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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	June 21, 2006
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  	Federal Home Loan Bank of New York
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Federally Chartered Corporation
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  	000-51397
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  	136400946
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	101 Park Avenue, Floor 5, New York, New York
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  	10178-0599
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  _________________________________<BR>
  	(Address of principal executive offices)
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	212-441-6616
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  Check the appropriate box below if the Form 8-K filing is intended to
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On June 23, 2006, the Federal Home Loan Bank of New York (the "Bank"), the eleven other Federal Home Loan Banks (collectively with the Bank the "FHLBanks") and the Office of Finance, a joint office of the FHLBanks, entered into the Federal Home Loan Banks P&I Funding and Contingency Plan Agreement (the "Agreement").  The FHLBanks and the Office of Finance entered into the Agreement in response to the Board of Governors of the  Federal Reserve System revising its Policy Statement on Payments System Risk (the "Revised Policy") concerning the disbursement by the Federal Reserve Banks of interest and principal payments on securities issued by government-sponsored enterprises ("GSEs"), such as the FHLBanks, and certain international organizations.  The Federal Reserve Banks currently process and post these payments to depository institutions' Federal Reserve accounts by 9:15 a.m. Eastern Time, the same posting time as for U.S. Treasury securities' interest and principal payments, even if the issuer has not fully funded its payments.  The Revised Policy requires that, beginning July 20, 2006, Federal Reserve Banks will release these interest and principal payments as directed by the issuer only if the issuer's Federal Reserve account contains sufficient funds to cover the payments. While the issuer will determine the timing of these payments during the day, each issuer will be required to fund its interest and principal payments by 4:00 p.m. Eastern Time, in order for the payments to be processed that day.<br>  <br>The FHLBanks issue debt through the Office of Finance in the form of consolidated obligations, and all twelve FHLBanks are jointly and severally liable for the repayment of all consolidated obligations.  The Office of Finance funds principal and interest payments on the FHLBanks&#x2019; consolidated obligations through its account at the Federal Reserve Bank of New York.  As noted above, beginning July 20, 2006, the Office of Finance will be required to fund these principal and interest payments by 4:00 p.m. Eastern Time, which will require the FHLBanks to send funds for principal and interest payments to the Office of Finance prior to 4:00 p.m. Eastern Time.  The FHLBanks and the Office of Finance entered into the Agreement to facilitate timely funding by the FHLBanks of the principal and interest payments under their respective consolidated obligations, as made through the Office of Finance, in accordance with the Revised Policy.  <br><br>Under the Agreement, in the event that one or more FHLBanks does not fund its principal and interest payments under a consolidated obligation by deadlines agreed upon by the FHLBanks and the Office of Finance (for purposes of the Agreement, a "Delinquent Bank"), the non-Delinquent Banks will be obligated to fund any shortfall in funding to the extent that any of the non-Delinquent Banks has a net positive settlement balance (i.e., the amount by which end-of-day proceeds received by such non-Delinquent Bank from the sale of consolidated obligations on one day exceeds payments by such non-Delinquent Bank on consolidated obligations on the same day) in its account with the Office of Finance on the day the shortfall occurs.  A FHLBank that funds the shortfall of a Delinquent Bank is referred to in the Agreement as a "Contingency Bank."  The non-Delinquent Banks would fund the shortfall of the Delinquent Bank sequentially in accordance with an agreed-upon funding matrix as provided in the Agreement.  Additionally, a non-Delinquent Bank could choose to voluntarily fund any shortfall not funded on a mandatory basis by another non-Delinquent Bank.  To fund the shortfall of a Delinquent Bank, the Office of Finance will issue to the Contingency Bank on behalf of the Delinquent Bank a consolidated obligation with a maturity of one business day in the amount of the shortfall funded by the Contingency Bank (a "Plan CO").<br><br>On the day that a Plan CO is issued, each non-Delinquent Bank (other than the Contingency Bank that purchased the Plan CO) becomes obligated to purchase a pro rata share of the Plan CO from the Contingency Bank (each such non-Delinquent Bank being a "Reallocation Bank").  The pro rata share for each Reallocation Bank will be calculated based upon the aggregate amount of outstanding consolidated obligations for which each Reallocation Bank and the Contingency Bank were primarily liable as of the preceding month-end.  Settlement of the purchase by the Reallocation Banks of their pro rata shares of the Plan CO will occur on the second business day following the date on which the Plan CO was issued only if the Plan CO is not repaid on the first business day following its issuance, either by the Delinquent Bank or by another FHLBank.