Federal Home Loan Bank Of New York 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

FEDERAL HOME LOAN BANK OF NEW YORK
Statements of Condition (Unaudited)($ in thousands)
ASSETS	December 31, 2005			December 31, 2004
Cash and due from banks	$	22,113		$	22,376
Interest-bearing deposits		8,699,107			2,806,870
Federal funds sold		2,925,000			2,972,000
Available-for-sale securities		—			713,363
Held-to-maturity securities		9,566,441			11,870,674
Advances (includes FAS133 valuation adjustment)		61,901,534			68,507,487
Mortgage loans net of allowance for credit losses		1,466,943			1,178,083
Loans to other FHLBanks		—			—
Accrued interest receivable		377,253			315,768
Premises and equipment, net		11,257			13,030
Derivative assets		19,197			11,048
Other assets		24,673			28,261
TOTAL ASSETS	$	85,013,518		$	88,438,960
LIABILITIES AND CAPITAL
Liabilities
Deposits and borrowings:
Demand deposits	$	2,630,868		$	2,196,019
Term		19,525			101,000
Total deposits and borrowings		2,650,393			2,297,019
Consolidated obligations, net:
Bonds		56,768,622			60,515,356
Discount notes		20,510,525			19,641,626
Total consolidated obligations		77,279,147			80,156,982
Mandatorily redeemable capital stock		18,087			126,581
Accrued interest payable		498,317			437,743
Affordable Housing Program		91,004			81,580
Payable to REFCORP		14,062			9,967
Derivative liabilities		491,866			1,372,195
Other liabilities		85,262			77,764
Total liabilities		81,128,138			84,559,830
Capital
Capital Stock		3,590,454			3,655,047
Unrestricted retained earnings		291,413			223,434
Accumulated other comprehensive income/(loss):
Net unrealized gains (losses) on AFS Securities		—			2,240
Net unrealized gains (losses) on hedging activities		5,351			898
Net unrealized (loss) on benefit equalization plan		(1,838	)		(2,489	)
Total capital		3,885,380			3,879,130
TOTAL LIABILITIES AND CAPITAL	$	85,013,518		$	88,438,960
Certain amounts in 2004 have been reclassified to conform to the 2005 presentation.