Federal Home Loan Bank of Seattle 10-K 2006 FY Annual report

Exhibit 12.1

	For Years Ended December 31,
Computation of Earnings to Fixed Charges	2006		2005
	(dollars in thousands)
Earnings
Income before assessments and cumulative effect of change in accounting principle	$	35,087	$	2,512
Fixed charges		2,456,559		1,865,428
Earnings available for fixed charges	$	2,491,646	$	1,867,940
Fixed Charges
Interest expense on consolidated obligations	$	2,413,097	$	1,822,266
Interest expense on deposits and borrowings		42,876		41,863
Interest portion of rental expense		586		1,299
Fixed charges	$	2,456,559	$	1,865,428
Ratio of earnings to fixed charges		1.01		1.00