| Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives and Hedging Activities Hedging Activities. As a financial intermediary, the Bank is exposed to interest rate risk. This risk arises from a variety of financial instruments that the Bank enters into on a regular basis in the normal course of its business. The Bank enters into interest rate swap, swaption and cap agreements (collectively, interest rate exchange agreements) to manage its exposure to changes in interest rates. The Bank may use these instruments to adjust the effective maturity, repricing frequency, or option characteristics of financial instruments to achieve risk management objectives. In addition, the Bank may use these instruments to hedge the variable cash flows associated with forecasted transactions. The Bank has not entered into any credit default swaps or foreign exchange-related derivatives. The Bank uses interest rate exchange agreements in three ways: (1) by designating the agreement as a fair value hedge of a specific financial instrument or firm commitment; (2) by designating the agreement as a cash flow hedge of a forecasted transaction; or (3) by designating the agreement as a hedge of some other defined risk (referred to as an “economic hedge”). For example, the Bank uses interest rate exchange agreements in its overall interest rate risk management activities to adjust the interest rate sensitivity of consolidated obligations to approximate more closely the interest rate sensitivity of its assets (both advances and investments), and/or to adjust the interest rate sensitivity of advances or investments to approximate more closely the interest rate sensitivity of its liabilities. In addition to using interest rate exchange agreements to manage mismatches between the coupon features of its assets and liabilities, the Bank also uses interest rate exchange agreements to, among other things, manage embedded options in assets and liabilities, to preserve the market value of existing assets and liabilities, to hedge the duration risk of prepayable instruments, to hedge the variable cash flows associated with forecasted transactions, to offset interest rate exchange agreements entered into with members (the Bank serves as an intermediary in these transactions), and to reduce funding costs. The Bank, consistent with Finance Agency regulations, enters into interest rate exchange agreements only to reduce potential market risk exposures inherent in otherwise unhedged assets and liabilities or anticipated transactions, or to act as an intermediary between its members and the Bank’s non-member derivative counterparties. The Bank is not a derivatives dealer and it does not trade derivatives for short-term profit. At inception, the Bank formally documents the relationships between derivatives designated as hedging instruments and their hedged items, its risk management objectives and strategies for undertaking the hedge transactions, and its method for assessing the effectiveness of the hedging relationships. For fair value hedges, this process includes linking the derivatives to: (1) specific assets and liabilities on the statements of condition or (2) firm commitments. For cash flow hedges, this process includes linking the derivatives to forecasted transactions. The Bank also formally assesses (both at the inception of the hedging relationship and on a monthly basis thereafter) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value of hedged items or the cash flows associated with forecasted transactions and whether those derivatives may be expected to remain highly effective in future periods. The Bank uses regression analyses to assess the effectiveness of its hedges. Investment Securities and Mortgage Loans Held for Portfolio — The Bank invests in agency MBS and residential mortgage loans. The interest rate and prepayment risk associated with these investments is managed through consolidated obligations and/or derivatives. The Bank may manage prepayment and duration risk presented by some of these investments with either callable and/or non-callable consolidated obligations and/or interest rate exchange agreements, including interest rate swaps, swaptions and caps. All of the Bank's available-for-sale securities are fixed-rate agency and U.S. government-guaranteed debentures and agency CMBS. To hedge the interest rate risk associated with these fixed-rate investment securities, the Bank has entered into fixed-for-floating interest rate exchange agreements, substantially all of which are designated as fair value hedges. For the fair value hedges that were entered into during 2022, 2023 and the nine months ended September 30, 2024, the Bank measures the change in the fair value of the available-for-sale securities on the basis of the benchmark rate component of the contractual coupon cash flows determined at hedge inception. The Bank's trading securities include fixed-rate and variable-rate U.S. Treasury Notes and fixed-rate U.S. Treasury Bills. To convert some of its fixed-rate U.S. Treasury securities to a short-term floating rate, the Bank enters into fixed-for-floating interest rate exchange agreements that are indexed to either the overnight index swap ("OIS") rate or the secured overnight financing rate ("SOFR"). These derivatives are treated as economic hedges. The interest rate swaps and swaptions