He promised the terms of the scheme would be so attractive it would "hit banks in the face".
Under the terms of the scheme, a loan could be guaranteed by the government only if the borrower had exhausted all other forms of collateral.
Gray said he had reviewed the terms of the scheme and it "provides a fair, effective and speedy means for determining compensation".
No point publishing the terms of the scheme earlier, Draghi smiles...... Laura Stevens (@LauraStevensWSJ) "You've been very good at making a dull question a sexy one".
She is particularly concerned about people with disabilities or health problems, who may find it difficult to comply with the terms of the scheme and risk significant financial hardship.
Under the terms of the scheme, known as Flood Re, all UK household insurers will have to pay in £10.50 each to a fund that can be used to pay claims for people in high-risk homes.
Under the terms of the scheme, tenants rent a newly built property for five, 10, 15 or 20 years from a local housing association landlord, which Rentplus pays to manage its properties in a particular location.
Although their rent has increased to £635 a month, the Stephens estimate their home is worth around £260,000 and, under the terms of the scheme, they pay 20% less each month than it would cost them to rent it on the open market.
Technology and business systems should be specified in terms of the scheme design, rather than imposing constraints on it.
In terms of the scheme, our future plan is to further decentralize the role of administrator so that we can update the files in the cloud in an efficient manner.
