President's Report

April 20, 2006

At the Bank

FHLB-NY Declares a 5.25% Dividend for the First Quarter of 2006

I am pleased to report that our Board of Directors has approved the dividend rate for the first quarter of 2006 of 5.25% (annualized). The New York Home Loan Bank's dividend rate for the fourth quarter of 2005 was 5.11%. The dollar amount of the first quarter dividend will be approximately $47 million. The cash dividend will be distributed to member financial institutions on April 28, 2006.

The dividend reflects the New York Home Loan Bank’s low-risk profile and conservative investment strategy. It represents a payout of approximately 75% of net income for the quarter. Retained earnings as of March 31, 2006, after the dividend payment, will be approximately
$256 million. The Bank plans to continue to build retained earnings at a measured pace to ensure future regulatory compliance and to provide additional protection for the capital of our stockholders.

As an SEC registrant, additional financial and other disclosures may be found on the SEC website at The Federal Home Loan Bank of New York is a Congressionally chartered wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves over 300 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Bank of New York is to support the efforts of local members to make home mortgages to families of all income levels and provide credit to spur community growth.


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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