that are used by the Bank to hedge the risks associated with its mortgage loan portfolio and the interest rate swaptions that are used by the Bank to hedge the risks associated with its available-for-sale agency CMBS portfolio are treated as economic hedges. Advances — The Bank issues both fixed-rate and variable-rate advances. When deemed appropriate, the Bank uses interest rate exchange agreements to adjust the interest rate sensitivity of its fixed-rate advances to approximate more closely the interest rate sensitivity of its liabilities. With issuances of putable advances, the Bank purchases from the member a put option that enables the Bank to terminate a fixed-rate advance on specified future dates. This embedded option is clearly and closely related to the host advance contract. The Bank typically hedges a putable advance by entering into a cancelable interest rate exchange agreement where the Bank pays a fixed-rate coupon and receives a variable-rate coupon, and sells an option to cancel the swap to the swap counterparty. This type of hedge is treated as a fair value hedge. The swap counterparty can cancel the interest rate exchange agreement on the call date and the Bank can cancel the putable advance and offer, subject to certain conditions, replacement funding at prevailing market rates. The Bank may hedge a firm commitment for a forward-starting advance through the use of an interest rate swap. In this case, the swap will function as the hedging instrument for both the firm commitment and the subsequent advance. The carrying value of the firm commitment will be included in the basis of the advance at the time the commitment is terminated and the advance is issued. The basis adjustment will then be amortized into interest income over the life of the advance. Consolidated Obligations — While consolidated obligations are the joint and several obligations of the FHLBanks, each FHLBank is the primary obligor for the consolidated obligations it has issued or assumed from another FHLBank. The Bank generally enters into derivative contracts to hedge the interest rate risk associated with its specific debt issuances. To manage the interest rate risk of certain of its consolidated obligations, the Bank will match the cash outflow on a consolidated obligation with the cash inflow of an interest rate exchange agreement. With issuances of fixed-rate consolidated obligation bonds, the Bank typically enters into a matching interest rate exchange agreement in which the counterparty pays fixed cash flows to the Bank that are designed to mirror in timing and amount the cash outflows the Bank pays on the consolidated obligation. In this transaction, the Bank pays a variable cash flow that closely matches the interest payments it receives on short-term or variable-rate assets. These transactions are treated as fair value hedges. On occasion, the Bank enters into fixed-for-floating interest rate exchange agreements to hedge the interest rate risk associated with certain of its consolidated obligation discount notes. The derivatives associated with the Bank’s fair value discount note hedging are indexed to the OIS rate or SOFR and are treated as economic hedges. The Bank has not issued consolidated obligations denominated in currencies other than U.S. dollars. Forecasted Issuances of Consolidated Obligations — The Bank uses derivatives to hedge the variability of cash flows over a specified period of time as a result of the forecasted issuances and maturities of short-term, fixed-rate instruments, such as three-month consolidated obligation discount notes. Although each short-term consolidated obligation discount note has a fixed rate of interest, a portfolio of rolling consolidated obligation discount notes effectively has a variable interest rate. The variable cash flows associated with these liabilities are converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps. The maturity dates of the cash flow streams are closely matched to the interest rate reset dates of the derivatives. These derivatives are treated as cash flow hedges. The Bank has not entered into any new interest rate swaps for this purpose since January 2020. Counterparty Exposures — When deemed appropriate, the Bank may enter into offsetting interest rate exchange agreements to simultaneously reduce its net credit exposure to bilateral and/or cleared derivative counterparties. These derivatives are treated as economic hedges. Intermediation — In the past, the Bank offered interest rate exchange agreements to its members to assist them in meeting their hedging needs. In these transactions, the Bank acts as an intermediary for its members by entering into an interest rate exchange agreement with a member and then entering into an offsetting interest rate exchange agreement with one of the Bank’s approved derivative counterparties. All interest rate exchange agreements related to the Bank’s intermediary activities with its members are accounted for as economic hedges. Other — From time to time, the Bank may enter into derivatives to hedge risks to its earnings that are not directly linked to specific assets, liabilities or forecasted transactions. These derivatives are treated as economic hedges. Accounting for Derivatives and Hedging Activities. All derivatives are recognized on the statements of condition at their fair values, including accrued interest receivable and payable. