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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): September 30, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Federal Home Loan Bank of New York<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Federally Chartered Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-51397</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>136400946</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>101 Park Avenue, Floor 5, New York, New York<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>10178-0599</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(212) 441-6616</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">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:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
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</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01 Other Events.</B>


<P align="left" style="font-size: 10pt">Each month, the Chief Executive Officer of the Bank issues a &#145;Report from the President&#146; (the &#147;Report&#148;) to each
shareholder. Such Reports may contain information that may be important to security holders. A copy of the Report to
shareholders for the month of September&nbsp;2008 issued on September&nbsp;30, 2008 appears below.

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
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<P align="left" style="font-size: 10pt"><IMG src="c75624p7562401.jpg" alt="(FHLBNY LOGO)">

<P align="left" style="font-size: 10pt"><FONT style="font-variant: small-caps">Report from the President</FONT>

<P align="left" style="font-size: 10pt">September&nbsp;30, 2008

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TO:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Stockholders<BR>
(Individually Addressed)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SUBJECT:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Report for the Month</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><U><B><I>At the Bank</I></B></U>


<P align="left" style="font-size: 10pt"><B>A Once-in-a-Lifetime Event</B>


<P align="left" style="font-size: 10pt">Former Federal Reserve Chairman Alan Greenspan stated in September that we are experiencing a once-in-a-lifetime
financial event. The extraordinary events of the past few weeks have caused confidence in the financial system to be
tested. As a consequence, a turbulent and deteriorating market has continued much longer than expected. The effects
on the Federal Home Loan Bank and our members have primarily been an increased cost of debt issuance and a
corresponding increase in advance rates. Investors, including those who buy our consolidated obligations, are
increasingly reluctant to lend money for periods in excess of a year. This limits our ability to meet our members&#146;
<U>long-term</U> funding needs. Fortunately, the strong demand for short-term credit has kept short-term advances
flowing.


<P align="left" style="font-size: 10pt">The spread between secondary Fannie/Freddie and Federal Home Loan Bank System benchmark notes has widened this past
month. We expect this to be a temporary condition that will abate as the markets resume some degree of normality. The
investors will fully appreciate Federal Housing Finance Agency Director James Lockhart&#146;s statement that, &#147;The Federal
Home Loan Banks have performed remarkably well over the last year as they have a different business model than Fannie
Mae and Freddie Mac and a different capital structure that grows as their lending activity grows.&#148;


<P align="left" style="font-size: 10pt">On the next page is a graph of the three-month intraday difference between the average of Fannie Mae and Freddie Mac
spreads to Libor compared with Federal Home Loan Bank spreads to Libor. The graph illustrates how the Home Loan Banks
moved from a slightly lower cost of funds compared with Fannie Mae and Freddie Mac in July to a higher cost for the
Home Loan Banks in September. There is an obvious irony here because it is Fannie&nbsp;Mae and Freddie Mac, after years of
missteps, that have been placed in conservatorship by the Government, not the Home Loan Banks. Apparently, some
investors believe conservatorship is a more explicit backing by the Government.



<P align="right" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">101 Park Avenue<BR>
New York, NY 10178-0599<BR>
T:212.681.6000<BR>
F:212.441.6890<BR>
www.fhlbny.com
</FONT>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
</DIV>

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<P align="left" style="font-size: 10pt">Report from the President<BR>
September 30, 2008<BR>
Page 2

<P align="left" style="font-size: 10pt"><IMG src="c75624p7562402.jpg" alt="(LINE CHART)">



<P align="left" style="font-size: 10pt">As a cooperative organization, we continue to prudently manage our balance sheet while balancing the needs of our
members. Responding to the effects of market turbulence, we have added a &#147;liquidity risk premium&#148; to our advance
products. Despite this necessary action, members continue to rely on us to fund their balance sheet needs. This is
most easily seen by the increase of advances to $100&nbsp;billion by the end of September, which is a 33&nbsp;percent increase
from the end of September&nbsp;2007. Advance terms and availability are constantly changing, reflecting the volatility in
the markets. If you have a specific funding request, please contact Adam Goldstein, Senior Vice President, Sales and
Marketing, at 212-441-6703. We are here to serve you in a reliable and safe and sound manner. We are in very stormy
seas at the moment, but this storm will pass.

