This invention relates to a method of operating a catalyst for treating the exhaust gas of an internal combustion engine, the catalyst comprising, in addition to catalytically active noble metals, also storage components for storing hydrocarbons. During engine operating phases at low exhaust-gas temperatures, such a catalyst stores the hydrocarbons contained in the exhaust gas without burning them. When the exhaust-gas temperature rises, these hydrocarbons are desorbed again and then oxidized at the catalytically active noble metals. This process can lead to uncontrolled, vigorous combustion of the hydrocarbons stored on the catalyst and, therefore, damage to the catalyst. According to the invention, this damage is avoided by continuously calculating the respective loading of the storage components with hydrocarbons and repeatedly regenerating the storage components depending on the loading by temporarily raising the exhaust-gas temperature before damage to the catalyst can occur.