The act was passed by the National Assembly last week and the initiators of the referendum now have until Friday to collect the signatures, which the union's head Branko Sevčnikar says will not be a problem.

Sevčnikar pointed out on Monday that the initiate was not politically-motivated. The union has decided for the referendum because the government has failed to present any kind of financial simulation of the holding's business operations.

"There are no figures. A good manager makes a simulation for at least five years in advance," the unionist told the STA. He also pointed out that there had been no proper public debate on the motion and that the union had been completely excluded.

Sevčnikar fears that the setting up of the holding would pave the way for a sell-off of the state's silverware, which the referendum is to prevent.

Meanwhile, the act, which was passed despite criticism by the opposition, might see another setback, as the National Council, the upper chamber of parliament, reportedly plans to call an extraordinary session to possibly veto the act.

The holding is being created from the Restitution Fund (SOD), which will also absorb the DSU fund, while the Capital Assets Management Agency (AUKN) - the manager of state assets so far - and the restructuring PDP firm are being abolished.

The Pension Fund Management (KAD) will remain a separate legal entity within the holding and will contribute EUR 50m to the pension purse every year. Insurer Modra zavarovalnica, which manages public employees' pension funds, will remain a part of KAD.