A cap on a floating-rate euro loan:
(a) Protects the borrower against high short-term interest rates.
(b) Protects the lender against high short-term interest rates on the funding side.
(c) Is similar to a call option on short-term paper with the cap rate, as nominal rate; and the borrower is the holder of the call option.
(d) Is similar to a put option on short-term paper with the cap rate, as nominal rate; and the borrower is the holder of the put option.
(e) Is similar to a put option on short-term paper with the cap rate, as nominal rate; and the lender is the holder of the put option.