No, on both counts. You may transfer to/from the current and next Use Year (2011/2012). Transferred points may be banked but not borrowed.
You could have 2011 points transferred into your account (2011 Use Year) and 2012 points transferred into your 2012 Use Year and those could be used for a trip in August 2012 (as long as the 2012 points are from an August (or earlier), 2012 Use Year.