8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): March 13, 2009

Federal Home Loan Bank of New York
(Exact name of registrant as specified in its charter)

Federally Chartered Corporation	000-51397	136400946
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

101 Park Avenue, Floor 5, New York, New York	10178-0599
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 441-6616

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:

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

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

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

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

Item 8.01 Other Events.

On March 13, 2009, the Federal Home Loan Bank of New York issued a report entitled “FHLBNY: Financial Update” and a report entitled “An Update on Member Business”.  Attached as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K are copies of these reports.

Item 9.01 Financial Statements and Exhibits. 

(d) Exhibits.

99.1 Report entitled “FHLBNY: Financial Update”, dated March 13, 2009.

99.2 Report entitled “An Update on Member Business”, dated March 13, 2009.

SIGNATURES

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 thereunto duly authorized.

Federal Home Loan Bank of New York

Date: March 18, 2009

By: /s/ Patrick A. Morgan                        
Name: Patrick A. Morgan
Title: Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

99.1 Report entitled “FHLBNY: Financial Update”, dated March 13, 2009.

99.2 Report entitled “An Update on Member Business”, dated March 13, 2009.

EX-99.1

Exhibit 99.1

FHLBNY: Financial Update March 13, 2009

FHLBNY Financial Results: Key Messages "Advances Bank" Strong performance record for customers and shareholders 2008 results were solid amid the market turbulence Balance sheet is conservatively positioned

FHLBNY: A Conservative Low-Risk "Advances Bank" Notes: Data as of 3Q08. Some percentages may not add due to rounding. BALANCE SHEET COMPOSITION - 3Q08 Balances as a % of Total Assets Advances Advances Mortgage Loans MBS Total Mortgage Assets Dallas 79% Chicago 36% 18% 54% New York 79% Indianapolis 15% 12% 27% San Francisco 77% Des Moines 12% 11% 23% Atlanta 77% Cincinnati 9% 14% 22% Boston 75% Topeka 4% 16% 20% Pittsburgh 73% Pittsburgh 6% 11% 17% Des Moines 73% Seattle 7% 10% 17% Cincinnati 65% Boston 5% 11% 16% Seattle 61% Dallas 0% 13% 13% Topeka 58% San Francisco 1% 12% 13% Indianapolis 53% Atlanta 2% 11% 13% Chicago 39% New York 1% 10% 11%

FHLBNY: A Reliable Provider of Liquidity to Members FHLBNY Advances Outstanding The FHLBanks have been a ready source of liquidity for members during the current crisis. $ Billions

FHLBNY Advances Rates to Members Have Been Attractive 3 Mo and 1 Yr FHLBNY Fixed-Rate Advance vs. Respective LIBOR indices

FHLBNY's Borrower Base is Diverse Top 5 Borrowers ($ billions) Top 5 Borrowers ($ billions) Hudson City Savings Bank, FSB $ 17.5 Metropolitan Life Insurance Company $ 15.1 Manufacturers and Traders Trust Company $ 8.0 New York Community Bank $ 7.8 Astoria Federal Savings and Loan Assn. $ 3.7 Note: Par value of advances. Data as of 12/31/2008

FHLBNY Balance Sheet Growth Continued in 2008 $ Billions

Top-Line Performance Was Strong in 2008 $ Millions FHLBNY Net Income and Net Interest Income

Core Earnings Performance Was Strong in 2008 FHLBNY - Financial Results Highlights Note: $ millions

FHLBNY Dividends Have Exceeded Market Indices

FHLBNY: Profitable With Conservative Approach

FHLBank Funding Conditions Improving But Remain Difficult

Private Label MBS is a Small Portion of the FHLBNY's Portfolio Prime Residential MBS Subprime Manufactured Housing Alt-A Commercial MBS Total MBS = $12.2 B Private Label Portfolio ($ million) The FHLBNY's non-prime MBS holdings are vintage 2003 and earlier. Note: Book values. Data as of 12/31/2008

EX-99.2

Exhibit 99.2

An Update on Member Business March 13, 2009

Key Topics of Discussion Strong Advance Growth in 2008 Investors Buying More FHLB Debt Product Terms and Offerings are Expanding FHLBNY Members are in Good Financial Health Fundamental Drivers of the Advance Business are Still Strong Member Institutions are Taking Advantage of Membership Opportunities

