A security borrowing agreement takes place at T+1 followed by a sell order/match of the security at T+4.

Which of the following statements is CORRECT?

The borrower becomes the official owner of the security at _____________ and at the time of the sale order, the sale is a __________________.

	A.	T+2; naked short sale
	B.	T+3 ; covered short sale
	C.	T+1; covered short sale
	D.	T+ 3; ordinary sale
	E.	T+6; ordinary sale

Which of the following items is NOT part of Tier1 capital?

	A.	Capital reserve
	B.	Accumulated past retained profits
	C.	Ordinary shares issued
	D.	Cumulative preference shares
	E.	Non cumulative preference shares