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问题如下：

At times, large dealer banks have financed significant fractions of their assets using short-term (often overnight) repurchase agreements in which creditors held bank securities as collateral against default losses. The table below shows the quarter-end financing of four broker-dealer financial instruments. All values are in USD billions.

In the event that repo creditors become equally nervous about each bank’s solvency, which bank is most vulnerable to a liquidity crisis?

选项：

A.

Bank A

B.

Bank B

C.

Bank C

D.

Bank D

解释：

考点：对The Failure Mechanics of Dealer Banks的理解

答案： 选项B正确。

解析：

Not pledged assets在Financial instruments owned里的占比越高代表在Liquidity crisis时越安全，相反，如果Not pledged assets在Financial instruments owned里的占比越低，则代表越Vulnerable。因为B银行的占比最低，因此在Liquidity crisis时，他是Most vulnerable。