in the limits and under the conditions set by the Council in
accordance with the procedure laid down in Article 42.
30.5. The ECB may hold and manage IMF reserve positions and SDRs
and provide for the pooling of such assets.
30.6. The Governing Council shall take all other measures necessary
for the application of this Article.
ARTICLE 31
Foreign reserve assets held by national central banks
31.1. The national central banks shall be allowed to perform
transactions in fulfilment of their obligations towards international
organizations in accordance with Article 23.
31.2. All other operations in foreign reserve assets remaining with the
national central banks after the transfers referred to in Article 30, and
Member States' transactions with their foreign exchange working
balances shall, above a certain limit to be established within the
framework of Article 31.3, be subject to approval by the ECB in order to
ensure consistency with the exchange rate and monetary policies of
the Community.
31.3. The Governing Council shall issue guidelines with a view to
facilitating such operations.
ARTICLE 32
Allocation of monetary income of national central banks.
32.1. The income accruing to the national central banks in the
performance of the ESCB's monetary policy function (hereinafter
referred to as "monetary income") shall be allocated at the end of each
financial year in accordance with the provisions of this Article.
32.2. Subject to Article 32.3, the amount of each national central bank's
monetary income shall be equal to its annual income derived from its
assets held against notes in circulation and deposit liabilities to credit
institutions. These assets shall be earmarked by national central
banks in accordance with guidelines to be established by the
Governing Council.
32.3. If, after the start of the third stage, the balance sheet structures
of the national central banks do not, in the judgment of the Governing
Council, permit the application of Article 32.2, the Governing Council,
acting by a qualified majority, may decide that, by way of derogation
form Article 32.2, monetary income shall be measured according to an
alternative method for a period of not more than five years.
32.4. The amount of each national central bank's monetary income
shall be reduced by an amount equivalent to any interest paid by that
central bank on its deposit liabilities to credit institutions in
accordance with Article 19.
The Governing C