Memorandum: Revised Capital Plan Information (Letter Sent Out to Members)
December 20, 2007
Dear Member,
The Federal Home Loan Bank of New York (“FHLBNY”) has amended its Capital Plan (“Plan”). The effective date of the amendments will be January 22, 2008.
In brief, the main effect of the amendments is that the amended Plan will permit, but not require, the FHLBNY to redeem Membership Stock held by a member that is acquired by a non-member or a member of another Federal Home Loan Bank at any time after thirty days following the effective date of the acquisition. Under the current terms of the Plan, this stock would not be redeemed by the FHLBNY until the next regular recalculation of the Membership Stock Purchase Requirement for all members. The amended Plan will help the FHLBNY manage capital more efficiently for the benefit of its members.
If you have any questions, please contact your Calling Officer at (212) 441-6700.
Sincerely,
James Gilmore