HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 319/116
EN
Official Journal of the European Union
2.12.2011
DECISION OF THE EUROPEAN CENTRAL BANK
of 3 November 2011
amending Decision ECB/2010/23 on the allocation of monetary income of the national central
banks of Member States whose currency is the euro
(ECB/2011/18)
(2011/788/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
HAS ADOPTED THIS DECISION:
Article 1
Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular
Amendment
Article 32 thereof,
Article 3(1) of Decision ECB/2010/23 is replaced by the
following:
Whereas:
‘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
(1) Decision
ECB/2010/23
of
25
November
2010
on
the
thereto, gold shall not be considered to generate income, and
allocation of monetary income of the national central
securities held for monetary policy purposes under Decision
banks of Member States whose currency is the euro ( 1 )
ECB/2009/16 of 2 July 2009 on the implementation of the
establishes a mechanism for the pooling and allocation of
covered bond purchase programme (*) and under Decision
monetary income arising from monetary policy
ECB/2011/17 of 3 November 2011 on the implementation
operations.
of the second covered bond purchase programme (**) shall be
considered to generate monetary income at the reference rate.
(2) Decision
ECB/2011/17
of
3
November
2011
on
the
___________
implementation of the second covered bond purchase
(*) OJ L 175, 4.7.2009, p. 18.
programme ( 2 ) provides for the establishment of a
(**) OJ L 297, 16.11.2011, p. 70.’
second programme for the purchase of covered bonds
for monetary policy purposes.
Article 2
(3) The
Governing
Council
considers
that
as
with
purchases
Final provision
under Decision ECB/2009/16 of 2 July 2009 on the
implementation of the covered bond purchase
This Decision shall enter into force on 31 December 2011.
programme ( 3 ), covered bonds purchased under
Decision ECB/2011/17 should be deemed to generate
income at the reference rate as defined in Decision
Done at Frankfurt am Main, 3 November 2011.
ECB/2010/23.
The President of the ECB
(4) Decision
ECB/2010/23
should
be
amended
accordingly,
Mario DRAGHI
( 1 ) OJ L 35, 9.2.2011, p. 17.
( 2 ) OJ L 297, 16.11.2011, p. 70.
( 3 ) OJ L 175, 4.7.2009, p. 18.

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