FHLBNY Announces Rebate Program for Advances
The Federal Home Loan Bank of New York (the “FHLBNY” or the “Bank”) is pleased to announce an advance prepayment Rebate Program. Under the Rebate Program, which represents a new enhancement to our current advance prepayment methodology, the FHLBNY will provide members with a cash rebate on a portion of the fees paid relating to the early extinguishment of Eligible Advances when new Eligible Advances are obtained within 30 calendar days1. To receive the cash rebate, the prepaid advance(s) must have a remaining term of one year or longer, and new
advance(s) must have a term of six months or longer.
The Rebate Program is designed to:
- be responsive to member needs and enhance the value of our advance offerings;
- offer members additional flexibility with balance sheet management; and
- strengthen and add value to your Co-op.
The amount of the actual rebate is dependent upon the characteristics of the prepaid and new advance(s), e.g., product type, origination date, principal amounts, and duration. The FHLBNY's regular advance terms and conditions will apply, and the Bank reserves the right in its sole discretion to amend, rescind, or reinstate the Rebate Program at any time.
How it works:
- Member prepays an outstanding Eligible Advance that has a term remaining to maturity of at least one year.
- Member decides to obtain a new Eligible Advance with a term of six months or greater within 30 days from prepayment (called the Rebate Window).
- Member receives the rebate in cash.
For more information on the Rebate Program, including eligibility requirements, please contact your Calling Officer at (212) 441-6700.
1Advances booked under the Community Lending Program and advances with remaining maturities of less than one year are not Eligible Advances. Members that have already prepaid Eligible Advances since October 1, 2015 will qualify for a rebate if they book new Eligible Advances by December 31, 2015.