Greenpeace International has apologised to supporters after losing €3.8m through "ill-judged" attempts to play the currency markets.
The charity entered into contracts to buy foreign currency at a fixed exchange rate while the euro was gaining in strength. It has described the move as a "serious error" by an employee in the finance department, who acted beyond the limits of his authority. In sterling terms the move has cost them about £3m.
Greenpeace International's 2013 Annual Report, soon to be published, will show a budget deficit of €6.8m for the year.
In a statement, Greenpeace International said: "While the staff member thought he was acting in the best interest of the organisation and there is no evidence of personal gain he has since been relieved of his position.
"We are continuing to explore all options in relation to the error and process failures. We are confident that steps already taken to improve financial controls mean this could not happen again."
