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APRIL 2008 NEWS RELEASE

Gary H. Burner, Chief Financial Officer, Federal Financing Bank (FFB) announced the following activity for the month of March 2008.

FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $30.5 billion on March 31, 2008, posting a decrease of $766.0 million from the level on February 29, 2008. This net change was the result of decreases in net holdings of agency debt (U.S. Postal Service) of $468.6 million, in holdings of agency assets of $97.0 million, and in net holdings of government-guaranteed loans of $200.3 million. The FFB made 39 disbursements and received 1 prepayment during the month of March.  The FFB also extended the maturities of 136 loans guaranteed by the Rural Utilities Service (“RUS”) during the month.
  
Attached to this release are tables presenting FFB March loan activity and FFB holdings as of March 31, 2008.

FEDERAL FINANCING BANK
MARCH 2008 ACTIVITY


Amount Final Interest
Borrower Date of Advance Maturity Rate
AGENCY DEBT
U.S. POSTAL SERVICE
U.S. Postal Service 3/03 $370,200,000.00 3/04/08 2.171% S/A
U.S. Postal Service 3/07 $500,000,000.00 3/10/08 2.054% S/A
U.S. Postal Service 3/07 $160,000,000.00 3/10/08 1.800% S/A
U.S. Postal Service 3/10 $700,000,000.00 3/11/08 1.881% S/A
U.S. Postal Service 3/10 $260,700,000.00 3/11/08 1.810% S/A
U.S. Postal Service 3/11 $450,000,000.00 3/12/08 1.800% S/A
U.S. Postal Service 3/11 $279,600,000.00 3/12/08 1.953% S/A
U.S. Postal Service 3/12 $250,000,000.00 3/13/08 1.810% S/A
U.S. Postal Service 3/12 $337,100,000.00 3/13/08 1.820% S/A
U.S. Postal Service 3/13 $441,800,000.00 3/14/08 1.698% S/A
U.S. Postal Service 3/14 $261,100,000.00 3/17/08 1.322% S/A
U.S. Postal Service 3/17 $68,700,000.00 3/18/08 1.292% S/A
U.S. Postal Service 3/21 $300,000,000.00 3/24/08 0.379% S/A
U.S. Postal Service 3/21 $155,000,000.00 3/24/08 0.480% S/A
U.S. Postal Service 3/24 $600,000,000.00 3/25/08 0.480% S/A
U.S. Postal Service 3/24 $158,400,000.00 3/25/08 0.713% S/A
U.S. Postal Service 3/25 $200,000,000.00 3/26/08 0.480% S/A
U.S. Postal Service 3/25 $358,100,000.00 3/26/08 1.597% S/A
U.S. Postal Service 3/26 $60,000,000.00 3/27/08 0.713% S/A
U.S. Postal Service 3/26 $353,600,000.00 3/27/08 1.485% S/A
U.S. Postal Service 3/27 $239,900,000.00 3/28/08 1.444% S/A
U.S. Postal Service 3/28 $64,900,000.00 3/31/08 1.414% S/A
U.S. Postal Service 3/31 $725,000,000.00 4/01/08 1.444% S/A
U.S. Postal Service 3/31 $577,800,000.00 4/01/08 1.322% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
San Francisco Bldg Lease 3/11 $472,111.37 8/01/35 4.279% S/A
Foley Services Contract 3/25 $85,635.55 7/31/25 3.875% S/A
DEPARTMENT OF EDUCATION
Allen University 3/18 $142,835.12 5/01/18 3.340% S/A
RURAL UTILITIES SERVICE
Johnson County Elec. #2085 3/03 $1,550,000.00 12/31/37 4.175% Qtr.
Brantley Telephone Co. #2301 3/07 $821,000.00 12/31/24 3.738% Qtr.
Dairyland Power #2262 3/07 $2,608,000.00 12/31/40 4.366% Qtr.
Citizens Tel. of NY #2290 3/14 $57,000.00 1/03/23 3.489% Qtr.
Jackson Electric #2337 3/14 $1,425,000.00 12/31/41 4.289% Qtr.
M & A Electric #2334 3/14 $1,437,000.00 12/31/31 4.076% Qtr.
Clay County Rural Tel. #2232 3/17 $3,897,000.00 1/03/23 3.359% Qtr.
Springer Electric Coop. #2141 3/24 $21,000.00 12/31/37 3.956% Qtr.
Minnesota Valley Elec. #2339 3/26 $10,672,000.00 12/31/41 4.155% Qtr.
Midstate Communications #780 3/28 $753,911.00 12/31/18 3.014% Qtr.
Sho-Me Power #2160 3/28 $5,459,000.00 12/31/37 4.178% Qtr.
*Blue Grass Energy #674 3/31 $4,432,332.68 6/30/08 1.338% Qtr.
*Blue Grass Energy #674 3/31 $1,770,728.36 6/30/08 1.338% Qtr.
*Blue Grass Energy #674 3/31 $4,512,186.34 6/30/08 1.338% Qtr.
*Blue Grass Energy #674 3/31 $4,605,562.74 6/30/08 1.338% Qtr.
*Blue Grass Energy #674 3/31 $2,678,177.59 6/30/08 1.338% Qtr.
*Brazos Electric #917 3/31 $2,192,714.07 12/31/15 2.492% Qtr.
*Brazos Electric #917 3/31 $739,562.93 12/31/15 2.492% Qtr.
*Brazos Electric #917 3/31 $16,685,980.01 1/03/22 3.307% Qtr.
*Brazos Electric #917 3/31 $344,279.62 12/31/19 3.050% Qtr.
*Brazos Electric #917 3/31 $11,139.88 12/31/19 3.050% Qtr.
