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OCTOBER 2008 NEWS RELEASE

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

FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $38.5 billion on September 30, 2008, posting an increase of $7,974.5 million from the level on August 31, 2008.  This net change was the result of a decrease in holdings of agency assets of $187.0 million and increases in net holdings of agency debt of $7,743.0 million and in net holdings of government-guaranteed loans of $418.5 million. The FFB made 54 disbursements and received 1 prepayment during the month of September.  The FFB also extended the maturities of 144 loans guaranteed by the Rural Utilities Service (“RUS”) during the month.

During the fiscal year 2008, the FFB holdings of obligations issued, sold or guaranteed by other Federal agencies posted a net increase of $4,525.6 million from the level on September 30, 2007.  This net change was the result of a decrease in net holdings of agency assets of $284.0 million and increases in holdings of agency debt of $4,138.7 million and government-guaranteed loans of $670.9 million.
  
Attached to this release are tables presenting FFB September loan activity and FFB holdings as of September 30, 2008.

FEDERAL FINANCING BANK
SEPTEMBER 2008 ACTIVITY


Amount Final Interest
Borrower Date of Advance Maturity Rate
AGENCY DEBT
NATIONAL CREDIT UNION ADMIN. - CLF
National Credit Union 9/11 $2,000,000.00 12/10/08 1.773% S/A
National Credit Union 9/15 $8,000,000.00 12/15/08 1.622% S/A
National Credit Union 9/16 $10,000,000.00 12/15/08 1.147% S/A
National Credit Union 9/24 $102,000,000.00 12/23/08 0.923% S/A
National Credit Union 9/25 $135,200,000.00 12/24/08 0.617% S/A
National Credit Union 9/26 $195,623,925.00 12/26/08 0.887% S/A
National Credit Union 9/29 $475,053,918.00 12/29/08 1.028% S/A
National Credit Union 9/30 $181,283,636.00 12/29/08 1.065% S/A
U.S. POSTAL SERVICE
U.S. Postal Service 9/17 $2,500,000,000.00 12/11/08 0.905% S/A
U.S. Postal Service 9/19 $2,000,000,000.00 12/18/08 0.485% S/A
U.S. Postal Service 9/19 $500,000,000.00 12/18/08 0.155% S/A
U.S. Postal Service 9/30 $2,200,000,000.00 10/01/08 0.297% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
San Francisco Bldg Lease 9/19 $527,049.20 8/01/35 4.129% S/A
San Francisco Bldg Lease 9/24 $21,191.20 8/01/35 4.442% S/A
DEPARTMENT OF EDUCATION
Xavier University 9/03 $2,541,773.79 12/01/08 1.716% S/A
Southern University 9/26 $334,717.49 12/01/08 0.596% S/A
Tougaloo College 9/26 $162,005.32 12/01/08 0.596% S/A
Dillard University 9/30 $5,865,479.49 12/01/08 0.632% S/A
RURAL UTILITIES SERVICE
Wilkes Tel. Memb. Corp. #874 9/04 $2,477,853.00 12/31/20 3.444% Qtr.
Wilkes Tel. Memb. Corp. #2333 9/04 $2,090,000.00 12/31/25 3.864% Qtr.
Verdigris Valley Elec. #2368 9/05 $10,344,000.00 12/31/42 4.098% Qtr.
Woodruff Electric Coop. #2362 9/08 $10,000,000.00 12/31/42 4.178% Qtr.
Brazos Electric #2307 9/10 $5,000,000.00 12/31/08 1.705% Qtr.
Brazos Electric #2307 9/10 $5,000,000.00 12/31/08 1.705% Qtr.
Brazos Electric #2307 9/10 $5,000,000.00 12/31/08 1.705% Qtr.
Brazos Electric #2307 9/10 $5,000,000.00 12/31/08 1.705% Qtr.
Brazos Electric #2307 9/10 $2,637,000.00 12/31/08 1.705% Qtr.
