The management board of cooperative banking group Rabobank will not get a bonus this year because it would not be appropriate in a year in which both client and bank have been hit by the economic downturn.

The five-strong board were paid an extra €200,000 last year but this reflected their performance in 2011, the bank said in its annual report. In 2011, the board was paid a total €1.7m in bonuses.

The board’s fixed salaries have not been increased since 2008, news agency ANP said.