题目内容

国家治理体系和治理能力是一个国家的（）的集中体现。

A. 制度和制度执行能力
B. 治国方略和实施能力
C. 治理目标和方法措施
D. 方针政策和执行能力

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提出（）的改革目标，是我们党的重大理论和实践创新，解决了世界上其他社会主义国家长期没有解决的一个重大问题。

A. 建立社会主义市场经济体制
B. 以公有制为主体多种所有制经济共同发展
C. 积极发展混合所有制经济
D. 推进协商民主广泛多层制度化发展

我们党推进全面深化改革的根本目的，就是要促进社会公平正义，从而（）。

A. 解放和发展社会生产力
B. 解放和增强社会活力
C. 破除各方面体制机制弊端
D. 让改革发展成果更多更公平惠及全体人民

Section B – TWO questions ONLY to be attempted
The finance division of GoSlo Motor Corporation has made a number of loans to customers with a current pool value of $200 million. The loans have an average term to maturity of four years. The loans generate a steady income to the business of 10·5% per annum. The company will use 95% of the loan’s pool as collateral for a collateralised loan obligation structured as follows:
– 80% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 140 basis points.
– 10% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 11%.
– 10% of the collateral value to support a tranche as subordinated certificates (unrated).
In order to minimise interest rate risk, the company has decided to enter into a fixed for variable rate swap on the A-rated floating rate notes exchanging LIBOR for 8·5%.
Service charges of $240,000 per annum will be charged for administering the income receivable from the loans.
You may ignore prepayment risk.
Required:
(a) Calculate the expected returns of the investments in each of the three tranches described above. Estimate the sensitivity of the subordinated certificates to a reduction of 1% in the returns generated by the pool. (10 marks)
(b) Explain the purpose and the methods of credit enhancement that can be employed on a securitisation such as this scheme. (4 marks)
(c) Discuss the risks inherent to the investors in a scheme such as this. (6 marks)

The MandM Company, a large listed company, has two divisions. The first, the MoneyMint division produces coins and notes for the national exchequer and generates 80% of the company’s revenues. The second, the LunarMint division, manufactures a brand of sweets which are very popular with traders in the financial markets. The company is considering disposing of its LunarMint division. The LunarMint business is no longer viewed as part of the core business of the MandM Company. The Chief Executive Officer commented that he could never understand why the company entered into sweet-making in the first place. The LunarMint business is profitable and low risk, but has not been a high priority for investment.
Required:
Outline the issues that should be considered when disposing of the LunarMint division noting the risks that might be involved.