Greystone Power Corp. #2355 9/10 $8,000,000.00 12/31/36 4.070% Qtr.
Cookson Hills Elec. #2373 9/11 $5,932,000.00 12/31/42 4.141% Qtr.
Jackson Electric #2356 9/12 $1,100,000.00 12/31/42 4.116% Qtr.
Chariton Valley #2361 9/15 $2,130,000.00 12/31/42 4.230% Qtr.
Shawnee Telephone Co. #2148 9/15 $2,500,000.00 1/03/23 3.651% Qtr.
Farmers Telephone #2203 9/16 $5,104,000.00 3/31/09 1.557% Qtr.
Central Florida Elec. #2371 9/17 $8,626,000.00 12/31/42 3.986% Qtr.
Kennebec Telephone #2293 9/17 $91,081.00 12/31/25 3.520% Qtr.
Associated Electric #2288 9/19 $6,819,000.00 12/31/25 3.660% Qtr.
Brantley Telephone Co. #2301 9/19 $1,000,000.00 12/31/24 3.593% Qtr.
Concordia Electric #2221 9/19 $1,263,000.00 1/02/35 3.972% Qtr.
South Slope Cooperative #741 9/22 $2,224,769.00 1/02/18 3.173% Qtr.
Seminole Electric #2366 9/23 $29,647,000.00 12/31/37 4.299% Qtr.
Tri-County Electric Ass. #2379 9/23 $1,500,000.00 12/31/42 4.330% Qtr.
Ragland Telephone #2316 9/24 $771,000.00 1/02/29 4.126% Qtr.
TRANSCO #2323 9/26 $3,555,000.00 12/31/35 4.289% Qtr.
Lackawaxen Tel. Ser. Inc #2281 9/29 $92,000.00 9/30/10 2.089% Qtr.
Tri-State #2052 9/29 $3,284,000.00 1/03/34 4.225% Qtr.
Tri-State #2172 9/29 $4,407,400.00 12/31/35 4.248% Qtr.
Tri-State #2247 9/29 $1,714,000.00 12/31/35 4.248% Qtr.
Tri-State #2298 9/29 $1,540,000.00 12/31/37 4.264% Qtr.
*Blue Grass Energy #674 9/30 $4,364,897.51 12/31/08 0.976% Qtr.
*Blue Grass Energy #674 9/30 $1,743,787.83 12/31/08 0.976% Qtr.
*Blue Grass Energy #674 9/30 $4,443,536.25 12/31/08 0.976% Qtr.
*Blue Grass Energy #674 9/30 $4,535,491.97 12/31/08 0.976% Qtr.
*Blue Grass Energy #674 9/30 $2,637,430.79 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $1,307,631.97 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $1,000,511.47 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $815,505.98 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $669,332.14 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $885,864.02 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $113,702.30 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $1,017,398.36 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $951,386.89 12/31/08 0.976% Qtr.
*Brazos Electric #917 9/30 $997,627.81 12/31/08 0.976% Qtr.
*Brazos Electric #2086 9/30 $5,615,513.70 12/31/08 0.958% Qtr.
*Brazos Electric #2086 9/30 $4,968,274.47 12/31/08 0.958% Qtr.
*Brazos Electric #2086 9/30 $2,349,972.11 12/31/08 0.958% Qtr.
*Brazos Electric #2182 9/30 $5,494,067.82 12/31/08 0.958% Qtr.
*Brazos Electric #2182 9/30 $1,200,662.91 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,971,219.48 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,971,219.48 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,971,219.48 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,971,219.48 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,971,219.48 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $3,120,931.59 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,931,538.42 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,978,354.23 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,978,354.23 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,978,354.23 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $4,978,354.23 12/31/08 0.958% Qtr.
*Brazos Electric #2307 9/30 $1,283,419.72 12/31/08 0.958% Qtr.