<P align="right" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">Federal Home Loan Bank of New York</FONT>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
</DIV>

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<P align="left" style="font-size: 10pt">Report from the President<BR>
September 30, 2008<BR>
Page 3



<P align="left" style="font-size: 10pt"><B>The U.S. Treasury Creates Backstop Lending Facility</B>
<BR>
<B>for the 12 Federal Home Loan Banks</B>


<P align="left" style="font-size: 10pt">On September&nbsp;9, 2008, the Federal Home Loan Bank of New York entered into a Lending Agreement (&#147;Agreement&#148;) with the
U.S. Department of the Treasury (&#147;Treasury&#148;) that is intended to serve as a source of contingent liquidity. Each of
the other 11 Federal Home Loan Banks also entered into such an agreement.


<P align="left" style="font-size: 10pt">This secured facility is an implementation of the authority granted by Congress in the Housing and Economic Recovery
Act of 2008 (&#147;Act&#148;), which allows the Secretary of the Treasury to provide financial support to the housing GSEs. This
Act became law on July&nbsp;30, 2008.


<P align="left" style="font-size: 10pt">Any loans extended by the Treasury under the Agreement will be secured by advances to Federal Home Loan Bank of New
York members or by mortgage-backed securities issued by Fannie Mae or Freddie Mac. Extensions of credit by the
Treasury to the Federal Home Loan Banks, or to any Federal Home Loan Bank, will be considered a consolidated obligation
and will be the joint and several obligation of all of the Federal Home Loan Banks.


<P align="left" style="font-size: 10pt">The terms of the Agreement, which expires on December&nbsp;31, 2009, are described in more detail in an 8-K filed by the
Bank on the SEC&#146;s EDGAR system on September&nbsp;9, 2008. The Bank does not expect to access funding under the Agreement.




<P align="left" style="font-size: 10pt"><B>2008 FHLBNY Board &#147;Member&#148; Directors Ballots in the Mail</B>


<P align="left" style="font-size: 10pt">On Wednesday, October&nbsp;1, 2008, election ballots will be mailed to the Chief Executive Officers of all eligible New
Jersey and New York shareholder institutions participating in the 2008 election of Federal Home Loan Bank &#147;member&#148;
directors. One seat from New Jersey and two seats from New York are up for election this year. Each of the
individuals elected will serve terms starting on January&nbsp;1, 2009.


<P align="left" style="font-size: 10pt">The deadline for receiving voting ballots at the Home Loan Bank for the 2008 FHLBNY Member Director election is October
31, 2008, at 5:00 p.m. Please be sure to return your ballot to:



<P align="left" style="margin-left:25%; font-size: 10pt">FHLBNY Director Elections
<BR>
Federal Home Loan Bank of New York
<BR>
101 Park Avenue
<BR>
New York, New York 10178-0599




<P align="right" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">Federal Home Loan Bank of New York</FONT>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">5
</DIV>

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<P align="left" style="font-size: 10pt">Report from the President<BR>
September 30, 2008<BR>
Page 4




<P align="left" style="font-size: 10pt"><B>Separate Ballots for &#147;Independent&#148; Directors Soon to Be in the Mail</B>


<P align="left" style="font-size: 10pt">In addition, please be aware that, as a result of the adoption of the Housing and Economic Recovery Act of 2008, there
will be a second, separate election conducted later in the year. Under the Act, the members of the Board who were
formerly appointed by the Bank&#146;s Federal regulator will now be called <B>&#147;</B>independent&#148; directors &#150; and the independent
directors will be elected by a vote of the entire membership.


<P align="left" style="font-size: 10pt">This year&#146;s independent director election will be held to fill three seats with terms beginning on January&nbsp;1, 2009.


