Final answer:
The 12-month forward points would typically reflect the difference between the current spot rate and the 12-month forward rate of 0.87295 GBP/EUR. However, without the spot rate, we can't calculate the forward points, and therefore cannot accurately select from the provided options.
Step-by-step explanation:
If the 12-month forward rate is 0.87295 GBP/EUR, the 12-month forward points indicate the difference between the spot rate and the forward rate. To calculate this, you would subtract the spot rate from the forward rate. Without the current spot rate, we cannot accurately calculate the forward points. However, assuming the provided number is meant to contrast with a spot rate, we typically look for a difference that is likely expressed in points. Commonly, forward points are quoted in terms of a change in the last decimal places of the exchange rate. Therefore, if we saw a change in the thousandth place (e.g., 0.001), this might be quoted as "-100" points if it were a decrease, or simply "100" if an increase.
Without the actual spot rate, none of the provided options a. -22.5, b. -2.25, c. -0.00225, or d. 0.87295 can be directly derived from the given forward rate alone. Therefore, without additional data to contrast this forward rate with a spot rate, we cannot confidently provide an answer to which is the closest to the correct forward points.