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EXHIBIT 12

Federal Home Loan Bank of Boston
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
 
 
 
For the Year Ended December 31,
 
 
2010
 
2009
 
2008
 
2007
 
2006
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
Income (loss) before assessments
 
$
145,074
 
 
$
(186,751
)
 
$
(115,826
)
 
$
269,974
 
 
$
266,587
 
Fixed charges
 
574,194
 
 
837,565
 
 
2,388,774
 
 
3,054,628
 
 
2,664,852
 
 
 
 
 
 
 
 
 
 
 
 
Income before assessments and fixed charges
 
719,268
 
 
650,814
 
 
2,272,948
 
 
3,324,602
 
 
2,931,439
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
572,930
 
 
836,262
 
 
2,387,497
 
 
3,053,401
 
 
2,663,585
 
1/3 of net rent expense (1)
 
1,264
 
 
1,303
 
 
1,277
 
 
1,227
 
 
1,267
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
574,194
 
 
$
837,565
 
 
$
2,388,774
 
 
$
3,054,628
 
 
$
2,664,852
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.25
 
 
0.78
 
 
0.95
 
 
1.09
 
 
1.10
 
 
(1) Represents an estimated interest factor.