed on from the unilateral annexation of Cyprus by the British Empire in 1914, the Treaty of Lausanne, establishing the legality in international law of this