<br><br>Plan COs will bear interest calculated on an actual/360 basis at a rate equal to (i) the overnight fed funds quote obtained by the Office of Finance or (ii) the actual cost if the Contingency Bank purchases funds in the open market for delivery to the Office of Finance.  Additionally, a Delinquent Bank will be required to pay additional interest on the amount of any Plan CO based on the number of times that FHLBank has been a Delinquent Bank.  The interest is 500 basis points per annum for the first delinquency, 750 basis points per annum for the second delinquency and 1000 basis points per annum for subsequent delinquencies.  The first 100 basis points of additional interest will be paid to the Contingency Banks that purchased the Plan CO.  Additional interest in excess of 100 basis points will be paid to the non-Delinquent Banks in equal shares.<br><br>The initial term of the Agreement commences on July 20, 2006, the date that the Revised Policy goes into effect for GSEs, and ends on December 31, 2008 (the "Initial Term").  The Agreement will then automatically renew for successive three-year terms (each a "Renewal Term") unless at least one year prior to the end of the Initial Term or any Renewal Term at least one-third of the FHLBanks give notice to the other FHLBanks and the Office of Finance of their intention to terminate the Agreement at the end of such Initial Term or Renewal Term.  The notice must include an explanation from those FHLBanks of their reasons for taking such action.  Under the terms of the Agreement, the FHLBanks and the Office of Finance have agreed to endeavor in good faith to address any such reasons by amending the Agreement so that all FHLBanks and the Office of Finance agree that the Agreement, as amended, will remain in effect.<br><br>The above summary of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated by reference herein.<br>
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  The Federal Home Loan Bank of New York (the "Bank") obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets.  Consolidated obligations, which consist of bonds and discount notes, are by regulation the joint and several obligations of the twelve Federal Home Loan Banks.  The Federal Home Loan Banks are regulated by the Federal Housing Finance Board (the "Finance Board") and the Finance Board regulations authorize the Finance Board to require any Federal Home Loan Bank to repay all or a portion of the principal of or interest on consolidated obligations for which another Federal Home Loan Bank is the primary obligor.  Consolidated obligations are sold to the public through the Office of Finance using authorized securities dealers.  Consolidated obligations are backed only by the financial resources of the twelve Federal Home Loan Banks and are not guaranteed by the United States government.<br><br>       Schedule A sets forth all consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks, for which the Bank is the primary obligor, on the trade dates indicated, other than discount notes with a maturity of one year or less that are issued in the ordinary course of business. Schedule A also includes any consolidated obligations with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank.<br><br>       We may elect to change our method of reporting information on the issuance or assumption of consolidated obligations at any time.  In reviewing the information in this Current Report on Form 8-K, please note:<br><br>&#x2022;	although consolidated obligations issuance is material to the Bank, we have not made a judgment as to the materiality of any particular consolidated obligation or obligations;<br>&#x2022;	Schedule A does not address any interest-rate exchange agreements (or other derivative instruments) which  we may enter into as a result of our asset and liability management strategies and that may be associated, directly or indirectly, with one or more of the reported consolidated obligations; <br>&#x2022;	Schedule A will not enable a reader to track changes in the total consolidated obligations outstanding for which we are the primary obligor because Schedule A generally excludes consolidated obligation discount notes with a maturity of one year or less and does not reflect whether the proceeds from the issuance of the reported consolidated obligations will be used to, among other things, satisfy called or maturing consolidated obligations.  We will report the total consolidated obligations outstanding for which we are the primary obligor in our periodic reports filed with the Securities and Exchange Commission; and<br>&#x2022;	the principal amounts reported on Schedule A represent the principal amount of the reported consolidated obligations at par, which may not correspond to the amounts reported in our financial statements prepared in accordance with generally accepted accounting principles contained in our periodic reports filed with the Securities and Exchange Commission, because the par amount does not account for, among other things, any discounts, premiums or concessions. <br><br>
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  	Item 9.01 Financial Statements and Exhibits.
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  Exhibit 1: Schedule A<br><br>d) Exhibits<br><br>Exhibit No.<br>10.1<br><br>Description<br>Federal Home Loan Banks P&I Funding and Contingency Plan Agreement, effective as of July 20, 2006, by and among the Office of Finance and each of the Federal Home Loan Banks<br>
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  	SIGNATURES
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  	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 hereunto duly authorized.
