On 1 January 2006, an entity issued 1 million 8 per cent EUR 100 nominal ten-year term bonds with interest payable each 30 June and 31 December. The bonds, which are traded in the market, were issued at par. Issue costs of EUR 2m were incurred. 

On 31 December 2009, the entity repurchased 600,000 bonds at the then market value of EUR 96 per EUR 100 nominal. The amortised cost of the bonds at 31 December 2009 amounted to EUR 98,655,495. 

Determine the gain (loss) arising on repurchase.