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资料：Italy's next government, a coalition between the populistFive Star Movement and the far-right Northern League, is giving investors plenty to worry about. Leaked plans, hastily abandoned, suggested it might want to leave the euro or ask the European Central Bank to forgive €250bn（$292bn） of Italian debt. But less attention has been paid to what it might mean for Italian banks, and in particular for their biggest burden: non-performing loans（NPLs）. Over €185bn of NPLs were outstanding at the end of 2017, the most for any country in the European Union. （1）

By comparison with Greece where NPLs are 45% of loans, Italy looks manageable with just 11.1%. And it has made progress: in late 2015 NPLs were 16.8% of loans. But any wild policy lurches would put that progress in question. The clean-up of banks’ books has relied on openness to foreign investors. Huge volumes of NPLs（€37bn in 2016 and over €47bn in 2017, according to Deloitte, a consultancy） have been sold by banks, often to specialist American hedge funds like Cerberus Capital Management or Fortress. （2）

These so-called vulture funds may find life harder under the new government. Given the importance of being able to repossess the collateral for secured loans, NPL investors have been taken aback by a proposal to prevent any action against a debtor without the involvement of a court. This would run counter to efforts to increase the use of out-of-court settlement for collateral across the EU. （3）

The future of GACS, a scheme for providing an Italian government guarantee to the senior tranches of NPL securitisations （with the EU's blessing）, is also in question. Despite a slow start in 2016, it has come to play a large role. An NPL sale last year by UniCredit, a large bank, worth€l7.7bn, was subject to the scheme. Another €38bn-worh of Italian NPL deals in progress will be too, according to Debtwire, a news service. But investors now worry that GACS will not be renewed once it expires失效 in September, contrary to previous plans. （4）

European regulators have made a concerted effort to deal with NPLs. In March the European Commission proposed laws to make cross-border operations easier for debt （5）

Markets have deepened in tandem. As well as the specialist funds doing large deals,more options for trading NPLs have emerged. One example is Debitos, a trading platform that started in Germany and that allows investors to trade in NPLs from 11 European countries, including Italy and Greece. Most of its sales are between €50m and €200m and interest often comes from local investors, says Timur Peters, its founder—for example, from individuals who buy property—backed NPLs as a way to acquire those properties. （6）

A liquid pan-European market in NPLs ought to prevent banks’ bad loans from accumulating and threatening their stability, as during the most recent crisis. But Italy would, because of its sheer size, be the largest source of such loans for the foreseeable future. And any market with real doubts about the largest supplier is almost certain to be a stunted one. （7）

Which of the following goes against the interest of investors of NPLs?

A.The increasing use of out-of-court settlement for collateral across the EU
B.The GACS which may not be renewed after September
C.The new trading platform for trading NPLs
D.The laws that guarantee cross-border operations

正确答案及解析

正确答案

解析

本题考查的是细节理解。

【关键词】against，interest of investors

【主题句】第3自然段Given the importance of being able to repossess the collateral for secured loans, NPL investors have been taken aback by a proposal to prevent any action against a debtor without the involvement of a court. This would run counter to efforts to increase the use of out-of-court settlement for collateral across the EU. 鉴于能够收回担保贷款抵押品的重要性，不良贷款投资者对于在没有法院参与的情况下阻止对债务人采取任何行动的提议感到吃惊。这与在欧盟范围内增加使用庭外和解抵押品的努力背道而驰。

第4自然段The future of GACS, a scheme for providing an Italian government guarantee to the senior tranches of NPL securitisations （with the EU's blessing）, is also in question. Despite a slow start in 2016, it has come to play a large role. An NPL sale last year by UniCredit, a large bank, worth€l7.7bn, was subject to the scheme. Another €38bn-worh of Italian NPL deals in progress will be too, according to Debtwire, a news service. But investors now worry that GACS will not be renewed once it expires in September, contrary to previous plans. GACS的未来也是一个问题，这个计划为高级别的不良贷款证券化（欧盟的祝福）提供意大利政府担保。尽管2016年开局缓慢，但它已经发挥了重要作用。去年由UniCredit（一家市值177亿欧元的大型银行）进行的不良贷款销售受该计划的约束。据新闻机构Debtwire称，另外还有380亿欧元的意大利不良贷款交易正在进行中。但投资者现在担心GACS在9月失效后将不再续约，这与之前的计划相反。

第5自然段European regulators have made a concerted effort to deal with NPLs. In March the European Commission proposed laws to make cross-border operations easier for debt.欧洲监管机构已经齐心协力应对不良贷款。3月，欧盟委员会提出法律，使债务更容易跨境经营。

第6自然段Markets have deepened in tandem. As well as the specialist funds doing large deals,more options for trading NPLs have emerged. One example is Debitos, a trading platform that started in Germany and that allows investors to trade in NPLs from 11 European countries, including Italy and Greece. Most of its sales are between €50m and €200m and interest often comes from local investors, says Timur Peters, its founder—for example, from individuals who buy property—backed NPLs as a way to acquire those properties. 市场同步深化。除了进行大额交易的专业基金外，还出现了更多不良贷款交易方案。其中一个例子是Debitos，这是一个在德国开始的交易平台，允许投资者从包括意大利和希腊在内的11个欧洲国家进行不良贷款交易。其大部分销售额在5000万至2亿欧元之间，其利息通常来自那些从个人那里购置房产的当地投资者，其创始人蒂姆尔彼得斯表示，这样就允许不良贷款成为购置房产的方式。

【解析】题目意为“以下哪一项违背了不良贷款投资者的利益？”选项A意为“欧盟各国越来越多地增加庭外和解抵押品的使用”，选项B意为“GACS于九月后可能不会续期”，选项C意为“新的不良贷款交易平台”，选项D意为“保障跨境经营的法律”。根据主题句，投资者担心GACS在9月失效后将不再续约，因此GACS不再续约会影响到不良资产投资者的利益，故选项B正确。