The industry believed it had scored one success: it expected the commission to withdraw a proposal that would ban hospital chains from negotiating 'bundled' nationwide deals with insurers.

Other possible closing options may include refer to committee, test for stand-asides, and withdraw the proposal.

In response, the bank withdrew the proposal, but warned that the decision 'creates a commercial and prudential risk which [the board] must try to mitigate'.

Cairn said yesterday that it would withdraw the proposals, having 'noted the comments received from several institutional shareholders and their representative bodies'.

But the widespread protests compelled the government to withdraw the proposals.