Exhibit 12.1

	Years Ended December 31,
	2008		2007		2006		2005		2004
Earnings:
Income before assessments and cumulative effect of change in accounting principle	$	345,591	$	606,819	$	564,798	$	473,406	$	400,389
Fixed charges		5,787,159		7,712,290		6,515,669		4,373,095		2,205,502
Earnings available for fixed charges	$	6,132,750	$	8,319,109	$	7,080,467	$	4,846,501	$	2,605,891
Fixed charges:
Interest on consolidated obligations	$	5,673,829	$	7,419,087	$	6,263,775	$	4,181,838	$	2,127,790
Interest on deposits		109,726		266,562		218,831		152,872		59,813
Interest on borrowings from other FHLBanks		136		48		68		33		9
Interest on securities sold under agreement to repurchase		1,607		14,550		23,200		28,776		16,593
Mandatorily redeemable capital stock		1,504		11,307		9,234		9,405		1,239
Interest on other borrowings		357		736		561		171		58
Fixed charges	$	5,787,159	$	7,712,290	$	6,515,669	$	4,373,095	$	2,205,502
Ratio of earnings to fixed charges		1.06		1.08		1.09		1.11		1.18