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BANK SYSTEM'S 60TH YEAR A 'WATERSHED' FOR MEMBERSHIP; END OF YEAR SHOWS IMPROVING FINANCIALS

 WASHINGTON, Jan. 27 /PRNewswire/ -- At its first monthly meeting of the new year, the Federal Housing Finance Board noted the significant growth in Federal Home Loan Bank System membership during 1992. The board also cited positive trends in the System's financials for the year.
 Year-end membership figures presented to the Finance Board show that 914 institutions were approved for membership in 1992, nearly double the number of new member approvals in 1991. In August, the 1,000th commercial bank member was approved, a milestone since the Bank System was opened to commercial banks in 1989.
 System financials at year-end show a positive trend as the level of Bank System advances increased in the last six months, culminating in a $1.4 billion increase from November to December.
 For the year 1992, System assets averaged $158.9 billion, $1.2 billion greater than the average for the preceding year. The System capital-to-asset ratio of 6.5 percent remains high, and the Banks continued to pay a market rate of return in dividends to members.
 "Last year -- the 60th anniversary of the creation of the Bank System -- turned out to be a watershed year. And today the System is safe, sound and ready as ever to carry out the special role in housing finance that it was assigned by Congress," Finance Board Chairman Daniel F. Evans Jr. observed. "Like other financial institutions, the Bank System has felt the effects of the recession and other changes in the financial marketplace. While the last several years have been challenging, current trends are all in the right direction, and that's important."
 There were 3,643 members in the Bank System at year-end 1992. This surpassed by 426 members the total number of members as of the enactment of FIRREA in 1989. The increasingly diverse membership of the System includes 2,310 thrifts, 1,295 commercial banks, 26 credit unions and 12 insurance companies. The number of credit union and insurance company members doubled in 1992. Significantly, commercial bank member assets also doubled from 11 percent to 24 percent of System assets.
 The Federal Housing Finance Board was established by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and was given supervisory authority and oversight for the Federal Home Loan Bank System, a government sponsored enterprise. As such, the board promotes housing, administers the multi-million dollar Affordable Housing Program, and reviews the Bank System's financial performance and operating procedures to ensure the safety and soundness of the System.
 -0- 1/27/93
 /CONTACT: Charles M. Chamness of the Federal Housing Finance Board, 202-408-2986/


CO: Federal Housing Finance Board ST: District of Columbia IN: FIN SU:

MH -- DC026 -- 9889 01/27/93 16:50 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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