EX-12.1 9 ex121201010k.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DECEMBER 31, 2010 WebFilings | EDGAR view
 

EXHIBIT 12.1
Federal Home Loan Bank of San Francisco
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
 
(Dollars in millions)
2010
 
  
2009
 
  
2008
 
  
2007
 
  
2006
 
Earnings:
 
  
 
  
 
  
 
  
 
Income before assessments
$
545
 
 
$
701
 
 
$
629
 
 
$
888
 
 
$
739
 
Fixed charges
1,053
 
 
2,680
 
 
9,587
 
 
12,841
 
 
10,803
 
Total earnings
$
1,598
 
  
$
3,381
 
  
$
10,216
 
  
$
13,729
 
  
$
11,542
 
Fixed charges:
 
  
 
  
 
  
 
  
 
Interest expense
$
1,052
 
 
$
2,679
 
 
$
9,586
 
 
$
12,840
 
 
$
10,802
 
Estimated rental expense based on an interest factor
1
 
 
1
 
 
1
 
 
1
 
 
1
 
Total fixed charges
$
1,053
 
  
$
2,680
 
  
$
9,587
 
  
$
12,841
 
  
$
10,803
 
Ratio of earnings to fixed charges
1.52
 
  
1.26
 
  
1.07
 
  
1.07
 
  
1.07