President’s Report

January 6, 2020

Report from the President

A Reliable Partner for a New Decade

The Federal Home Loan Bank of New York enters 2020 and the start of a new decade with a strong membership, a talented and committed team and an unwavering focus on our mission. It is that mission – to advance housing opportunity and local community development by supporting members in serving their markets – that has driven us over the past decade and throughout our 87-year history, and this focus will carry us into the future.

Our reliability is key to our value proposition to members. This reliability was on display last year when we continued to provide uninterrupted access to funding through the momentary fed funds market disruption of September 2019, and it has been on display throughout the past decade as our economy has moved away from the financial crisis. The coming year and decade will provide its share of challenges and opportunities, and we are well-positioned to continue to serve as both an unwavering supporter of our local communities and a reliable partner for our members through whatever the future may bring.

A New Chief Information Officer at the FHLBNY

Whatever the future may bring, it is certain that technology will support our ability to succeed. At the FHLBNY, we are invested in driving the technology advancements that position us for future success and enhance the services we provide to our members.

On January 1, Michael Radziemski was named our Chief Information Officer, leading our Technology Group. Michael joined the FHLBNY in July 2019 as our Deputy CIO. Our previous CIO, Bob Fusco, who had served in this capacity for 11 years and whose career at the FHLBNY spans 32 years, will retire at the end of the first quarter, serving as a Special Advisor to the CEO through to his retirement. Bob has led our technology efforts as we have grown and strengthened the foundation on which our technology strategy is built, and has made a tremendous impact on our cooperative. Michael, in his new role, will lead our efforts to enable business success through improving and modernizing our technology capabilities, better positioning the FHLBNY to meet the current and future needs of our members. We all look forward to the value that Michael and the Technology Group will bring to our franchise, enhancing our ability to serve as a stable, reliable and responsive partner for our members.

Dependable Access to Liquidity

Historically, we have experienced an increase in advance demand as year-end liquidity tightens elsewhere, and members rely on their access to FHLBNY funding. And, true to form, we saw strong borrowing activity in the weeks leading up to the end of 2019. We were well-prepared to meet these needs, not only because of our strong balance sheet – which positions us to be a reliable provider of liquidity in all operating environments – but because of the results of our year-end Member Liquidity Survey. This survey – a proactive outreach effort to gauge members’ need for year-end liquidity – showed that the majority of respondents were not overly concerned about this need, yet provided us with an indication of their potential needs, reflecting both the strength of our membership and the dependability of our franchise.

I thank our members for your business in 2019 and over the past decade, and look forward to working with you in 2020 to the benefit of our cooperative, our members and the communities we serve.

Sincerely,

José R. González
President and Chief Executive Officer

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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.

Prior releases can be found on the SEC’s EDGAR System.

    01/06/2020

    Report from the President: A Reliable Partner for a New Decade

    12/03/2019

    Report from the President: Positioned to Meet Your Liquidity Needs; FHLBNY Board Update; Making an Impact

    11/21/2019

    Report from the President: The FHLBNY Declares a 6.35% Dividend for the Third Quarter of 2019

    10/15/2019

    Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants; A Better FHLBNY.com; FHFA Provides LIBOR Transition Guidance; FHLBNY Board Elections Underway

    09/05/2019

    Report from the President: A Market Milestone; A Stable Outlook; Funding Dreams; Promoting Partnerships; Building Relationships; Paul Héroux, FHLBNY Chief Bank Operations Officer, to Retire; 2019 FHLBNY Director Election Update; Looking Ahead

    08/15/2019

    Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

    07/02/2019

    Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

    06/03/2019

    Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

    05/16/2019

    Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

    04/02/2019

    Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

    03/04/2019

    Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

    02/13/2019

    Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

    02/04/2019

    Report from the President: Engaging Members, Enhancing Value

    01/03/2019

    Report from the President: A Strong Year, A Strategy for Success

    12/03/2018

    Report from the President: Developing a Market for Our Members; A Record Round; FHLBNY Board Update

    11/15/2018

    Dividend Announcement 3Q18: The FHLBNY Declares a 6.90% Dividend for the Third Quarter of 2018

    10/09/2018

    Report from the President: A Proven Partner; Balance Sheet Support; Board Election Update

    09/05/2018

    Report from the President: A Critical Role; Strong Performance, Positioned to Help

    08/16/2018

    Dividend Announcement 2Q18: The FHLBNY Declares a 6.75% Dividend for the Second Quarter of 2018

    07/30/2018

    Member Advantage: Looking Back While Looking Forward

    05/24/2018

    Dividend Announcement 1Q18: The FHLBNY Declares a 6.50% Dividend for the First Quarter of 2018

    04/24/2018

    Member Advantage: Disaster Relief Program Grants Introduced

    03/02/2018

    Report from the President: Closing the Chapter on a Record 2017; FHLBNY Announces Fourth Quarter 2017 Dividend; FHLBNY Increases 2017 AHP Round Awards

    02/15/2018

    Dividend Announcement 4Q17: The FHLBNY Declares a 6.50% Dividend for the Fourth Quarter of 2017;

