President's Report

February 27, 2007

At the Bank

Advances at $58.7 Billion

During January, advances averaged $58.4 billion. We ended the month at $58.7 billion compared to $59 billion at the end of December 2006. Month-over-month, short-term fixed-rate advances dropped by $800 million while convertible advances increased by $700 million. Through our competitive pricing, innovative products, and quality service, we look forward to providing sustained performance and greater value to our members.

Please remember that, as you continue with your growth strategies, having a solid liquidity plan can be a key element to success. In this regard, the Home Loan Bank can help increase liquidity capabilities by serving as a bridge to the capital markets and making funds available at maturities and terms that might otherwise be unavailable. The Home Loan Bank also enables our members to pledge certain otherwise less liquid or illiquid assets as collateral.

Home Loan Bank advances can now be even more advantageous for members, as we have lowered the rates and expanded the lending parameters for our Community Lending Program advances. Members can now borrow at our actual cost of funds, which is 8 basis points lower than previously. In addition, the 2007 commitment limits on CIP, RDA, and UDA advances have been set as the greater of 5% of outstanding advances as of December 31, 2006, or $100 million per member, whichever is greater. This is a combined limit for both program- and project-specific commitment requests. These program enhancements are designed to help our members meet their community reinvestment needs.

Should you have any questions on how the Home Loan Bank can help with liquidity or strategic growth, please contact Jim Gilmore, Senior Vice President, Head of Marketing and Sales, at (212) 441 6812 or Joseph Gallo, Vice President, Community Investment, at (212) 441-6851.

Three Community Lenders Join the Federal Home Loan Bank

Three community member lenders recently joined the Home Loan Bank. I am pleased to welcome to the Home Loan Bank of New York one member headquartered in New Jersey, 1st Colonial National Bank, Collingswood, New Jersey, and two members headquartered in New York, Metropolitan Life Insurance Company, New York, New York, and United International Bank, Flushing, New York.

The Home Loan Bank plays an integral role in helping our member lenders serve the financing needs of the residents and businesses in our District. Access to the FHLBNY’s advances products can help you, our members, serve a wide range of borrowers and offer a variety of attractive loan products. We are grateful for the opportunity to serve you.

Thank you.


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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