EX-12 5 l24127aexv12.htm EX-12 EX-12
 

Exhibit 12
FEDERAL HOME LOAN BANK OF CINCINNATI
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
                                         
    Year Ended December 31,
    2006   2005   2004   2003   2002
     
 
                                        
Income before assessments
   $ 345,954     $ 300,481     $ 309,186     $ 232,407     $ 242,930  
Add: fixed charges (see below)
     3,547,268       2,597,945       1,652,127       1,502,066       1,584,745  
     
 
Total earnings
   $ 3,893,222     $ 2,898,426     $ 1,961,313     $ 1,734,473     $ 1,827,675  
     
 
                                        
Fixed charges: (1)
                                        
Interest expense
   $ 3,546,666     $ 2,597,379     $ 1,651,569     $ 1,501,525     $ 1,584,253  
Interest portion of rent expense
     602       566       558       541       492  
     
 
                                        
Total fixed charges
   $ 3,547,268     $ 2,597,945     $ 1,652,127     $ 1,502,066     $ 1,584,745  
     
 
                                        
Ratio of earnings to fixed charges (2)
     1.10       1.12       1.19       1.15       1.15  
     
 
(1)   Fixed charges consist of interest expense (including amortization related to indebtedness) and one-third (the proportion deemed representative of the interest portion) of rent expense.
 
(2)   The ratio of earnings to fixed charges has been computed by dividing Total earnings by Total fixed charges.