*Brazos Electric #917 3/31 $587,350.94 12/31/19 3.050% Qtr.
*Brazos Electric #917 3/31 $1,924,242.49 12/31/19 3.050% Qtr.
*Brazos Electric #917 3/31 $1,513,742.76 12/31/19 3.176% Qtr.
*Brazos Electric #437 3/31 $3,582,763.10 12/31/25 3.829% Qtr.
*Brazos Electric #437 3/31 $3,230,436.85 12/31/25 3.829% Qtr.
*Brazos Electric #437 3/31 $1,091,673.14 12/31/25 3.829% Qtr.
*Brazos Electric #437 3/31 $247,622.33 12/31/25 3.829% Qtr.
*Brazos Electric #437 3/31 $2,371,973.33 12/31/25 3.829% Qtr.
*Brazos Electric #437 3/31 $916,047.16 12/31/25 3.829% Qtr.
*Brazos Electric #561 3/31 $8,458,236.42 12/31/24 3.622% Qtr.
*Brazos Electric #561 3/31 $4,257,226.26 12/31/24 3.622% Qtr.
*Brazos Electric #2181 3/31 $18,845,603.26 12/31/25 3.701% Qtr.
*Clark Energy Coop. #2087 3/31 $1,976,578.36 6/30/08 1.338% Qtr.
*Cumberland Valley #668 3/31 $3,696,610.29 6/30/08 1.338% Qtr.
*Cumberland Valley #668 3/31 $4,439,623.69 6/30/08 1.338% Qtr.
*Cumberland Valley #2118 3/31 $2,117,746.03 6/30/08 1.338% Qtr.
*Cumberland Valley #2118 3/31 $1,925,223.67 6/30/08 1.338% Qtr.
*Cumberland Valley #2118 3/31 $2,880,595.35 6/30/08 1.338% Qtr.
*Cumberland Valley #2118 3/31 $1,959,966.95 6/30/08 1.338% Qtr.
*Cumberland Valley #2118 3/31 $1,091,571.69 6/30/08 1.338% Qtr.
*Cooper Valley Tel. #648 3/31 $761,045.53 6/30/08 1.338% Qtr.
*Cooper Valley Tel. #648 3/31 $173,175.22 6/30/08 1.338% Qtr.
*Coweta-Fayette Elec. #620 3/31 $11,750,063.77 1/03/34 4.047% Qtr.
Dairyland Power #2262 3/31 $1,987,000.00 12/31/40 4.164% Qtr.
*Darien Telephone Co. #719 3/31 $292,652.08 6/30/08 1.338% Qtr.
*Fairfield Elec. #684 3/31 $2,846,159.44 6/30/08 1.338% Qtr.
*Fairfield Elec. #684 3/31 $83,467.74 6/30/08 1.338% Qtr.
*Farmer's Telephone #459 3/31 $15,440.02 6/30/08 1.463% Qtr.
*Farmer's Telephone #459 3/31 $137,362.14 6/30/08 1.463% Qtr.
*Fleming-Mason Energy #644 3/31 $2,235,527.71 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $1,203,745.63 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $1,289,727.51 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $1,891,600.34 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $1,203,745.63 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $2,608,310.71 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $2,584,858.32 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $2,731,185.50 6/30/08 1.338% Qtr.
*Fleming-Mason Energy #644 3/31 $2,267,911.54 6/30/08 1.338% Qtr.
*Farmers Telephone #399 3/31 $3,657,728.53 6/30/08 1.463% Qtr.
*Farmers Telephone #399 3/31 $2,581,846.12 6/30/08 1.463% Qtr.
*Farmers Telephone #399 3/31 $1,752,451.01 6/30/08 1.463% Qtr.
*Farmers Telephone #399 3/31 $1,387,151.10 6/30/08 1.463% Qtr.
*Farmers Telephone #399 3/31 $1,827,366.59 6/30/08 1.463% Qtr.
*Farmers Telephone #399 3/31 $1,536,477.86 6/30/08 1.463% Qtr.
*Farmers Telephone #399 3/31 $152,452.73 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $1,757,476.26 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $2,450,659.85 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $6,148,478.98 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $4,580,177.98 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $3,556,756.52 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $3,177,500.06 6/30/08 1.463% Qtr.
*Farmers Telephone #476 3/31 $1,313,822.78 6/30/08 1.463% Qtr.
*Farmers Telephone #2203 3/31 $1,718,291.09 6/30/08 1.338% Qtr.
*Farmers Telephone #2203 3/31 $7,072,203.95 6/30/08 1.338% Qtr.
*Farmers Telephone #2203 3/31 $4,154,594.30 6/30/08 1.338% Qtr.
*Farmers Telephone #2203 3/31 $2,265,383.65 6/30/08 1.338% Qtr.
*Farmers Telephone #2203 3/31 $8,118,036.74 6/30/08 1.338% Qtr.
*FTC Communications #709 3/31 $5,062,427.31 6/30/08 1.338% Qtr.
*FTC Communications #709 3/31 $1,512,890.84 6/30/08 1.338% Qtr.
*FTC Communications #709 3/31 $1,949,573.78 6/30/08 1.338% Qtr.
*FTC Communications #709 3/31 $2,493,325.02 6/30/08 1.338% Qtr.
*FTC Communications #709 3/31 $878,647.69 6/30/08 1.338% Qtr.
*FTC Communications #709 3/31 $1,046,905.09 6/30/08 1.338% Qtr.