Key Topics of Discussion Strong Advance Growth in 2008 Advance volumes FHLBNY versus the System Advance Product Concentrations Composition of Borrowers Rate Analysis Investors Buying More FHLB Debt Product Terms and Offerings are Expanding FHLBNY Members are in Good Financial Health Fundamental Drivers of the Advance Business are Still Strong Member Institutions are Taking Advantage of Membership Opportunities

FHLBanks Advances (1991-3Q08) Billions Subprime Mortgage Crisis Housing Boom 9/11 Dot Com Collapse Russian deficit L-T Capital Management bailout Asian Crisis U.S. Bond Market Crash The FHLBanks provide support during tumultuous periods 1989: FIRREA enables CML banks and CUs to join HLBs.

FHLBNY Advance Growth vs. Systemwide

FHLBNY Advance Growth: 1996-3Q08 Fixed or Floating rate Amortizing or bullet structure Forward starting Special features such as embedded options

FHLBNY Daily Advances Outstanding

Year-end Advances Outstanding by Type Month-end Advances Outstanding by Type FHLBNY Advances Outstanding by Type

FHLBNY Advances Outstanding Note: Data represented in billions As of January 31, 2009 Advance Type Institution Type

FHLBanks Number of Members and Percent of Members that Borrow

FHLBNY Member Borrowing Behavior Borrowers versus Non-Borrowers First Time Borrowers & New Member Borrowers The percentage of members borrowing advances grew to 75% in 2008 from 70% in 2007 and 2006. First-Time Borrowers grew to 32 in 2008 from 12 in 2007 and 11 in 2006, while Returned Borrowers (those who have not borrowed in the last 2 years) rose to 10 in 2008 and 2007 from 3 in 2006. Of the 32 First-Time Borrowers, 20 were New Member borrowers, representing 65% of new users during 2008. Members were aggressive with IPOs and MHC conversions in previous years, but slowed to only one in 2008. Due to tumultuous market conditions in recent months Cape BanCorp. Inc was the only member that issued an IPO this year.

FHLBNY Peer Group Analysis As of December 31, 2008

FHLBNY Advance Curve Rates are set daily and are available via our website at www.fhlbny.com

Deposit Rates NJ Deposit Curve Note: Date as of February 25, 2009 Source: NJ Small Business Development Centers http://www.njsbdc.com/contact/map.asp By Region PRODUCT Central Jersey Northern Jersey Southern Jersey NJ Total 3 MO CD 1.57 1.77 1.56 1.65 6 MO CD 2.10 2.09 1.98 2.06 1 YR CD 2.32 2.47 2.31 2.37 2 YR CD 2.66 2.73 2.61 2.67 3 YR CD 2.83 2.91 2.82 2.86 4 YR CD 2.94 3.02 3.02 3.00 5 YR CD 3.11 3.20 3.18 3.17 LOW HIGH

