Which of the followings are probable advantages of specialist centralized treasury department? I . It avoids having a mix of cash surpluses and overdrafts in different local bank accounts and facilitates bulk cash flows, so that lower bank charges can be negotiated. II . Any borrowing can be arranged in bulk, at lower interest rates than for smaller borrowings. III . Sources of finance can be diversified and can be matched with local assets. IV . Greater autonomy can be given to subsidiaries and divisions. V . Larger volumes of cash are available to invest, giving better short-term investment opportunities.