Greenpeace loses £3m in currency speculation

Greenpeace International last year lost €3.8m (£3m) of donations through speculation on currency markets, the Guardian reported.

According to a statement released on Sunday, in the second half of 2013 an employee at the environmental campaign group's Amsterdam headquarters took out currency exchange contracts that speculated on a weak euro. As a result of the euro strengthening later in the year, Greenpeace had to file record losses when closing accounts at the end of the year. Its 2013 annual report will show a budget deficit of €6.8m.

"We offer a full apology to our supporters for the series of errors that led to the loss," the group's statement said. "We further wish to reassure people that every possible action is being taken to avoid the possibility of such a loss ever occurring again in future."

Greenpeace says the staff member, who worked in its international finance unit, was not acting for personal gain but failed to obtain authorisation from senior management. He has since been released from his contract.

With an annual income of €72.9m in 2013, last year's loss of €3.8m represents a significant hit for Greenpeace International, though the organisation said none of its current campaigns would be affected.

With combined funds from more than 40 national organisations, Greenpeace International has a global budget of around €300m. The most significant damage may be to the trust of its supporters: 90% of the organisation's funding comes from small donations of under €100.