Federal Home Loan Bank of Boston 10-12G/A Registration of securities (amended)

EXHIBIT 12

Federal Home Loan Bank of Boston

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	For the Nine Months Ended September 30,				For the Year Ended December 31,
	2005		2004		2004		2003		2002		2001		2000
Earnings
Income before assessments	$	110,580	$	95,573	$	121,994	$	124,628	$	103,173	$	156,236	$	199,235
Fixed charges	1,097,628		690,997		964,484		1,020,447		1,212,801		1,734,195		2,084,660
Income before assessments and fixed charges	1,208,208		786,570		1,086,478		1,145,075		1,315,974		1,890,431		2,283,895
Fixed Charges
Interest expense	1,096,720		690,115		963,299		1,019,216		1,211,715		1,733,509		2,083,994
1/3 of net rent expense (1)	908		882		1,185		1,231		1,086		686		666
Total fixed charges	$	1,097,628	$	690,997	$	964,484	$	1,020,447	$	1,212,801	$	1,734,195	$	2,084,660
Ratio of earnings to fixed charges	1.10		1.14		1.13		1.12		1.09		1.09		1.10

(1) Represents an estimated interest factor.