<P align="left" style="font-size: 10pt">If you have any questions, please call Barbara Sperrazza, Corporate Secretary, at 212-441-6819.


<P align="left" style="font-size: 10pt">As September closes, the financial markets remained extremely roiled with the House of Representative&#146;s shocking
rejection of the legislation designed to steady the financial sector. Be assured that we are doing all we can during
this time of market stress to meet the needs of our members. We are profoundly grateful for the opportunity to serve
you.


<P align="left" style="font-size: 10pt">Sincerely,


<P align="left" style="font-size: 10pt">Alfred A. DelliBovi
<BR>
President


<P align="center" style="font-size: 10pt"><B>Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995</B>



<P align="left" style="font-size: 10pt">This report contains forward-looking statements within the meaning of the &#147;safe harbor&#148; provisions of the Private
Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as
of the date hereof. These statements may use forward-looking terms, such as &#147;projected,&#148; &#147;expects,&#148; &#147;may,&#148; or their
negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements
involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these
forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or
prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited
to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected
business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership
profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and
general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements
for any reason.

<P align="right" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">Federal Home Loan Bank of New York</FONT>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">6
</DIV>

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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">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.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Home Loan Bank of New York</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: <I>September&nbsp;30, 2008</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: <u>/s/&nbsp;<I>Patrick A. Morgan</I></u></TD>
</TR>
<TR valign="bottom">

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: <I>Patrick A. Morgan</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: <I>Senior Vice President and Chief Financial Officer</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">7




