President's Report

September 2, 2005

At the Bank

FHLBNY Registers with the SEC Under ’34 SEC Act

On August 29, 2005, the registration of the stock of the Federal Home Loan Bank of New York became effective with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934. With this action, we met the requirements of the Federal Housing Finance Board (FHFB) for SEC registration -- a deadline we were committed to meet. With the Bank going “effective,” this report and all future communications from the Bank must conform to Regulation FD (Fair Disclosure) and all other applicable SEC regulations. We would like to thank the FHFB and the SEC for their professional assistance with the registration process.

Earlier this month, the Federal Housing Finance Board’s Office of Supervision issued an advisory to the 12 Federal Home Loan Banks that, if the August 29 date for registration with the SEC was not met by an FHLBank, no dividends could be disbursed by the FHLBank until the completion of the SEC registration process without prior FHFB approval. However, because the Home Loan Bank of New York, like the San Francisco Home Loan Bank, completed the SEC registration process and met the requirements of the FHFB’s registration regulation, this particular advisory does not apply to us.

The Home Loan Bank’s Form 10 filed with the SEC is available at the “EDGAR” portion of the SEC’s website at The Form 10 contains detailed financial results for the Bank for the first half of 2005.

With completion of the SEC registration process, the Home Loan Bank is able now to turn to the exchange of capital stock as required by the Gramm-Leach-Bliley Act. Through the exchange, the Bank will move more to a risk-based capital structure. Management will be making timeline implementation recommendations to the Board of Directors in September. We anticipate the capital exchange will take place later this year. Once the Board has approved a schedule for the exchange, we will be mailing to each member an information package on the pending exchange. Should you have any questions, please contact Jim Gilmore, Senior Vice President and Head of Marketing and Sales, at (212) 441 6812.

The Second Round 2005 AHP Application Window is Open

The Home Loan Bank’s second Affordable Housing Program (AHP) offering for 2005 is open. AHP provides grants to assist financial institutions in supporting the creation and preservation of housing for lower-income families and individuals. AHP can also assist members with meeting their CRA goals. The Home Loan Bank of New York funds its AHP with ten percent of its annual profits and manages the program within regulatory requirements established by the Federal Housing Finance Board. Approximately $8.5 million in competitive AHP funds will be available during this round. (The maximum amount of AHP subsidy that can be requested is limited to ten percent of the total offering.) All applications must be received at our office no later than 5:00 p.m. on Monday, October 3, 2005.

Only stockholder institutions of the Home Loan Bank, our members, are allowed to submit applications, and only applications marked “Second Round 2005” will be considered. For more information, please call Joseph Gallo, Vice President for Community Investment, at (212) 441 6851.

Through our competitive pricing, innovative products, exceptional service, and a reasonable dividend, we look forward to providing sustained, strong performance and greater value for your investment in the Home Loan Bank.

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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