EX-99.1 8 dex991.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 99.1

Federal Home Loan Bank of San Francisco

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

 

     Three months ended
(Dollars in millions)    March 31,
2006		    March 31,
2005

Earnings:

      

Income before assessments

    $ 162    $ 85

Fixed charges

      2,393      1,173
 

Total earnings

    $ 2,555    $ 1,258
 

Fixed charges:

      

Interest expense

    $ 2,393    $ 1,173

Estimated interest component of net rental expense1

      —      —
 

Total fixed charges

    $ 2,393    $ 1,173
 

Ratio of earnings to fixed charges

      1.07      1.07
 

 

1 Represents an estimated interest factor.