Suppose that the term structure of interest rates is flat in England and Germany. The GBP interest rate is 3% per annum and the EUR rate is 2% per annum. In a swap agreement, a financial institution pays 7% per annum in GBP and receives 5% per annum in EUR. The exchange rate between the two currencies has changed from 1.05 EUR per GBP to 1.1 EUR per GBP since the swaps initiation. The principal in British pounds is 30 million GBP. Payments are exchanged every year, with one exchange having just taken place. The swap will last three more years. What is the value of the swap to the financial institution in terms of euros? Assume all interest rates are continuously compounded.