President's Report

June 30, 2005

At the Bank

FHLBNY Files Form 10 with the SEC

In June of 2004, the Federal Housing Finance Board adopted a final regulation requiring the Federal Home Loan Banks to register their stock with the Securities and Exchange Commission under the 1934 Securities and Exchange Act. Under this regulation, each Home Loan Bank was required to file a registration statement with the SEC by June 30, 2005. Accordingly, on June 30, the Home Loan Bank filed a Form 10 with the SEC. The Bank’s Form 10 is available at the EDGAR portion of the SEC’s website at

Now that the filing has taken place, the next step in the registration process will be for the SEC to declare that the registration of the Home Loan Bank of New York has become effective. We are working diligently with the SEC to complete the registration process. Declaration by the SEC that our registration is effective is expected to take place on or before August 29, 2005.

As I have indicated in previous communications, with the Home Loan Bank’s registration under the Securities and Exchange Act of 1934, the SEC’s Regulation FD (full disclosure) will become applicable to our external communications; therefore, the form and content of these communications will be in conformity with Regulation FD and all other applicable SEC regulations.

Nominations Open for 2005 Election of Directors of the Home Loan Bank

On July 1, nomination certificates and related information relating to the 2005 Director election process will be mailed to all eligible stockholders in New Jersey and New York. One seat in New Jersey and two seats in New York are up for election this year. Each of the individuals elected will serve a three-year term starting on January 1, 2006. The deadline to return your nomination certificates to the FHLBNY is 5:00 p.m. on August 2, 2005.

Advances Averaged $64.3 Billion

In May, advances averaged $64.3 billion, up $1.7 billion from April. Month-end advances totaled $65 billion. Some of the growth in advance business experienced in the past few months has been caused by member lenders locking in low-cost wholesale funding in anticipation of the Federal Reserve continuing to raise interest rates. Members also took advantage of a special offering during the month: Convertible Advances at Repo Convertible Advance Rates. This was offered on the heels of a similar special in April, and we continued it in June. These specials have been well received by our members.

On June 1, 2005, the Bank introduced a new adjustable rate advance alternative for member lenders: Fed Funds Floating Rate Advance. This new credit product enhancement is designed to help fund a portion of members’ daily cash positions. The product’s rate is tied to the Fed Funds rate and resets daily. The product offers maturities of three months up to one year. This product is a result of our efforts to obtain suggestions and feedback from our members to discover opportunities for new or enhanced products.

Should you have any questions on how the Home Loan Bank can help you to meet your liquidity goals, please contact Jim Gilmore, Senior Vice President, Head of Marketing and Sales, at 212-441-6812 or Adam Goldstein, Vice President, Director of Sales and Marketing, at 212-441-6703.

Through our competitive pricing, innovative products, and exceptional service, we look forward to providing sustained performance and enhanced value for our members.

The Home Loan Bank team thanks you for your use of our products and services to expand the availability of mortgage credit, to compete effectively in your market, and to promote strong communities. And we hope each of you has an enjoyable weekend in Celebration of Our Nation’s Birthday.

Alfred A. DelliBovi
President & CEO

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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