A majority of MPs on Tuesday evening voted in favour of a motion which would keep privatised SNS bank in state hands. SNS Reaal was nationalised three years ago for €3.7bn when it threatened to collapse under the weight of a massive property portfolio.

Since then the bank, its insurance arm and the property division have been separated. The insurance activities were sold to Chinese company Ambang and the property unit, named Propertize, is up for sale.

Ministers think the banking activities should eventually be returned to the private sector, as is happening with ABN Amro. ‘My basic position is that SNS bank should become a private institution again and not remain in state hands,’ finance minister Jeroen Dijsselbloem said during a debate last week.

However, on Tuesday a majority of MPs backed a motion from Dijsselbloem’s own Labour party and the Socialist Party SP to keep the bank in state hands.

Dijsselbloem expects to take a decision on its future later this year. He said last week that he did agree SNS should remain ‘a classic utility bank with simple products, low costs and low risks’.