EXHIBIT 12
Federal Home Loan Bank of Boston
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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| For the Nine Months |
| For the Year Ended December 31, |
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| 2005 |
| 2004 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Earnings |
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Income before assessments |
| $ | 110,580 |
| $ | 95,573 |
| $ | 121,994 |
| $ | 124,628 |
| $ | 103,173 |
| $ | 156,236 |
| $ | 199,235 |
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Fixed charges |
| 1,097,628 |
| 690,997 |
| 964,484 |
| 1,020,447 |
| 1,212,801 |
| 1,734,195 |
| 2,084,660 |
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Income before assessments and fixed charges |
| 1,208,208 |
| 786,570 |
| 1,086,478 |
| 1,145,075 |
| 1,315,974 |
| 1,890,431 |
| 2,283,895 |
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Fixed Charges |
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Interest expense |
| 1,096,720 |
| 690,115 |
| 963,299 |
| 1,019,216 |
| 1,211,715 |
| 1,733,509 |
| 2,083,994 |
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1/3 of net rent expense (1) |
| 908 |
| 882 |
| 1,185 |
| 1,231 |
| 1,086 |
| 686 |
| 666 |
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Total fixed charges |
| $ | 1,097,628 |
| $ | 690,997 |
| $ | 964,484 |
| $ | 1,020,447 |
| $ | 1,212,801 |
| $ | 1,734,195 |
| $ | 2,084,660 |
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Ratio of earnings to fixed charges |
| 1.10 |
| 1.14 |
| 1.13 |
| 1.12 |
| 1.09 |
| 1.09 |
| 1.10 |
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(1) Represents an estimated interest factor.