Decision (EU) 2020/440 of the European Central Bank (ECB/2020/17)1 establishes a temporary pandemic emergency asset purchase programme (PEPP) for monetary policy purposes.

As is the case for such instruments purchased as part of the secondary markets public sector asset purchase programme established by the European Central Bank (ECB) pursuant to Decision (EU) 2020/188 of the European Central Bank (ECB/2020/9)2, debt instruments issued by central, regional or local governments and recognised agencies and substitute debt instruments issued by public non-financial corporations that are purchased as part of the PEPP established pursuant to Decision (EU) 2020/440 (ECB/2020/17) should be deemed to generate income at the reference rate defined in Decision (EU) 2016/2248 of the European Central Bank (ECB/2016/36)3.

A new earmarkable asset has been established to ensure consistency within the monetary income scheme.

The Governing Council decided on 24 June 2020 that euro liquidity-providing facilities by the Eurosystem central banks with non-Eurosystem central banks should be set up as part of the ECB’s response measures to the crisis caused by the coronavirus disease 2019 (COVID-19) pandemic. The income earned from the euro liquidity-providing operations to the non-Eurosystem central banks should be shared amongst the national central banks of Member States whose currency is the euro as part of the monetary income scheme and the relevant balances should be included in the definition of earmarkable assets set out in Decision (EU) 2016/2248 (ECB/2016/36).

Therefore Decision (EU) 2016/2248 (ECB/2016/36) should be amended accordingly,