Method for measuring monetary income
Article 3
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; (ii) securities held for monetary policy purposes under Decision ECB/2011/17; (iii) debt instruments issued by central, regional and local governments and recognised agencies and substitute debt instruments issued by public non-financial corporations held for monetary policy purposes under Decision (EU) 2015/774 (ECB/2015/10). 2. Where the value of an NCB's earmarkable assets exceeds or falls short of the value of its liability base, the difference shall be offset by applying the reference rate to the value of the difference.