A majority of MPs oppose the government’s plans to sell of the Volksbank and say it should be kept in state hands, the Financieele Dagblad reported on Friday.

Finance minister Eelco Heinen’s own party, the right-wing Liberal VVD, was the only party to support his plan to sell the bank to the private sector during Thursday’s debate on state shareholdings.

Earlier this month Volksbank said it is going to scrap 700 jobs and three separate brand names to save €70 million a year as part of preparations to be sold off.  The Dutch state owns 100% of Volksbank after nationalising its predecessor SNS Reaal some 11 years ago when it ran into trouble with its property portfolio.

The state shareholdings agency NLFI recommended the sale of Volksbank via either an IPO or a takeover in June this year.

The three other coalition parties have all either rejected the idea of a sale or said they have serious concerns about the plan.

Heinen is now working “flat out” to ensure that parliament does not take an official stand on the potential sale, via a motion ordering him to stop making preparations, the paper said.