An FI has 15 million in its trading portfolio on the close of business on a particular day. The current exchange rate of pounds for dollars is 0.6500/$, or dollars for pounds is $1.5385, at the daily close. The volatility, or standard deviation ( ), of daily percentage changes in the spot /$ exchange rate over the past year was 51bp. The Fl is interested in adverse moves-bad moves that will not occur more than 1 per cent of the time, or 1 day in every 100. Calculate the one-day VaR and ES from this position ( 5 marks), and