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. Changes in the fair value of a derivative that is effective as — and that is designated and qualifies as — a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect gains or losses on firm commitments), are recorded in current period earnings. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the fair value hedging relationships on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently. This is commonly known as the “long-haul” method of hedge accounting. Transactions that meet more stringent criteria qualify for the “shortcut” method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative. The Bank considers hedges of committed advances to be eligible for the shortcut method of accounting as long as the settlement of the committed advance occurs within the shortest period possible for that type of instrument based on market settlement conventions, the fair value of the swap is zero at the inception of the hedging relationship, and the transaction meets all of the other criteria for shortcut accounting specified in U.S. GAAP. The Bank has defined the market settlement convention to be five business days or less for advances. Fair value hedge ineffectiveness (which represents the amount by which the change in the fair value of the derivative differs from the change in the fair value of the hedged item attributable to the hedged risk) and the net interest income/expense associated with that derivative are recorded in the same line item as the earnings effect of the hedged item (that is, interest income on advances, interest income on available-for-sale securities or interest expense on consolidated obligation bonds, as appropriate). Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income ("AOCI") until earnings are affected by the variability of the cash flows of the hedged transaction, at which time these amounts are reclassified from AOCI to the income statement line where the earnings effect of the hedged item is reported (e.g., interest expense on consolidated obligation discount notes). An economic hedge is defined as a derivative hedging specific or non-specific assets or liabilities that does not qualify or was not designated for hedge accounting, but is an acceptable hedging strategy under the Bank’s Enterprise Market Risk Management Policy. These hedging strategies also comply with Finance Agency regulatory requirements prohibiting speculative derivative transactions. An economic hedge by definition introduces the potential for earnings variability as changes in the fair value of a derivative designated as an economic hedge are recorded in current period earnings with no offsetting fair value adjustment to an asset or liability. Both the net interest income/expense and the fair value changes associated with derivatives in economic hedging relationships are recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” The Bank records the changes in fair value of all derivatives (and, in the case of fair value hedges, the hedged items) beginning on the trade date. Cash flows associated with all derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities. The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. Upon execution of these transactions, the Bank assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as either (i) a hedging instrument in a fair value hedge or (ii) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) it is no longer probable that a forecasted transaction will occur within the originally specified time frame; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing any additional changes in the fair value of the derivative in current period earnings as a component of "net gains (losses) on derivatives and hedging activities." When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will cease to adjust the hedged asset or liability for changes in fair value and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. The amortization is recorded in the same line item as the earnings effect of the formerly hedged item. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. When cash flow hedge accounting for a specific derivative is discontinued due to the Bank's determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will reclassify the cumulative fair value gains or losses recorded in AOCI as of the discontinuance date from AOCI into earnings when earnings are affected by the original forecasted transaction. If the Bank expects at any time that continued reporting of a net loss in AOCI would lead to recognizing a net loss on the combination of the hedging instrument and hedged transaction in one or more future periods, the amount that is not expected to be recovered is immediately reclassified to earnings. These items are recorded in the same income statement line where the earnings effect of the hedged item is reported. In cases where the cash flow hedge is discontinued because the forecasted transaction is no longer probable (i.e., the forecasted transaction will not occur in the originally expected period or within an additional two-month period of time thereafter), any fair value gains or losses recorded in AOCI as of the determination date are immediately reclassified to earnings as a component of "net gains (losses) on