Deposit Rates by County Note: Date as of February 25, 2009 Central New Jersey PRODUCT Hunterdon Mercer Middlesex Monmouth Somerset Union Average 3 MO CD-10K 1.65 1.89 1.66 1.63 0.70 1.67 1.57 6 MO CD-10K 1.80 2.24 2.30 2.11 1.19 2.30 2.10 1 YR CD-10K 2.15 2.68 2.41 2.23 1.40 2.47 2.32 2 YR CD-10K 2.35 2.95 2.86 2.52 1.68 2.85 2.66 3 YR CD-10K 2.75 3.09 2.99 2.58 1.85 3.01 2.83 4 YR CD-10K 3.00 3.16 3.06 2.78 2.25 3.03 2.94 5 YR CD-10K 3.05 3.31 3.30 3.08 2.53 3.08 3.11 LOW HIGH PRODUCT Atlantic Burlington Camden Cape May Cumberland Gloucester Hamilton Ocean Salem Average 3 MO CD-10K 1.63 1.36 1.65 1.66 1.51 1.34 1.85 1.25 1.86 1.56 6 MO CD-10K 1.93 1.60 2.02 1.93 2.00 2.08 2.35 2.05 2.29 1.98 1 YR CD-10K 2.09 1.93 2.27 2.34 2.20 2.47 2.80 2.30 2.83 2.31 2 YR CD-10K 2.26 2.27 2.76 2.53 2.64 2.84 2.95 2.40 3.02 2.61 3 YR CD-10K 2.44 2.46 2.98 2.74 2.82 3.10 3.10 2.68 3.17 2.82 4 YR CD-10K 2.72 2.48 3.13 3.18 3.17 3.33 3.20 2.88 3.25 3.02 5 YR CD-10K 3.03 2.75 3.26 2.99 3.38 3.35 3.25 3.28 3.38 3.18 Southern New Jersey PRODUCT Bergen Essex Hudson Morris Passaic Sussex Warren Average 3 MO CD-10K 2.02 1.79 1.73 1.58 1.30 1.31 0.50 1.77 6 MO CD-10K 2.24 2.26 2.12 2.09 1.60 1.68 1.15 2.09 1 YR CD-10K 2.60 2.60 2.49 2.33 2.42 2.14 1.58 2.47 2 YR CD-10K 2.83 2.92 2.72 2.68 2.80 2.42 1.76 2.73 3 YR CD-10K 2.88 3.00 3.07 2.89 3.15 2.90 2.03 2.91 4 YR CD-10K 3.00 3.29 3.10 3.01 3.50 2.90 2.23 3.02 5 YR CD-10K 3.17 3.33 3.21 3.22 3.75 2.90 3.01 3.20 Northern New Jersey

Key Topics of Discussion Strong Advance Growth in 2008 Investors Buying more FHLB Debt Product Terms and Offerings are Expanding FHLBNY Members are in Good Financial Health Fundamental Drivers of the Advance Business are Still Strong Member Institutions are Taking Advantage of Membership opportunities

Two Parties Needed to Make the FHLBanks Work People to borrow from us (Members) People to invest in our debt (Investors)

Federal Home Loan Banks The Federal Home Loan Bank System Guide: www.fhlbanks.com Connecting Investors with Homeowners

FHLBanks Long-Term and Short-Term Credit Ratings At December 1, 2008 (1) On November 20, 2008, S&P announced that the outlook for the FHLBank of Seattle was revised from positive to stable and the AA+/A-1+ counterparty credit ratings were affirmed. S&P S&P S&P Moody's Moody's Moody's Long-Term/ Short-Term Rating Outlook Long-Term/ Short-Term Rating Outlook Atlanta AAA/A-1+ Stable Aaa/P-1 Stable Boston AAA/A-1+ Stable Aaa/P-1 Stable Chicago AA/A-1+ Stable Aaa/P-1 Stable Cincinnati AAA/A-1+ Stable Aaa/P-1 Stable Dallas AAA/A-1+ Stable Aaa/P-1 Stable Des Moines AAA/A-1+ Stable Aaa/P-1 Stable Indianapolis AAA/A-1+ Stable Aaa/P-1 Stable New York AAA/A-1+ Stable Aaa/P-1 Stable Pittsburgh AAA/A-1+ Stable Aaa/P-1 Stable San Francisco AAA/A-1+ Stable Aaa/P-1 Stable Seattle(1) AA+/A-1+ Stable Aaa/P-1 Stable Topeka AAA/A-1+ Stable Aaa/P-1 Stable Source: Combined Financial Report FHLBanks Office of Finance

FHLBanks Total Debt Outstanding Source: FHLBank Office of Finance Net Change (in billons) $68 $14 $238 $62 -$14 Full Range of Debt Offerings Full Range of Debt Offerings Discount Notes - daily window postings and scheduled twice-weekly auctions TAPs - aggregated bullet funding needs are packaged into standardized domestic bullet issuance, often with a yield pick-up to comparable agency bullet MTNs - reverse inquiry issuance model for callables, bullets, floaters, and structured notes allows FHLBanks to satisfy both funding and investor needs Globals - calendar program of large, liquid securities issued across the maturity spectrum $1,237

Broad Global Bond Distribution - Bullet Issue Mar 2008 to Feb 2009 Source: FHLBank Office of Finance By Region By Investor Type

Issuance is Adaptable and Scalable Source: FHLBanks Office of Finance - thru 1/31/09 *DNs and term debt with original maturity ^ 1 Year Total Short-term Debt* Outstanding Total Short-term Debt* as a % of Total Debt Outstanding

