An importer has engaged in a forward contract with a French bank to purchase GBP 60 million six months from now at a predetermined exchange rate. The agreed-upon rate for the forward contract is EUR 1.15 per GBP 1. At the end of the six-month period, the actual exchange rate turns out to be EUR 1.13 per GBP 1. Given these details, calculate the payoff for the bank from this forward contract.