derivatives and hedging activities." Impact of Derivatives and Hedging Activities. The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives (inclusive of variation margin on daily settled contracts) and the amounts offset against those values in the statement of condition at September 30, 2024 and December 31, 2023 (in thousands). September 30, 2024 December 31, 2023 Notional Amount of Estimated Fair Value Notional Amount of Estimated Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments Interest rate swaps Advances (1) $ 44,171,060 $ 85,280 $ 75,705 $ 52,539,282 $ 78,178 $ 70,360 Available-for-sale securities (1) 18,998,677 101,914 174,043 17,987,464 138,600 66,469 Consolidated obligation bonds (1) 47,434,805 137,221 1,022,870 70,233,175 258,148 1,654,346 Consolidated obligation discount notes (2) 1,066,000 2,477 — 1,066,000 49 116 Total derivatives designated as hedging instruments 111,670,542 326,892 1,272,618 141,825,921 474,975 1,791,291 Derivatives not designated as hedging instruments Interest rate swaps Advances 5,000,000 1,331 — 1,108,500 238 — Available-for-sale securities 7,656 5 6 2,049 — — Mortgage loans held for portfolio 850,600 2,937 629 812,975 3,690 2,028 Consolidated obligation bonds 136,445 133 282 1,021,445 8,401 474 Consolidated obligation discount notes 10,297,500 58 1,742 1,521,000 19 104 Trading securities 2,353,000 3,277 — 400,000 — 146 Counterparty exposure 15,300,000 130,727 14,451 15,300,000 275,027 — Intermediary transactions 18,558 101 89 18,558 123 108 Other 400,000 — 732 400,000 — 50 Interest rate swaptions Available-for-sale securities 1,150,000 1,883 — 1,150,000 3,058 — Mortgage loans held for portfolio 775,000 3,585 — 550,000 2,642 — Mortgage delivery commitments 21,947 17 — 14,410 67 — Total derivatives not designated as hedging instruments 36,310,706 144,054 17,931 22,298,937 293,265 2,910 Total derivatives before collateral and netting adjustments $ 147,981,248 470,946 1,290,549 $ 164,124,858 768,240 1,794,201 Cash collateral and related accrued interest (422) (898,589) (14,738) (1,038,247) Cash received or remitted in excess of variation margin requirements (41) — 120 1,639 Netting adjustments (380,597) (380,597) (736,018) (736,018) Total collateral and netting adjustments (3) (381,060) (1,279,186) (750,636) (1,772,626) Net derivative balances reported in statements of condition $ 89,886 $ 11,363 $ 17,604 $ 21,575 _____________________________ (1) Derivatives designated as fair value hedges. (2) Derivatives designated as cash flow hedges. (3) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. The following table presents the components of net gains (losses) on qualifying fair value and cash flow hedging relationships for the three and nine months ended September 30, 2024 and 2023 (in thousands). Gains and losses on derivatives in fair value hedging relationships include the change in fair value of the derivatives and the net interest income/expense associated with those derivatives. Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Other Comprehensive Income (Loss) Three Months Ended September 30, 2024 Total amount of the financial statement line item $ 1,090,134 $ 300,516 $ (1,257,504) $ (260,749) $ (85,121) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ (506,793) $ (505,288) $ 407,994 $ — $ — Hedged items 665,983 632,231 (658,723) — — Net gains (losses) on fair value hedging relationships $ 159,190 $ 126,943 $ (250,729) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 8,484 $ (8,484) Recognized in OCI — — — — (22,363) Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 8,484 $ (30,847) Three Months Ended September 30, 2023 Total amount of the financial statement line item $ 1,512,958 $ 268,331 $ (1,573,564) $ (354,608) $ (43,242) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 386,555 $ 440,637 $ (328,054) $ — $ — Hedged items (198,758) (320,222) 25,191 — — Net gains (losses) on fair value hedging relationships $ 187,797 $ 120,415 $ (302,863) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 7,844 $ (7,844) Recognized in OCI — — — — 19,957 Net gains on cash flow hedging relationships $ — $ — $ — $ 7,844 $ 12,113 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Other Comprehensive Income (Loss) Nine Months Ended September 30, 2024 Total amount of the financial statement line item $ 3,383,132 $ 871,631 $ (4,037,500) $ (564,539) $ 42,167 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 185,721 $ (7,852) $ (114,328) $ — $ — Hedged items 323,830 385,529 (709,340) — — Net gains (losses) on fair value hedging relationships $ 509,551 $ 377,677 $ (823,668) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 24,717 $ (24,717) Recognized in OCI — — — — 4,134 Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 24,717 $ (20,583) Nine Months Ended September 30, 2023 Total amount of the financial statement line item $ 4,384,490 $ 715,444 $ (3,891,610) $ (1,610,649) $ (6,549) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 1,008,556 $ 661,637 $ (707,975) $ — $ — Hedged items (581,069) (358,776) (111,794) — — Net gains (losses) on fair value hedging relationships $ 427,487 $ 302,861 $ (819,769) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 20,578 $ (20,578) Recognized in OCI — — — — 34,719 Net gains on cash flow hedging relationships $ — $ — $ — $ 20,578 $ 14,141 For the three and nine months ended