*Cumberland Valley #668 9/30 $3,640,368.68 12/31/08 0.976% Qtr.
*Cumberland Valley #668 9/30 $4,372,077.59 12/31/08 0.976% Qtr.
*Cumberland Valley #2118 9/30 $2,089,471.50 12/31/08 0.958% Qtr.
*Cumberland Valley #2118 9/30 $1,899,519.56 12/31/08 0.958% Qtr.
*Cumberland Valley #2118 9/30 $2,842,135.85 12/31/08 0.958% Qtr.
*Cumberland Valley #2118 9/30 $1,933,798.96 12/31/08 0.958% Qtr.
*Cumberland Valley #2118 9/30 $1,076,997.86 12/31/08 0.958% Qtr.
*Cooper Valley Tel. #648 9/30 $738,327.75 12/31/08 0.976% Qtr.
*Cooper Valley Tel. #648 9/30 $168,005.80 12/31/08 0.976% Qtr.
Dairyland Power #2262 9/30 $8,120,000.00 12/31/40 4.043% Qtr.
*Darien Telephone Co. #719 9/30 $274,791.71 12/31/08 0.976% Qtr.
*East River Power #601 9/30 $3,162,762.96 12/31/19 3.148% Qtr.
*Fairfield Elec. #684 9/30 $2,802,856.90 12/31/08 0.976% Qtr.
*Fairfield Elec. #684 9/30 $82,197.82 12/31/08 0.976% Qtr.
*Farmer's Telephone #459 9/30 $14,706.88 12/31/08 1.101% Qtr.
*Farmer's Telephone #459 9/30 $130,317.92 12/31/08 1.101% Qtr.
*Fleming-Mason Energy #644 9/30 $2,199,908.22 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $1,184,565.92 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $1,269,177.80 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $1,861,460.77 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $1,184,565.92 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $2,566,751.53 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $2,543,672.82 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $2,687,668.52 12/31/08 0.976% Qtr.
*Fleming-Mason Energy #644 9/30 $2,231,776.08 12/31/08 0.976% Qtr.
*Farmers Telephone #399 9/30 $3,538,675.78 12/31/08 1.101% Qtr.
*Farmers Telephone #399 9/30 $2,497,811.49 12/31/08 1.101% Qtr.
*Farmers Telephone #399 9/30 $1,695,411.75 12/31/08 1.101% Qtr.
*Farmers Telephone #399 9/30 $1,342,001.72 12/31/08 1.101% Qtr.
*Farmers Telephone #399 9/30 $1,767,888.96 12/31/08 1.101% Qtr.
*Farmers Telephone #399 9/30 $1,486,468.16 12/31/08 1.101% Qtr.
*Farmers Telephone #399 9/30 $147,490.65 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $1,633,864.24 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $2,278,292.81 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $5,716,026.00 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $4,258,031.38 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $3,306,592.23 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $2,954,010.74 12/31/08 1.101% Qtr.
*Farmers Telephone #476 9/30 $1,221,415.12 12/31/08 1.101% Qtr.
*Farmers Telephone #2203 9/30 $1,661,883.09 12/31/08 0.958% Qtr.
*Farmers Telephone #2203 9/30 $6,840,037.86 12/31/08 0.958% Qtr.
*Farmers Telephone #2203 9/30 $4,018,207.41 12/31/08 0.958% Qtr.
*Farmers Telephone #2203 9/30 $2,191,015.71 12/31/08 0.958% Qtr.
*Farmers Telephone #2203 9/30 $7,851,538.09 12/31/08 0.958% Qtr.
*Farmers Telephone #2203 9/30 $987,077.62 12/31/08 0.958% Qtr.
*FTC Communications #709 9/30 $4,864,882.42 12/31/08 0.976% Qtr.
*FTC Communications #709 9/30 $1,453,855.16 12/31/08 0.976% Qtr.
*FTC Communications #709 9/30 $1,873,497.96 12/31/08 0.976% Qtr.
