EXHIBIT 12.1

Federal Home Loan Bank of Seattle

Computation of Ratio of Earnings to Fixed Charges

The following table presents the ratio of the Seattle Bank’s earnings to fixed charges for the five years ended December 31, 2005.

Computation of Earnings to Fixed Charges

	For Years Ended December 31,
	2005		2004		2003		2002		2001
	(dollars in thousands)
Earnings:
Income before assessments and cumulative effect of change in accounting principle	$	2,512	$	112,591	$	195,686	$	200,187	$	245,674
Fixed charges		1,865,428		1,518,087		1,365,595		1,421,910		1,989,325
Earnings available for fixed charges	$	1,867,940	$	1,630,678	$	1,561,281	$	1,622,097	$	2,234,999
Fixed charges:
Interest expense on consolidated obligations	$	1,822,266	$	1,502,956	$	1,346,725	$	1,390,605	$	1,925,378
Interest expense on deposits and other borrowings		41,863		14,387		18,408		30,848		63,547
Interest portion of rental expense*		1,299		764		462		457		400
Fixed charges	$	1,865,428	$	1,518,087	$	1,365,595	$	1,421,910	$	1,989,325
Ratio of earnings to fixed charges		1.00		1.07		1.14		1.14		1.12

* The interest portion of rental expense does not include $5.4 million of a one-time write-off of lease abandonment costs.