*FTC Communications #2101 3/31 $368,408.33 6/30/08 1.338% Qtr.
*FTC Communications #2101 3/31 $2,860,373.63 6/30/08 1.338% Qtr.
*FTC Communications #2101 3/31 $2,548,972.39 6/30/08 1.338% Qtr.
*FTC Communications #2101 3/31 $2,638,803.09 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $1,031,782.01 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $515,891.01 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $859,818.35 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $1,113,921.11 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $879,882.87 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $2,228,322.86 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $910,395.18 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $929,951.63 6/30/08 1.338% Qtr.
*Grayson Rural Elec. #619 3/31 $1,567,498.23 6/30/08 1.338% Qtr.
*Harrison County #532 3/31 $856,321.71 6/30/08 1.338% Qtr.
*Harrison County #532 3/31 $770,689.57 6/30/08 1.338% Qtr.
*Harrison County #532 3/31 $862,099.06 6/30/08 1.338% Qtr.
*Harrison County #532 3/31 $1,405,790.88 6/30/08 1.338% Qtr.
*Harrison County #532 3/31 $1,513,505.37 6/30/08 1.338% Qtr.
*Holmew-Wayne Elec. #455 3/31 $1,723,667.27 12/31/31 4.120% Qtr.
*Inter-County Energy #592 3/31 $1,284,482.56 6/30/08 1.338% Qtr.
*Inter-County Energy #592 3/31 $1,712,643.47 6/30/08 1.338% Qtr.
*Inter-County Energy #592 3/31 $2,232,430.72 6/30/08 1.338% Qtr.
*Inter-County Energy #592 3/31 $190,019.84 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $3,690,829.61 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $1,845,414.79 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $1,845,530.75 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $3,274,267.52 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $3,019,645.74 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $3,481,871.89 6/30/08 1.338% Qtr.
*Inter-County Energy #850 3/31 $3,105,128.59 6/30/08 1.338% Qtr.
*Ironton Telephone Co. #888 3/31 $2,624,818.77 6/30/08 1.338% Qtr.
*Ironton Telephone Co. #2051 3/31 $2,565,401.92 6/30/08 1.338% Qtr.
*Karnes Elec. #568 3/31 $1,293,091.40 4/01/13 2.464% Qtr.
*Karnes Elec. #568 3/31 $1,152,816.59 1/03/34 4.047% Qtr.
*La Plata Electric #2140 3/31 $23,196,437.24 6/30/08 1.338% Qtr.
*Licking Valley Elec. #522 3/31 $2,354,028.41 6/30/08 1.338% Qtr.
*Licking Valley Elec. #854 3/31 $1,857,462.93 6/30/08 1.338% Qtr.
*Licking Valley Elec. #854 3/31 $1,902,310.92 6/30/08 1.338% Qtr.
*Licking Valley Elec. #854 3/31 $1,937,114.37 6/30/08 1.338% Qtr.
*Licking Valley Elec. #854 3/31 $4,696,718.79 6/30/08 1.338% Qtr.
*Meade County Elec. #662 3/31 $4,791,197.07 1/02/35 4.069% Qtr.
*Medina Electric #622 3/31 $1,314,980.16 6/30/08 1.338% Qtr.
*Medina Electric #622 3/31 $1,320,949.42 6/30/08 1.338% Qtr.
*Medina Electric #622 3/31 $720,856.42 6/30/08 1.338% Qtr.
*Medina Electric #2050 3/31 $1,893,466.53 6/30/08 1.338% Qtr.
*Medina Electric #2050 3/31 $952,167.29 6/30/08 1.338% Qtr.
*Moundville Telephone #2159 3/31 $834,378.35 6/30/08 1.338% Qtr.
*Moundville Telephone #2159 3/31 $234,326.69 6/30/08 1.338% Qtr.
*Nolin Rural Elec. #528 3/31 $1,621,016.97 6/30/08 1.338% Qtr.
*Nolin Rural Elec. #577 3/31 $2,211,878.99 6/30/08 1.338% Qtr.
*Nolin Rural Elec. #577 3/31 $2,211,878.99 6/30/08 1.338% Qtr.
*Nolin Rural Elec. #840 3/31 $3,690,829.61 6/30/08 1.338% Qtr.
*Nolin Rural Elec. #840 3/31 $2,720,141.43 6/30/08 1.338% Qtr.
*Northstar Technology #811 3/31 $1,396,631.61 6/30/08 1.338% Qtr.
*Northstar Technology #811 3/31 $761,733.11 6/30/08 1.338% Qtr.
*Orange County Elec. #2179 3/31 $804,230.78 3/31/11 1.680% Qtr.
*Okefenoke Rural Elec. #685 3/31 $2,305,847.16 1/02/35 4.069% Qtr.
*PRTCommunications #798 3/31 $3,513,970.80 6/30/08 1.338% Qtr.
*PRTCommunications #798 3/31 $1,317,190.23 6/30/08 1.338% Qtr.
*PRTCommunications #798 3/31 $585,227.22 6/30/08 1.338% Qtr.
*PRTCommunications #798 3/31 $833,333.35 6/30/08 1.338% Qtr.
*San Miguel Electric #919 3/31 $5,159,993.45 6/30/08 1.338% Qtr.
*San Miguel Electric #919 3/31 $5,418,053.52 6/30/08 1.338% Qtr.
*Virgin Islands Tel. #2089 3/31 $55,258,602.35 6/30/08 1.338% Qtr.