Scheduled Long-Term Debt Maturities Source: FHLBank Office of Finance as of 1/30/2009 - $33 billion in bond maturities during January 2009

Debt Issuance Dates & Recent Special Offerings 2009 Federal Home Loan Bank System Global Debt Instrument Issuance Calendar Wednesday, January 14 Wednesday, February 11 Tuesday, March 3 Tuesday, April 14 Wednesday, May 27 Wednesday, June 10 Tuesday, July 21 Wednesday, August 19 Wednesday, September 9 Tuesday, October 13 Thursday, November 12 Tuesday, December 8 Recent FHLBNY Special Offerings

Key Topics of Discussion Strong Advance Growth in 2008 Investors Buying more FHLB Debt Product Terms and Offerings are Expanding Limitations on terms and dollar amounts are improving The only temporary dollar limit placed on advance activity applies to advances greater than 5 years as well as for Convertible Advances and is set at $5 million per member, per day FHLBNY Members are in Good Financial Health Fundamental Drivers of the Advance Business are Still Strong Member Institutions are Taking Advantage of Membership opportunities Rates on the web

Key Topics of Discussion Strong Advance Growth in 2008 Investors Buying more FHLB Debt Product Terms and Offerings are Expanding FHLBNY Members are in Good Financial Health Credit and Collateral Review Surveillance Techniques Credit Rating Model Fundamental Drivers of the Advance Business are Still Strong Member Institutions are Taking Advantage of Membership Opportunities

CREDIT RATING MODEL Analyzes financial information of all members to monitor credit quality Model incorporates 13 ratios that focus on asset quality, capital levels, earnings and liquidity Rating scale of 1 (excellent) to 10 (distressed Rating of 6 or worse categorized as a "Watch list" member Detailed quantitative and qualitative analysis prepared for all Watch list members to determine if a collateral category and/or haircut change are warranted EARNINGS- 20% 1) ROAA 2) ROAE 3) NIM 4) Efficiency ratio ASSET QUALITY- 35% 5) NPL/loans 6) charge-offs/loans 7)NPA/Total Assets LIQUIDITY- 10% 8) liquid assets / liabilities 9) loans / deposits CAPITAL-35% 10) Leverage ratio 11) Tier 1 RBC ratio 12) Total RBC ratio 13) Tier 1+LLR/Total Loans Quarterly Surveillance

Credit Policy's Rating Model Banks And Thrifts 2007 2008 0 ^ score < 2 1 0 2 ^ score < 4 30 28 4 ^ score < 6 204 202 6 ^ score < 8 21 35 8 ^ score < 10 0 0 Total 256 265 Credit Unions 2007 2008 0 ^ score < 2 0 0 2 ^ score < 4 0 0 4 ^ score < 6 31 32 6 ^ score < 8 5 6 8 ^ score < 10 1 0 Total 37 38 Banks and Thrifts Credit Unions Legend Excellent 0 < Score < 2 Watchlist 6 < Score < 8 Very Good 2 < Score < 4 Distressed 8 < Score < 10 Average 4 < Score < 6

Collateral: Monitoring and Reporting Collateral management has two main objectives Ensure that the liquidation value of collateral meets or exceeds the credit outstanding Maintain a perfected security interest and ability to liquidate collateral

Key Topics of Discussion Strong Advance Growth in 2008 Investors Buying more FHLB Debt Product Terms and Offerings are Expanding FHLBNY Members are in Good Financial Health Fundamental Drivers of the Advance Business are Still Strong Member balance sheet growth Importance of liquidity Member Institutions are Taking Advantage of Membership Opportunities

FHLBNY Member Advances vs. Assets

FHLBNY Aggregate Member Asset Classes As of 4Q08

Key Topics of Discussion Member Institutions are Taking Advantage of Membership Opportunities Letter of Credit MULOC Tax Exempt Community Investment Opportunities Community Investment Program Affordable Housing Program First Home Club Principal Deferred Amortizing Advance Member Loan Connection Correspondent Services Pre-funding Branch Strategies Real Estate Survey Derivatives - Swaps

The Mission of the Federal Home Loan Bank of New York To advance housing opportunity and local community development by maximizing the capacity of community-based member- lenders to serve their markets.