EBU Single Rulebook Q&A 23 December 2015 2015_2542 Liquid assets underlying sold call options

Should bonds underlying call options (either American or European expiring within 30 days; with exercise mode physical delivery) written by the institution be considered as used in hedging strategies, thus excluding them from the holding of liquid assets in the context of LCR reporting? The institution writes call options on bonds (American with exercise mode Physical delivery).