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    Six months ended
(Dollars in millions)   

June 30,

2007

    June 30,
2006		    June 30,
2007		    June 30,
2006

Earnings:

            

Income before assessments

    $ 196    $ 174    $ 389    $ 336

Fixed charges

      2,860      2,582      5,809      4,976
 

Total earnings

    $ 3,056    $ 2,756    $ 6,198    $ 5,312
 

Fixed charges:

            

Interest expense

    $ 2,860    $ 2,582    $ 5,808    $ 4,975

Estimated interest component of net rental expense1

      —      —      1      1
 

Total fixed charges

    $ 2,860    $ 2,582    $ 5,809    $ 4,976
 

Ratio of earnings to fixed charges

      1.07      1.07      1.07      1.07
 

 

(1) Represents an estimated interest factor.