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  	Federal Home Loan Bank of New York
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  <I>
  	June 27, 2006
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  	/s/ Patrick A. Morgan
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  	Name: Patrick A. Morgan
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  	Title: Senior Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	1
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  Schedule A
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  	10.1
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  P&I Funding and Contingency Plan Agreement
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  	10.1
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  Exhibit A
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metadata_filer: {"company-data": {"conformed-name": "Federal Home Loan Bank of New York", "cik": "0001329842", "assigned-sic": "6111", "irs-number": "136400946", "state-of-incorporation": "X1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51397", "film-number": "06927518"}, "business-address": {"street1": "101 PARK AVENUE, 5TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10178", "phone": "212-681-6000"}, "mail-address": {"street1": "101 PARK AVENUE, 5TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10178"}}
text: Federal Home Loan Bank of New York (Form: 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):
  June 21, 2006
  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
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  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:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On June 23, 2006, the Federal Home Loan Bank of New York (the "Bank"), the eleven other Federal Home Loan Banks (collectively with the Bank the "FHLBanks") and the Office of Finance, a joint office of the FHLBanks, entered into the Federal Home Loan Banks P&I Funding and Contingency Plan Agreement (the "Agreement").  The FHLBanks and the Office of Finance entered into the Agreement in response to the Board of Governors of the  Federal Reserve System revising its Policy Statement on Payments System Risk (the "Revised Policy") concerning the disbursement by the Federal Reserve Banks of interest and principal payments on securities issued by government-sponsored enterprises ("GSEs"), such as the FHLBanks, and certain international organizations.  The Federal Reserve Banks currently process and post these payments to depository institutions' Federal Reserve accounts by 9:15 a.m. Eastern Time, the same posting time as for U.S. Treasury securities' interest and principal payments, even if the issuer has not fully funded its payments.  The Revised Policy requires that, beginning July 20, 2006, Federal Reserve Banks will release these interest and principal payments as directed by the issuer only if the issuer's Federal Reserve account contains sufficient funds to cover the payments. While the issuer will determine the timing of these payments during the day, each issuer will be required to fund its interest and principal payments by 4:00 p.m. Eastern Time, in order for the payments to be processed that day.
  The FHLBanks issue debt through the Office of Finance in the form of consolidated obligations, and all twelve FHLBanks are jointly and severally liable for the repayment of all consolidated obligations.  The Office of Finance funds principal and interest payments on the FHLBanks' consolidated obligations through its account at the Federal Reserve Bank of New York.  As noted above, beginning July 20, 2006, the Office of Finance will be required to fund these principal and interest payments by 4:00 p.m. Eastern Time, which will require the FHLBanks to send funds for principal and interest payments to the Office of Finance prior to 4:00 p.m. Eastern Time.  The FHLBanks and the Office of Finance entered into the Agreement to facilitate timely funding by the FHLBanks of the principal and interest payments under their respective consolidated obligations, as made through the Office of Finance, in accordance with the Revised Policy.
  Under the Agreement, in the event that one or more FHLBanks does not fund its principal and interest payments under a consolidated obligation by deadlines agreed upon by the FHLBanks and the Office of Finance (for purposes of the Agreement, a "Delinquent Bank"), the non-Delinquent Banks will be obligated to fund any shortfall in funding to the extent that any of the non-Delinquent Banks has a net positive settlement balance (i.e., the amount by which end-of-day proceeds received by such non-Delinquent Bank from the sale of consolidated obligations on one day exceeds payments by such non-Delinquent Bank on consolidated obligations on the same day) in its account with the Office of Finance on the day the shortfall occurs.  A FHLBank that funds the shortfall of a Delinquent Bank is referred to in the Agreement as a "Contingency Bank."  The non-Delinquent Banks would fund the shortfall of the Delinquent Bank sequentially in accordance with an agreed-upon funding matrix as provided in the Agreement.  Additionally, a non-Delinquent Bank could choose to voluntarily fund any shortfall not funded on a mandatory basis by another non-Delinquent Bank.  To fund the shortfall of a Delinquent Bank, the Office of Finance will issue to the Contingency Bank on behalf of the Delinquent Bank a consolidated obligation with a maturity of one business day in the amount of the shortfall funded by the Contingency Bank (a "Plan CO").
  On the day that a Plan CO is issued, each non-Delinquent Bank (other than the Contingency Bank that purchased the Plan CO) becomes obligated to purchase a pro rata share of the Plan CO from the Contingency Bank (each such non-Delinquent Bank being a "Reallocation Bank").  The pro rata share for each Reallocation Bank will be calculated based upon the aggregate amount of outstanding consolidated obligations for which each Reallocation Bank and the Contingency Bank were primarily liable as of the preceding month-end.  Settlement of the purchase by the Reallocation Banks of their pro rata shares of the Plan CO will occur on the second business day following the date on which the Plan CO was issued only if the Plan CO is not repaid on the first business day following its issuance, either by the Delinquent Bank or by another FHLBank.