September 30, 2024 and 2023, there were no amounts reclassified from AOCI into earnings as a result of the discontinuance of cash flow hedges because the original forecasted transactions occurred by the end of the originally specified time periods or within two-month periods thereafter. At September 30, 2024, $19,995,000 of deferred net gains on derivative instruments in AOCI are expected to be reclassified to earnings during the next 12 months. At that same date, the maximum length of time over which the Bank is hedging its exposure to the variability in future cash flows for forecasted transactions is 5.3 years. The following table presents the cumulative basis adjustments on hedged items either designated or previously designated as fair value hedges and the related amortized cost of those items as of September 30, 2024 and December 31, 2023 (in thousands). Line Item in Statement of Condition of Hedged Item Amortized Cost of Hedged Asset/(Liability) (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Total Fair Value Hedging Basis Adjustments (2) September 30, 2024 Advances $ 44,590,519 $ 25,826 $ (6,438) $ 19,388 Available-for-sale securities 18,840,160 (217,606) (8,634) (226,240) Consolidated obligation bonds (47,201,344) 874,780 1,194 875,974 December 31, 2023 Advances $ 53,387,467 $ (283,161) $ (22,480) $ (305,641) Available-for-sale securities 17,640,544 (604,482) (12,031) (616,513) Consolidated obligation bonds (69,859,709) 1,579,847 5,467 1,585,314 _____________________________ (1) Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. (2) Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. The following table presents the components of net gains (losses) on derivatives and hedging activities that are reported in other income (loss) for the three and nine months ended September 30, 2024 and 2023 (in thousands). Gain (Loss) Recognized in Gain (Loss) Recognized in Other Income (Loss) for the Other Income (Loss) for the Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Derivatives not designated as hedging instruments Interest rate swaps $ (11,141) $ 11,973 $ (9,378) $ 23,123 Net interest income (expense) on interest rate swaps 3,322 707 9,743 (1,829) Interest rate swaptions 83 (3,801) (3,797) (5,777) Mortgage delivery commitments 214 953 792 3,003 Total net gains (losses) related to derivatives not designated as hedging instruments (7,522) 9,832 (2,640) 18,520 Price alignment amount on variation margin for daily settled derivative contracts (1) 3,007 5,050 12,536 10,160 Net gains (losses) on derivatives and hedging activities reported in other income (loss) $ (4,515) $ 14,882 $ 9,896 $ 28,680 _____________________________ (1) Reflects the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item. Credit Risk Related to Derivatives. The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative agreements. The Bank manages derivative counterparty credit risk through the use of master netting agreements or other similar collateral exchange arrangements, credit analysis, and adherence to the requirements set forth in the Bank’s Enterprise Market Risk Management Policy, Enterprise Credit Risk Management Policy, and Finance Agency regulations. Approximately 55 percent of the Bank's derivative contracts (based on notional value) have been cleared through third-party central clearinghouses (as of September 30, 2024, the notional balance of cleared transactions outstanding totaled $80.67 billion). With cleared transactions, the Bank is exposed to credit risk in the event that the clearinghouse or the clearing member fails to meet its obligations to the Bank. The remainder of the Bank's derivative contracts have been transacted bilaterally with large financial institutions under master netting agreements or, to a much lesser extent, with member institutions. As of September 30, 2024, the notional balance of outstanding transactions (including mortgage delivery commitments) with non-member bilateral counterparties and member counterparties totaled $67.28 billion and $0.03 billion, respectively. Some of these institutions (or their affiliates) buy, sell, and distribute consolidated obligations. The notional amount of the Bank's interest rate exchange agreements does not reflect its credit risk exposure, which is much less than the notional amount. The Bank's net credit risk exposure is based on the current estimated cost, on a present value basis, of replacing at current market rates all interest rate exchange agreements with individual counterparties, if those counterparties were to default, after taking into account the value of any cash and/or securities collateral held or remitted by the Bank. For counterparties with which the Bank is in a net gain position, the Bank has credit exposure when the collateral it is holding (if any) has a value less than the amount of the gain. For counterparties with which the Bank is in a net loss position, the Bank has credit exposure when it has delivered collateral with a value greater than the amount of the loss position. The net exposure on derivative agreements is presented in Note 12. Based on the netting provisions and collateral requirements associated with its derivative agreements and the creditworthiness of its derivative counterparties, Bank management does not currently anticipate any credit losses on its derivative agreements. |
