An analyst at Bank FLR is calculating the cash flows on a forward rate agreement (FRA) that the bank entered into 1 year ago. The bank is a fixed rate payer under the FRA and the terms of the FRA state that interest accrues for the 3-month period beginning 1 year after initiation. The analyst collects the following information about the FRA and interest rates in the market:

• Principal amount: EUR 10,000,000
• Fixed interest rate: 2.25%
• Floating interest rate 9 months after initiation of the FRA: 2.05%
• Floating interest rate today: 1.80%
• Market forecast of floating interest rate 3 months from now: 1.90%

What is the amount of the cash flow required today to settle the FRA?