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| 8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
January
6, 2020
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
A Reliable Partner for a New Decade
The
Federal Home Loan Bank of New York enters 2020 and the start of a
new decade with a strong membership, a talented and committed team
and an unwavering focus on our mission. It is that mission –
to advance housing opportunity and local community development by
supporting members in serving their markets – that has driven
us over the past decade and throughout our 87-year history, and
this focus will carry us into the future.
Our
reliability is key to our value proposition to members. This
reliability was on display last year when we continued to provide
uninterrupted access to funding through the momentary fed funds
market disruption of September 2019, and it has been on display
throughout the past decade as our economy has moved away from the
financial crisis. The coming year and decade will provide its share
of challenges and opportunities, and we are well-positioned to
continue to serve as both an unwavering supporter of our local
communities and a reliable partner for our members through whatever
the future may bring.
A New Chief Information Officer at the FHLBNY
Whatever
the future may bring, it is certain that technology will support
our ability to succeed. At the FHLBNY, we are invested in driving
the technology advancements that position us for future success and
enhance the services we provide to our members.
On
January 1, Michael Radziemski was named our Chief Information
Officer, leading our Technology Group. Michael joined the FHLBNY in
July 2019 as our Deputy CIO. Our previous CIO, Bob Fusco, who had
served in this capacity for 11 years and whose career at the FHLBNY
spans 32 years, will retire at the end of the first quarter,
serving as a Special Advisor to the CEO through to his retirement.
Bob has led our technology efforts as we have grown and
strengthened the foundation on which our technology strategy is
built, and has made a tremendous impact on our cooperative.
Michael, in his new role, will lead our efforts to enable business
success through improving and modernizing our technology
capabilities, better positioning the FHLBNY to meet the current and
future needs of our members. We all look forward to the value that
Michael and the Technology Group will bring to our franchise,
enhancing our ability to serve as a stable, reliable and responsive
partner for our members.
Dependable Access to Liquidity
Historically,
we have experienced an increase in advance demand as year-end
liquidity tightens elsewhere, and members rely on their access to
FHLBNY funding. And, true to form, we saw strong borrowing
activity in the weeks leading up to the end of 2019. We were
well-prepared to meet these needs, not only because of our strong
balance sheet – which positions us to be a reliable provider
of liquidity in all operating environments – but because of
the results of our year-end Member Liquidity Survey. This
survey – a proactive outreach effort to gauge members’
need for year-end liquidity – showed that the majority of
respondents were not overly concerned about this need, yet provided
us with an indication of their potential needs, reflecting both the
strength of our membership and the dependability of our
franchise.
I thank
our members for your business in 2019 and over the past decade, and
look forward to working with you in 2020 to the benefit of our
cooperative, our members and the communities we serve.
Sincerely,
José
R. González
President
and Chief Executive Officer
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Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This
report may contain forward-looking statements within the meaning of
the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. These
statements may use forward-looking terms, such as
“projected,” “expects,” “may,”
or their negatives or other variations of these terms. The Bank
cautions that, by their nature, forward-looking statements involve
risk or uncertainty and that actual results could differ materially
from those expressed or implied in these forward-looking statements
or could affect the extent to which a particular objective,
projection, estimate, or prediction is realized. These forward-looking statements involve risks and
uncertainties including, but not limited to, regulatory and
accounting rule adjustments or requirements, changes in interest
rates, changes in projected business volumes, changes in prepayment
speeds on mortgage assets, the cost of our funding, changes in our
membership profile, the withdrawal of one or more large members,
competitive pressures, shifts in demand for our products, and
general economic conditions. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason.
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