Federal Home Loan Bank Of San Francisco 10-12G Registration of securities

EXHIBIT 12.1

Federal Home Loan Bank of San Francisco

Computation of Ratio of Earnings to Fixed Charges

	Three months ended March 31, 2005	Years ended December 31,
		2004		2003		2002		2001		2000
Earnings:
Income before assessments	$     85	$	398	$	440	$	398	$	580	$	513
Fixed charges	1,173		2,548		1,602		2,404		5,597		7,551
Total earnings	$1,258	$	2,946	$	2,042	$	2,802	$	6,177	$	8,064
Fixed charges:
Interest expense	$1,173	$	2,547	$	1,601	$	2,403	$	5,596	$	7,550
Estimated interest component of net rental expense*	—		1		1		1		1		1
Total fixed charges	$1,173	$	2,548	$	1,602	$	2,404	$	5,597	$	7,551
Ratio of Earnings to Fixed Charges	1.07		1.16		1.27		1.17		1.10		1.07

* Represents an estimated interest factor

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