8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) December 22, 2008

FEDERAL HOME LOAN BANK OF SAN FRANCISCO
(Exact name of registrant as specified in its charter)

Federally chartered corporation	000-51398	94-6000630
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS EmployerIdentification No.)

600 California Street
San Francisco, CA 94108
(Address of principal executive offices, including zip code)

(415) 616-1000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On December 22, 2008, the Federal Home Loan Bank of San Francisco ("Bank") published a communication to members announcing that the Bank's practice of declaring a dividend for each quarter prior to the end of the quarter and publishing a projected dividend rate prior to the end of the quarter will not be followed for the fourth quarter of 2008 as further discussed in the member communication, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
	99.1	Special Attention Bulletin No. 1312 (Bank Will Not Publish Projected Dividend Rate for Fourth Quarter 2008) dated December 22, 2008, issued by the Federal Home Loan Bank of San Francisco

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of San Francisco
Date:  December 22, 2008	By:               /s/ Lisa B. MacMillen
	Lisa B. MacMillen        Executive Vice President and Chief Operating Officer

Exhibit Index
 

Exhibit No.	Description
99.1	Special Attention Bulletin No. 1312 (Bank Will Not Publish Projected Dividend Rate for Fourth Quarter 2008) dated December 22, 2008, issued by the Federal Home Loan Bank of San Francisco

EX-99.1

Exhibit 99.1

December 22, 2008
Bulletin No. 1312

Bank Will Not Publish Projected Dividend Rate for Fourth Quarter 2008

Dear Chief Executive Officer:

For the past few years, it has been the practice of the Bank's Board of Directors to declare the dividend for each quarter prior to the end of that quarter. The Bank has typically announced a projected dividend rate prior to the end of the quarter, as well. Given the ongoing uncertainty in the credit and housing markets, the Bank will not follow these practices for the fourth quarter of 2008.

Persistent stresses in the credit markets, substantial declines in real estate values, and increasing weakness in the U.S. economy are continuing to affect the loan collateral underlying the Bank's non-agency mortgage-backed securities, increasing the risk that some of these securities will require an impairment charge. Given this uncertainty and other current market conditions, the Bank's Board of Directors has not taken any action with respect to the fourth quarter dividend, and the Bank does not plan to publish a projected fourth quarter dividend rate.

Please note that payment of a dividend remains within the discretion of the Bank's Board of Directors and subject to certain regulatory requirements. 

If you have any questions about this announcement, please contact your Relationship Manager.

Sincerely,

/s/ Dean Schultz

Dean Schultz
President and Chief Executive Officer

cc: Chief Financial Officer

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This bulletin contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "will," "plan," or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the changes in federal laws and regulations. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.