Greenpeace International brazened out losing €3.8 million (£3m) in currency speculation yesterday.

The environmental group, which is based in Amsterdam, claimed that the money had been lost in 2013 by an employee who acted beyond his authority.

Greenpeace did not identify the employee, who has been fired, and added there was no evidence of fraud.

“Nothing suggests that he acted for personal gain,” communications director Mike Townsley said.

Mr Townsley claimed that such deals were not unusual for international charities.

“It is common practice for organisations like ours, with a worldwide presence,” he said, adding that otherwise “we would be too exposed to currency fluctuations and risk losing a lot of money.”

Geenpeace said it would absorb the loss over a period of years by trimming “infrastructure investments.” and pledged not to reduce spending on campaigns to protect the environment.

Greenpeace International is responsible for 40 national and regional offices.