S/A is a Semiannual rate
Qtr. is a Quarterly rate
* maturity extension or interest rate reset or principal rollover


FEDERAL FINANCING BANK HOLDINGS
(in millions of dollars)

Monthly Fiscal Year
Net Change Net Change
Program March 31, 2008 February 29, 2008 3/01/08- 3/31/08 10/01/07- 3/31/08
Agency Debt
U.S. Postal Service $1,302.8 $1,771.4 -$468.6 -$2,897.2
National Credit Union Adm.-CLF $0.0 $0.0 $0.0 $0.0
Federal Deposit Insurance Corp.        $0.0        $0.0        $0.0        $0.0
Subtotal* $1,302.8 $1,771.4 -$468.6 -$2,897.2
Agency Assets
Rural Utilities Service-CBO    $3,819.6    $3,916.6      -$97.0      -$97.0
Subtotal* $3,819.6 $3,916.6 -$97.0 -$97.0
Government-Guaranteed Lending
DOD-Foreign Military Sales $752.3 $770.0 -$17.7 -$84.2
DoEd-HBCU+ $313.1 $313.3 -$0.2 -$0.6
DHUD-Public Housing Notes $691.4 $691.4 $0.0 -$99.2
General Services Administration+ $2,100.4 $2,102.9 -$2.5 -$19.5
DOI-Virgin Islands $0.8 $0.8 $0.0 $0.0
DON-Ship Lease Financing $69.6 $69.6 $0.0 $0.0
Rural Utilities Service $18,892.9 $19,072.3 -$179.5 -$294.3
Rural Utilities Service-GETP $2,500.0 $2,500.0 $0.0 $0.0
SBA-State/Local Development Cos. $13.1 $13.5 -$0.4 -$3.9
DOT-Section 511 $2.2 $2.2 -$0.1 -$0.1
VA Homeless Veterans Housing+        $4.9        $4.9        $0.0        $0.0
Subtotal* $25,340.7 $25,541.0 -$200.3 -$501.8
========= ========= ========= =========
Grand total* $30,463.1 $31,229.0 -$766.0 -$3,496.0
_______________________________________
* figures may not total due to rounding
+ does not include capitalized interest