A Greenpeace employee has been fired after losing €3.8, on the international currency markets, the Amsterdam-based environmental group said at the weekend.

‘The losses are a result of a serious error of judgment by an employee in our international finance unit,’ Greenpeace said in a statement.

As a global organisation active in more than 40 countries, Greenpeace is funded with many different currencies, valuations of which can change rapidly.

The organisation entered into contracts to buy foreign currency at a fixed exchange rate while the euro was gaining in strength. This resulted in a loss of €3.8m against a range of other currencies, the organisation said.

The employee acted ‘beyond the limits of their authority and without following proper procedures’ and has since been sacked.

No Greenpeace campaign will suffer as a result of the loss, which will be absorbed by reducing expenses such as infrastructure over the next two to three years. ‘No money will be taken from our frontline campaigning to protect the climate, our oceans, rainforests and precious natural environment,’ the organisation said.