President's Report

September 21, 2006

At the Bank

Dear Stockholder:

I am pleased to report that on September 21, 2006, Standard & Poor's (S&P) has upgraded the credit rating of the Federal Home Loan Bank of New York. S&P's rating service increased its long-term counter party credit rating on the Bank from "AA+" to "AAA."

S&P had lowered its long-term counter party credit rating on the FHLBNY on September 26, 2003, because of the sale of approximately $1 billion of securities that were collateralized by manufactured housing receivables and the loss taken by the FHLBNY for the sale of the securities.

The credit action taken by S&P reflects the success of the FHLBNY's strategy to rebuild retained earnings and the continuation of a low-risk profile.

We are appreciative of S&P for recognizing the FHLBNY's efforts to regain an AAA long-term credit rating.

I would also like to express my heartfelt appreciation to the Board, senior management, and each employee at the FHLBNY whose combined efforts have resulted in today's announced upgrade.


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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