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 which Apple paid an Irish ETR of <1% on €110.8 billion in Irish profits. Despite the loss of taxes to the U.S. exchequer, it was the EU Commission that forced Ireland to close the Double Irish from January 2015; with closure to existing users by 2020. In an October 2013 interview, PwC tax partner Feargal O'Rourke ("architect" of the Double Irish, see above), said that: "the days of the Double Irish tax scheme are numbered". In October 2014, as the EU forced the Irish State to close the Double Irish BEPS tool, the influential U.S. National Tax Journal published an