Which of the following observations concerning repurchase agreements is NOT true?

$1)$ They can be viewed as collateralized federal funds transactions.

$2)$ The RP market is a highly liquid and flexible source of funds for DIs needing to increase their liabilities and to offset deposit withdrawals.

$3)$ Unlike fed funds, these transactions cannot be rolled over each day.

$4)$ It is difficult to transact an RP borrowing late in the day.

$5)$ Negotiations over the collateral package can delay RP transactions.