The table below presents the costs of borrowing for Verizon and ExxonMobil in Dollars and Pounds, and the quotes for interest swaps in Dollars and Pounds, both quoted against LIBOR. Verizon would like to get a fixed rate Pound loan. ExxonMobil would like to get a fixed rate Dollar loan. How much can Verizon save by entering a currency swap agreement?

$\backslash$table$[[,\backslash$table$[[$Borrowing Cost$],[$in Dollars$]],\backslash$table$[[$Borrowing Cost$],[$in Pounds$]],],[$Verizon$,$$$8\mathrm{.}00\%,4\mathrm{.}60\%,],[$ExxonMobil$,$$$9\mathrm{.}50\%,4\mathrm{.}00\%,],[\backslash$table$[[$Swap Bank$],[$Quote$]],,,],[$USD$,,$GBP$,],[$Bid$,$Ask,Bid,Ask$],[$$$8\mathrm{.}00\%,$$$8\mathrm{.}70\%,4\mathrm{.}00\%,4\mathrm{.}14\%$