Which of the following statements is true concerning the U$.$S$.$ banking system?

It enables funds to be channeled in a regulated and effective manner.

II$.$ It contributes benefits that cannot be met solely by the various financial markets.

III. It does not need to be regulated, since free markets are sufficient to protect depositors.

a$.$ Ionly

b$.$ I and $11$ only

c$.$ I and III only

d$.1,11,$ and $111$