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

Exhibit 12.1

COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

	Three Months Ended March 31,				Year Ended December 31,
	2005		2004		2004		2003		2002		2001		2000
Fixed charges — interest expensed	$	414,180	$	219,283	$	1,065,136	$	914,248	$	1,080,149	$	1,802,210	$	2,358,998
Earnings
Income before assessments	$	27,233	$	28,753	$	108,601	$	122,217	$	102,664	$	157,305	$	175,149
Fixed charges		414,180		219,283		1,065,136		914,248		1,080,149		1,802,210		2,358,998
Total earnings	$	441,413	$	248,036	$	1,173,737	$	1,036,465	$	1,182,813	$	1,959,515	$	2,534,147
Ratio of earnings to fixed charges		1.07		1.13		1.10		1.13		1.10		1.09		1.07