Attached files
EXHIBIT 12.1
Federal Home Loan Bank of San Francisco
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
| (In millions) |
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||
| Earnings: |
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| Income before assessments |
$ | 701 | $ | 629 | $ | 888 | $ | 739 | $ | 502 | |||||
| Fixed charges |
2,680 | 9,587 | 12,841 | 10,803 | 6,429 | ||||||||||
| Total earnings |
$ | 3,381 | $ | 10,216 | $ | 13,729 | $ | 11,542 | $ | 6,931 | |||||
| Fixed charges: |
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| Interest expense |
$ | 2,679 | $ | 9,586 | $ | 12,840 | $ | 10,802 | $ | 6,428 | |||||
| Estimated interest component of net rental expense(1) |
1 | 1 | 1 | 1 | 1 | ||||||||||
| Total fixed charges |
$ | 2,680 | $ | 9,587 | $ | 12,841 | $ | 10,803 | $ | 6,429 | |||||
| Ratio of Earnings to Fixed Charges |
1.26 | 1.07 | 1.07 | 1.07 | 1.08 | ||||||||||
| (1) | The percent of the rent included in the calculation represents an appropriate interest factor. |