The scheme is being officially rolled out at an event later.

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In the "regrettable event" that any major publisher refused to join such a scheme, he suggests that one option would be for Ofcom, the broadcasting regulator, to act as a backstop regulator, though he does not recommend this.

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The number of properties affected on this occasion was significantly fewer than the previous flooding event in 2007, after which the council implemented a flooding risk reduction scheme in the area.

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According to the complaint, authorities were first alerted to the beginnings of the alleged scheme last year when an undercover FBI employee attended a protest group's event.

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The council said the event, at the Impressions Gallery, would give businesses a chance to get involved and turn the scheme into a reality.

BBC: Bradford's ?35m regeneration scheme starts

Following the collapse of a third of all American banks in 1930-33, the government set up an insurance scheme under which it guaranteed to repay depositors, up to a certain limit, in the event of bank failure.

ECONOMIST: The business of banking | The