Federal Home Loan Bank of Indianapolis 10-12G Registration of securities

EXHIBIT 12

Our earnings have always been sufficient to cover our fixed charges, which consist primarily of the interest we pay on the COs for which we are the primary obligor. The following table presents the ratio of our earnings to our fixed charges for the quarter ended March 31, 2005, and the five years ended December 31, 2004.

Computation of Earnings to Fixed Charges

($ amounts in thousands)

	For the Quarter Ended Mar 31, 2005		For the Year Ended December 31,
			2004		2003		2002		2001		2000
Income before assessments and cumulative effect of change in accounting principle (1)	$	41,589	$	152,695	$	156,650	$	175,542	$	174,676	$	172,545
Fixed charges (2)
Interest expense on COs	$	322,795	$	1,010,254	$	905,648	$	1,006,092	$	1,410,016	$	1,727,158
Interest expense on deposits and other		5,903		15,197		21,720		25,811		56,417		42,358
Fixed charges		328,698		1,025,451		927,368		1,031,903		1,466,433		1,769,516
Earnings, including fixed charges	$	370,287	$	1,178,146	$	1,084,018	$	1,207,445	$	1,641,109	$	1,942,061
Ratio of earnings to fixed charges		1.13		1.15		1.17		1.17		1.12		1.10

(1) Income before assessments is our equivalent of pre-tax income.

(2) Our fixed charges include interest expense and premiums and discount amortization on CO Bonds, including net settlements on derivatives that hedge CO Bonds, and Discount Notes and interest expense on other liabilities including deposits, borrowings from other Federal Home Loan Banks, mandatorily redeemable capital stock, and other borrowings. We do not capitalize interest, and the impact of interest expense within our net rental costs is not significant.