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FEDERAL HOME LOAN BANK OF NEW YORK - 10-Q - Management's Discussion and Analysis of Financial Condition and Results of Operations

August 8, 2014



Forward-Looking Statements

Statements contained in this report, including statements describing the objectives, projections, estimates, or predictions of the Federal Home Loan Bank of New York ("we," "us," "our,""the Bank" or the "FHLBNY"), may be "forward-looking statements." All statements other than statements of historical fact are statements that could potentially be forward-looking statements. These statements may use forward-looking terminology, such as "anticipates," "believes," "could," "estimates," "may," "should," "will," or other variations on these terms or their negatives, and include statements related to, among others, gains and losses on derivatives, plans to pay dividends and repurchase excess capital stock, future other-than-temporary impairment charges, future classification of securities, and housing reform legislation. These statements may involve matters pertaining to, but not limited to: projections regarding revenue, income, earnings, capital expenditures, dividends, the capital structure and other financial items; statements of plans or objectives for future operations; expectations of future economic performance; and statements of assumptions underlying certain of the foregoing types of statements.

The Bank cautions that, by their nature, forward-looking statements involve risks or uncertainties, and 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. As a result, readers are cautioned not to place undue reliance on such statements, which are current only as of the date thereof. The Bank will not undertake to update any forward-looking statement herein or that may be made from time to time on behalf of the Bank.

These forward-looking statements may not be realized due to a variety of risks and uncertainties including, but not limited to risks and uncertainties relating to economic, competitive, governmental, technological and marketing factors, as well as other factors identified in the Bank's filings with the Securities and Exchange Commission. For more information about the forward-looking statements, see the Bank's most recent Form 10-K filed on March 24, 2014.

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Table of Contents

Organization of Management's Discussion and Analysis ("MD&A").

This MD&A is designed to provide information that will assist the readers in better understanding the FHLBNY's financial statements, the changes in key items in the Bank's financial statements from period to period and the primary factors driving those changes as well as how accounting principles affect the FHLBNY's financial statements. The MD&A is organized as follows:

Page Executive Overview 52 Financial performance of the Federal Home Loan Bank of New York 52 Business Outlook 54 Results of Operations 56 Net Income 56 Interest Income 59 Interest Expense 60 Net Interest Income 62 Earnings Impact of Derivatives and Hedging Activities 67 Operating Expense, Compensation and Benefits, and Other Expenses 71 Financial Condition 72 Advances 74 Investments 78 Mortgage Loans Held-for-Portfolio 86 Debt Financing Activity and Consolidated Obligations 88 Stockholders' Capital 93 Derivative Instruments and Hedging Activities 94 Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt 98 Legislative and Regulatory Developments 101


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