Article 1Amendments

Decision ECB/2010/23 is amended as follows:

1.

Article 3(1) is replaced by the following:

‘1.The amount of each NCB's monetary income shall be determined by measuring the actual income that derives from the earmarkable assets recorded in its books. As exceptions thereto:

(a)gold shall not be considered to generate income;

(b)the following shall be considered to generate monetary income at the reference rate:

(i)

securities held for monetary policy purposes under Decision ECB/2009/16(1);

(ii)

securities held for monetary policy purposes under Decision ECB/2011/17(2);

(iii)

debt instruments issued by central governments and recognised agencies and substitute debt instruments issued by public non-financial corporations held for monetary policy purposes under Decision (EU) 2015/774 of the European Central Bank (ECB/2015/10)(3).’;

2.

in paragraph A of Annex I, the following point 8 is added:

‘8.Liabilities vis-à-vis the ECB backing a claim that relates to swap agreements between the ECB and a non-Eurosystem central bank which earn net income for the Eurosystem (part of off-balance-sheet liabilities).’;

3.

in paragraph A of Annex II, the following point 10 is added:

‘10.Claims on euro area counterparties that relate to swap agreements between the ECB and a non-Eurosystem central bank which earn net income for the Eurosystem (part of asset item 3.1 of the HBS).’.

(1)

Decision ECB/2009/16 of 2 July 2009 on the implementation of the covered bond purchase programme (OJ L 175, 4.7.2009, p. 18).

(2)

Decision ECB/2011/17 of 3 November 2011 on the implementation of the second covered bond purchase programme (OJ L 297, 16.11.2011, p. 70).

(3)

Decision (EU) 2015/774 of the European Central Bank of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10) (OJ L 121, 14.5.2015, p. 20).’;