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</HTML>
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{"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": "081097534"}, "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"}}
Filed by Bowne Pure Compliance
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): September 30, 2008
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.
Each month, the Chief Executive Officer of the Bank issues a 'Report from the President' (the "Report") to each
shareholder. Such Reports may contain information that may be important to security holders. A copy of the Report to
shareholders for the month of September 2008 issued on September 30, 2008 appears below.
Report from the President
September 30, 2008
TO:
All Stockholders
(Individually Addressed)
SUBJECT:
Report for the Month
At the Bank
A Once-in-a-Lifetime Event
Former Federal Reserve Chairman Alan Greenspan stated in September that we are experiencing a once-in-a-lifetime
financial event. The extraordinary events of the past few weeks have caused confidence in the financial system to be
tested. As a consequence, a turbulent and deteriorating market has continued much longer than expected. The effects
on the Federal Home Loan Bank and our members have primarily been an increased cost of debt issuance and a
corresponding increase in advance rates. Investors, including those who buy our consolidated obligations, are
increasingly reluctant to lend money for periods in excess of a year. This limits our ability to meet our members'
long-term
funding needs. Fortunately, the strong demand for short-term credit has kept short-term advances
flowing.
The spread between secondary Fannie/Freddie and Federal Home Loan Bank System benchmark notes has widened this past
month. We expect this to be a temporary condition that will abate as the markets resume some degree of normality. The
investors will fully appreciate Federal Housing Finance Agency Director James Lockhart's statement that, "The Federal
Home Loan Banks have performed remarkably well over the last year as they have a different business model than Fannie
Mae and Freddie Mac and a different capital structure that grows as their lending activity grows."
On the next page is a graph of the three-month intraday difference between the average of Fannie Mae and Freddie Mac
spreads to Libor compared with Federal Home Loan Bank spreads to Libor. The graph illustrates how the Home Loan Banks
moved from a slightly lower cost of funds compared with Fannie Mae and Freddie Mac in July to a higher cost for the
Home Loan Banks in September. There is an obvious irony here because it is Fannie Mae and Freddie Mac, after years of
missteps, that have been placed in conservatorship by the Government, not the Home Loan Banks. Apparently, some
investors believe conservatorship is a more explicit backing by the Government.
101 Park Avenue
New York, NY 10178-0599
T:212.681.6000
F:212.441.6890
www.fhlbny.com
Report from the President
September 30, 2008
Page 2
As a cooperative organization, we continue to prudently manage our balance sheet while balancing the needs of our
members. Responding to the effects of market turbulence, we have added a "liquidity risk premium" to our advance
products. Despite this necessary action, members continue to rely on us to fund their balance sheet needs. This is
most easily seen by the increase of advances to $100 billion by the end of September, which is a 33 percent increase
from the end of September 2007. Advance terms and availability are constantly changing, reflecting the volatility in
the markets. If you have a specific funding request, please contact Adam Goldstein, Senior Vice President, Sales and
Marketing, at 212-441-6703. We are here to serve you in a reliable and safe and sound manner. We are in very stormy
seas at the moment, but this storm will pass.
Federal Home Loan Bank of New York
Report from the President
September 30, 2008
Page 3
The U.S. Treasury Creates Backstop Lending Facility
for the 12 Federal Home Loan Banks
On September 9, 2008, the Federal Home Loan Bank of New York entered into a Lending Agreement ("Agreement") with the
U.S. Department of the Treasury ("Treasury") that is intended to serve as a source of contingent liquidity. Each of
the other 11 Federal Home Loan Banks also entered into such an agreement.
This secured facility is an implementation of the authority granted by Congress in the Housing and Economic Recovery
Act of 2008 ("Act"), which allows the Secretary of the Treasury to provide financial support to the housing GSEs. This
Act became law on July 30, 2008.
Any loans extended by the Treasury under the Agreement will be secured by advances to Federal Home Loan Bank of New
York members or by mortgage-backed securities issued by Fannie Mae or Freddie Mac. Extensions of credit by the
Treasury to the Federal Home Loan Banks, or to any Federal Home Loan Bank, will be considered a consolidated obligation
and will be the joint and several obligation of all of the Federal Home Loan Banks.
The terms of the Agreement, which expires on December 31, 2009, are described in more detail in an 8-K filed by the
Bank on the SEC's EDGAR system on September 9, 2008. The Bank does not expect to access funding under the Agreement.
2008 FHLBNY Board "Member" Directors Ballots in the Mail
On Wednesday, October 1, 2008, election ballots will be mailed to the Chief Executive Officers of all eligible New
Jersey and New York shareholder institutions participating in the 2008 election of Federal Home Loan Bank "member"
directors. One seat from New Jersey and two seats from New York are up for election this year. Each of the
individuals elected will serve terms starting on January 1, 2009.
The deadline for receiving voting ballots at the Home Loan Bank for the 2008 FHLBNY Member Director election is October
31, 2008, at 5:00 p.m. Please be sure to return your ballot to:
FHLBNY Director Elections
Federal Home Loan Bank of New York
101 Park Avenue
New York, New York 10178-0599
Federal Home Loan Bank of New York
Report from the President
September 30, 2008
Page 4
Separate Ballots for "Independent" Directors Soon to Be in the Mail
In addition, please be aware that, as a result of the adoption of the Housing and Economic Recovery Act of 2008, there
will be a second, separate election conducted later in the year. Under the Act, the members of the Board who were
formerly appointed by the Bank's Federal regulator will now be called
"
independent" directors – and the independent
directors will be elected by a vote of the entire membership.
This year's independent director election will be held to fill three seats with terms beginning on January 1, 2009.
If you have any questions, please call Barbara Sperrazza, Corporate Secretary, at 212-441-6819.
As September closes, the financial markets remained extremely roiled with the House of Representative's shocking
rejection of the legislation designed to steady the financial sector. Be assured that we are doing all we can during
this time of market stress to meet the needs of our members. We are profoundly grateful for the opportunity to serve
you.
Sincerely,
Alfred A. DelliBovi
President
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as
of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their
negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements
involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these
forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or
prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited
to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected
business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership
profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and
general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements
for any reason.
Federal Home Loan Bank of New York
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:
September 30, 2008
By:
/s/
Patrick A. Morgan
Name:
Patrick A. Morgan
Title:
Senior Vice President and Chief Financial Officer