Companies That Centralize Their Working Capital Management Operations Often Find

Companies that centralize their working capital management operations often find that it is in the best interest of the company to devolve certain pieces of operations to selected subsidiaries. The reasons for such partial decentralization include which of the following statements?

A) It may be possible for local subsidiaries, as legal persons in the host country, to take advantage of special tax provisions on interest earned (like no federal taxes on municipal bond interest in the U.S.) that are not available to nonresidents such as the parent or other affiliate.
B) The local subsidiary may have cash needs beyond the capacity of the central pool to provide, so the subsidiary must borrow the extra on its own.
C) The local subsidiary may qualify for loans on concessionary terms (below market interest rate) that would not be available to the centralized pool.
D) All of the statements above are legitimate reasons for decentralization.
E) Only statements a and c are correct.