  Plan COs will bear interest calculated on an actual/360 basis at a rate equal to (i) the overnight fed funds quote obtained by the Office of Finance or (ii) the actual cost if the Contingency Bank purchases funds in the open market for delivery to the Office of Finance.  Additionally, a Delinquent Bank will be required to pay additional interest on the amount of any Plan CO based on the number of times that FHLBank has been a Delinquent Bank.  The interest is 500 basis points per annum for the first delinquency, 750 basis points per annum for the second delinquency and 1000 basis points per annum for subsequent delinquencies.  The first 100 basis points of additional interest will be paid to the Contingency Banks that purchased the Plan CO.  Additional interest in excess of 100 basis points will be paid to the non-Delinquent Banks in equal shares.
  The initial term of the Agreement commences on July 20, 2006, the date that the Revised Policy goes into effect for GSEs, and ends on December 31, 2008 (the "Initial Term").  The Agreement will then automatically renew for successive three-year terms (each a "Renewal Term") unless at least one year prior to the end of the Initial Term or any Renewal Term at least one-third of the FHLBanks give notice to the other FHLBanks and the Office of Finance of their intention to terminate the Agreement at the end of such Initial Term or Renewal Term.  The notice must include an explanation from those FHLBanks of their reasons for taking such action.  Under the terms of the Agreement, the FHLBanks and the Office of Finance have agreed to endeavor in good faith to address any such reasons by amending the Agreement so that all FHLBanks and the Office of Finance agree that the Agreement, as amended, will remain in effect.
  The above summary of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated by reference herein.
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  The Federal Home Loan Bank of New York (the "Bank") obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets.  Consolidated obligations, which consist of bonds and discount notes, are by regulation the joint and several obligations of the twelve Federal Home Loan Banks.  The Federal Home Loan Banks are regulated by the Federal Housing Finance Board (the "Finance Board") and the Finance Board regulations authorize the Finance Board to require any Federal Home Loan Bank to repay all or a portion of the principal of or interest on consolidated obligations for which another Federal Home Loan Bank is the primary obligor.  Consolidated obligations are sold to the public through the Office of Finance using authorized securities dealers.  Consolidated obligations are backed only by the financial resources of the twelve Federal Home Loan Banks and are not guaranteed by the United States government.
  Schedule A sets forth all consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks, for which the Bank is the primary obligor, on the trade dates indicated, other than discount notes with a maturity of one year or less that are issued in the ordinary course of business. Schedule A also includes any consolidated obligations with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank.
  We may elect to change our method of reporting information on the issuance or assumption of consolidated obligations at any time.  In reviewing the information in this Current Report on Form 8-K, please note:
  •	although consolidated obligations issuance is material to the Bank, we have not made a judgment as to the materiality of any particular consolidated obligation or obligations;
  •	Schedule A does not address any interest-rate exchange agreements (or other derivative instruments) which  we may enter into as a result of our asset and liability management strategies and that may be associated, directly or indirectly, with one or more of the reported consolidated obligations;
  •	Schedule A will not enable a reader to track changes in the total consolidated obligations outstanding for which we are the primary obligor because Schedule A generally excludes consolidated obligation discount notes with a maturity of one year or less and does not reflect whether the proceeds from the issuance of the reported consolidated obligations will be used to, among other things, satisfy called or maturing consolidated obligations.  We will report the total consolidated obligations outstanding for which we are the primary obligor in our periodic reports filed with the Securities and Exchange Commission; and
  •	the principal amounts reported on Schedule A represent the principal amount of the reported consolidated obligations at par, which may not correspond to the amounts reported in our financial statements prepared in accordance with generally accepted accounting principles contained in our periodic reports filed with the Securities and Exchange Commission, because the par amount does not account for, among other things, any discounts, premiums or concessions.
  Item 9.01 Financial Statements and Exhibits.
  Exhibit 1: Schedule A
  d) Exhibits
  Exhibit No.
  10.1
  Description
  Federal Home Loan Banks P&I Funding and Contingency Plan Agreement, effective as of July 20, 2006, by and among the Office of Finance and each of the Federal Home Loan Banks
  Top of the Form
  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 hereunto duly authorized.
  Federal Home Loan Bank of New York
  June 27, 2006
  By:
  /s/ Patrick A. Morgan
  Name: Patrick A. Morgan
  Title: Senior Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  1
  Schedule A
  10.1
  P&I Funding and Contingency Plan Agreement
  10.1
  Exhibit A