D-marks, your change is given in sterling, converted also at the attractive rate of DM2.50.
The fund's value is expected to be somewhere between DM2 billion and DM5 billion.
But the last time the pound was as weak as DM2.70 was December 1996.
Even last year, most City economists would have thought DM2.60-2.70 was nearer the mark.
Sterling, at DM3.10 in March, is now below DM2.80, so exports are becoming more competitive.
Financial markets are implicitly forecasting an entry rate of about 72p, or DM2.70.
After his experiences with Fokker, which cost Daimler-Benz DM2.3 billion, this is perhaps the most unpalatable project for the born-again Daimler chairman.
After all, the pound has spent the past ten months above its old central rate in the European exchange-rate mechanism of DM2.95.
He would also get an extra DM2 billion a year, on top of the basic budget, to pay for peacekeeping in places like Kosovo.
Salomon Brothers, an investment bank, estimates that competition may slice Telekom's revenues from basic telephony by DM2 billion a year from its current DM16 billion.
D-marks, for example, and your bill is calculated at a rate of DM2.50 instead of this week's rate of DM2.84 (or even more at tourist rates).
O.tel.o overall, he says, will turn cash-flow positive in 2002, a big swing from this year's likely loss of DM2 billion, half of which is eaten by Veba.
According to a recent study by economists at the International Monetary Fund, sterling's equilibrium value at the end of 1998 (when it actually bought DM2.77) was around DM2.45.
Hayen thinks that absent any moves by Germany's new government, PreussenElektra's revenues will continue to fall, but believes earnings will continue to rise, to over DM2.2 billion by 2001, against last year's DM1.5 billion.
Sterling's rise from around DM2.30 in August 1996 to above DM3 early last year, and its continued strength since then, squeezed import prices, cutting the inflation rate directly, and slowed down the tradable sector of the economy.
During a final hectic night of wheeling and dealing, the chancellor agreed to give a further DM2 billion in tax concessions to Germany's 3.3m small and medium-sized businesses, which make up 85% of all German firms and account for 70% of jobs.
Rudolf Scharping, the defence minister, who is conducting an internal review of his own and has fought hard to prevent the planned cuts, could, the chancellor said, keep any savings, perhaps as much as DM2.6 billion a year, by shrinking the armed forces' bureaucracy.
There are home-grown successes, too witness the transformation of a doddery East German combine, Carl Zeiss of Jena, in Thuringia, into the technology group Jenoptik, with world sales of DM2.6 billion and a first public share issue last month that was one of the hits of the season.
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