    02/01/2018

    Report from the President: Leading Our Franchise Forward; A Record 2017; NJBankers Economic Leadership Forum

    01/16/2018

    Member Advantage: A Strong Partner in the New Year

    11/16/2017

    Dividend Announcement 3Q17: The FHLBNY Declares a 6.00% Dividend for the Third Quarter of 2017;

    09/05/2017

    Report from the President: The Importance of Dependability; Engaging Our Membership;

    08/17/2017

    Dividend Announcement 2Q17: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2017;

    08/01/2017

    At the Bank: FHLBNY Announces Second Quarter Operating Highlights; Continued Focus on Increasing the Value of Membership

    07/18/2017

    Member Advantage: Our Board serves a key function not only for our franchise, but also for our members: they are your representatives in our cooperative

    06/01/2017

    At the Bank: Confirming Our Strength; FHLBNY Declares First Quarter 2017 Dividend; FHLBNY Opens New Headquarters; AHP Applications Due June 9th

    05/17/2017

    Dividend Announcement 1Q17: The FHLBNY Declares a 5.00% Dividend for the First Quarter of 2017;

    05/05/2017

    At the Bank: Nationwide Dependability; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window Now Open

    04/13/2017

    The Reach of Our Housing Mission: A Reliable Partner for the Communities We All Serve; FDIC Publishes Federal Home Loan Bank Product Guide

    03/01/2017

    At the Bank: A Strong Year for Our Cooperative and Our System; FHLBNY Announces Fourth Quarter 2016 Dividend; FHLBNY Names Chief Risk Officer

    02/16/2017

    Dividend Announcement: FHLBNY Declares a 5.65% Dividend for the Fourth Quarter of 2016

    02/01/2017

    At the Bank: Positioned to Thrive in 2017; Mourning FHLBNY Director Caren Franzini

    01/04/2017

    Member Advantage: To say that 2016 was an “interesting” year would be an understatement

    12/01/2016

    At the Bank: FHLBNY Awards 2016 AHP Grants; FHLBNY Announces Third Quarter Dividend

    11/17/2016

    Dividend Announcement: FHLBNY Declares a 5.00% Dividend for the Third Quarter of 2016

    11/01/2016

    At the Bank: A Sturdy Strategic Partner

    10/11/2016

    Member Advantage: Last month, S&P Global Ratings issued a report on the Federal Home Loan Bank System

    09/06/2016

    At the Bank: A Wide Range of Products for Our Members

    08/18/2016

    Dividend Announcement: FHLBNY Declares a 4.75% Dividend for the Second Quarter of 2016

    08/03/2016

    Member Advantage: On May 6, Moody’s Investors Service issued credit opinions on both the FHLBNY and the Federal Home Loan Bank System.

    05/19/2016

    Dividend Announcement: FHLBNY Declares a 4.50% Dividend for the First Quarter of 2016

    05/03/2016

    At the Bank: A Stable Support System; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window to Open in Late May

    03/28/2016

    Member Advantage: Our mission is to advance housing opportunity and local community development by supporting members in serving their markets

    02/18/2016

    Dividend Announcement: FHLBNY Declares a 4.65% Dividend for the Fourth Quarter of 2015

    02/04/2016

    At the Bank: FHFA Membership Rule Strengthens System

    01/12/2016

    At the Bank: Focused On Enhancing Member Value; Michael M. Horn Reelected Board Chair

    12/03/2015

    Member Advantage: Consider the many ways in which you can leverage your relationship with the FHLBNY

    11/19/2015

    Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Third Quarter of 2015

    11/02/2015

    At the Bank: The Cornerstones of Our Franchise; FHLBNY Announces Third Quarter Results; Board of Director Elections Underway

    10/01/2015

    At the Bank: A Cooperative Partner for the Region; Board of Director Elections Underway

    09/03/2015

    At the Bank: A Stable Partner

    08/20/2015

    Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Second Quarter of 2015

    08/03/2015

    At the Bank: A Solid Foundation, and Well-Positioned for the Future

    06/01/2015

    At the Bank: Consistency and Reliability; On-Balance Sheet Support; Off-Balance Sheet Support; Community Support; Lehman Brothers Files Suit; An 11-Member System

    05/21/2015

    Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the First Quarter of 2015

    05/04/2015

    At the Bank: A Solid Start for the FHLBNY; A Solid Start for the System; Consistent Performance, Stable Partnership

    04/01/2015

    At the Bank: A Reliable System That Works; A New Look, the Same Purpose

    03/03/2015

    At the Bank: A Strong 2014 and a Trusted Partner; Des Moines and Seattle Members Approve Merger; In Washington

    02/19/2015

    Dividend Announcement: FHLBNY Declares a 4.60% Dividend for the Fourth Quarter of 2014

    02/04/2015

    At the Bank: Challenges and Opportunities; FHLBNY Announces AHP Awards; In Washington

    01/06/2015

    At the Bank: Stability Amid Change; In Washington; FHFA Approves Federal Home Loan Bank Merger Application

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