NO.PZ2016031001000050
问题如下：
The repo margin on a repurchase agreement is most likely to be lower when:
选项：
A.the underlying collateral is in short supply.
B.the maturity of the repurchase agreement is long.
C.the credit risk associated with the underlying collateral is high.
解释：
A is correct.
The repo margin (the difference between the market value of the underlying collateral and the value of the loan) is a function of the supply and demand conditions of the collateral. The repo margin is typically lower if the underlying collateral is in short supply or if there is a high demand for it. B and C are incorrect because the repo margin is usually higher (not lower) when the maturity of the repurchase agreement is long and when the credit risk associated with the underlying collateral is high.
考点：repo margin
解析：题目问的是什么时候repo margin更低，也就是对抵押品打的折扣更小。当抵押品供给很少的时候，比较稀缺更有价值，因此打的折扣就较小，故选项A正确。B、C选项都反映抵押品的质量差，因此打的折扣要更多一点，故均不正确。
也就是说，抵押品少，不充足，那么举例100元，银行的贷款额应该更低，比如按照七折贷款。如果提供的抵押品多，那么就风险低，那么就可以贷的多一点，比如八折