President's Report

June 29, 2006

At the Bank

Advances Averaged $65.2 Billion

In May, advances averaged $65.2 billion, up $2.2 billion from April. Month-end advances totaled $64.8 billion. Significant growth occurred in shorter-term fixed rate advances, which were up $1.3 billion at month-end. Additionally, the Fed Funds Floating Rate Advance increased slightly as members took advantage of the expanded maturity parameters from three months through one year to one month through one year.

To give you more ways to use 1Linksm, the Home Loan Bank’s secure internet banking system now features Repo Advances. As of June 20, 2006, Repos from 1 week to 11 months can be processed via 1Link. In addition, several enhancements were made to the Repo product, making it a more efficient advance for our member lenders. So, as we pitched in our promotional material, we hope that our members rev up their engines and get ready to speed away with Repos on 1Link.

Should you have any questions on how the Home Loan Bank can help meet your liquidity needs, 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.

FHLBoard Elects Two Directors to Fill One Current and One Pending Vacancy

I am delighted to announce that, at the June Board meeting, the Board elected George Strayton, President and Chief Executive Officer, Provident Bank, Montebello, N.Y., as a Director of the Board. Mr. Strayton, who was sworn in on June 15, 2006, is filling the unexpired term of Harry Doherty, who resigned from the Board on May 31, 2006. This term expires on December 31, 2008. Mr. Strayton is a veteran FHLBNY Board member, having previously served from 1994 to 1999.

The Board also elected John M. Scarchilli, President and Chief Executive Officer of FHLBNY member Pioneer Savings Bank, Troy, N.Y., to fill the directorship held by FHLBNY Director Sanford Belden when Mr. Belden’s resignation becomes effective. (Mr. Belden has indicated that he will be retiring from Community Bank, N.A., and our Board effective August 1, 2006.) This term expires on December 31, 2006.

I would like to thank outgoing directors Sandy Belden and Harry Doherty for their hard work and numerous contributions to the Board.

Nominations Period Opening for 2006 Election of Directors of the Home Loan Bank

On July 3, nomination certificates and related information relating to the 2006 Director election process will be mailed to all eligible stockholders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. One seat from New Jersey, two seats from New York, and one seat from Puerto Rico and the U.S. Virgin Islands are up for election this year. Each of the individuals elected will serve a three-year term starting on January 1, 2007. The deadline to return your nomination certificates to the FHLBNY is 5:00 p.m. on August 3, 2006.

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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