EXHIBIT 12.1
Federal Home Loan Bank of Des Moines
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income before assessments | $ | 301.4 | $ | 135.7 | $ | 184.4 | $ | 62.2 | $ | 121.0 | ||||||||||
Fixed charges | 1,584.7 | 930.1 | 852.4 | 1,016.3 | 1,589.0 | |||||||||||||||
Total earnings | $ | 1,886.1 | $ | 1,065.8 | $ | 1,036.8 | $ | 1,078.5 | $ | 1,710.0 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 1,584.4 | $ | 929.8 | $ | 852.1 | $ | 1,016.2 | $ | 1,588.9 | ||||||||||
Estimated interest component of net rental expense1 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | |||||||||||||||
Total fixed charges | $ | 1,584.7 | $ | 930.1 | $ | 852.4 | $ | 1,016.3 | $ | 1,589.0 | ||||||||||
Ratio of earnings to fixed charges | 1.19 | 1.15 | 1.22 | 1.06 | 1.08 | |||||||||||||||
1 | Represents an estimated interest factor. |