*FTC Communications #709 9/30 $2,396,031.07 12/31/08 0.976% Qtr.
*FTC Communications #709 9/30 $844,361.31 12/31/08 0.976% Qtr.
*FTC Communications #709 9/30 $1,006,052.99 12/31/08 0.976% Qtr.
*FTC Communications #2101 9/30 $354,032.38 12/31/08 0.958% Qtr.
*FTC Communications #2101 9/30 $2,748,756.78 12/31/08 0.958% Qtr.
*FTC Communications #2101 9/30 $2,449,506.98 12/31/08 0.958% Qtr.
*FTC Communications #2101 9/30 $2,535,832.32 12/31/08 0.958% Qtr.
*FTC Communications #2101 9/30 $1,133,010.04 12/31/08 0.958% Qtr.
*FTC Communications #2101 9/30 $2,773,035.17 12/31/08 0.958% Qtr.
*Grayson Rural Elec. #619 9/30 $1,015,342.25 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $507,671.13 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $846,118.56 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $1,096,172.60 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $865,863.38 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $2,192,818.17 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $895,889.52 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $915,134.37 12/31/08 0.976% Qtr.
*Grayson Rural Elec. #619 9/30 $1,542,522.70 12/31/08 0.976% Qtr.
*Harrison County #532 9/30 $842,677.62 12/31/08 0.976% Qtr.
*Harrison County #532 9/30 $758,409.89 12/31/08 0.976% Qtr.
*Harrison County #532 9/30 $848,362.92 12/31/08 0.976% Qtr.
*Harrison County #532 9/30 $1,383,391.90 12/31/08 0.976% Qtr.
*Harrison County #532 9/30 $1,489,390.13 12/31/08 0.976% Qtr.
*Inter-County Energy #592 9/30 $1,264,016.43 12/31/08 0.976% Qtr.
*Inter-County Energy #592 9/30 $1,685,355.29 12/31/08 0.976% Qtr.
*Inter-County Energy #592 9/30 $2,196,860.58 12/31/08 0.976% Qtr.
*Inter-County Energy #592 9/30 $186,992.18 12/31/08 0.976% Qtr.
*Inter-County Energy #850 9/30 $3,639,422.16 12/31/08 0.958% Qtr.
*Inter-County Energy #850 9/30 $1,819,711.06 12/31/08 0.958% Qtr.
*Inter-County Energy #850 9/30 $1,819,825.41 12/31/08 0.958% Qtr.
*Inter-County Energy #850 9/30 $3,228,662.13 12/31/08 0.958% Qtr.
*Inter-County Energy #850 9/30 $2,977,586.82 12/31/08 0.958% Qtr.
*Inter-County Energy #850 9/30 $3,433,374.89 12/31/08 0.958% Qtr.
*Inter-County Energy #850 9/30 $3,061,879.04 12/31/08 0.958% Qtr.
*Jackson Purchase #755 9/30 $2,237,015.32 9/30/11 1.946% Qtr.
*La Plata Electric #2140 9/30 $22,899,239.38 12/31/08 0.958% Qtr.
*Lea County Elec. Coop. #2096 9/30 $4,750,141.07 12/31/13 2.713% Qtr.
*Licking Valley Elec. #522 9/30 $2,316,520.81 12/31/08 0.976% Qtr.
*Licking Valley Elec. #854 9/30 $1,831,591.39 12/31/08 0.958% Qtr.
*Licking Valley Elec. #854 9/30 $1,875,814.73 12/31/08 0.958% Qtr.
*Licking Valley Elec. #854 9/30 $1,910,133.41 12/31/08 0.958% Qtr.
*Licking Valley Elec. #854 9/30 $4,631,300.88 12/31/08 0.958% Qtr.
*Medina Electric #622 9/30 $1,294,028.10 12/31/08 0.976% Qtr.
*Medina Electric #622 9/30 $1,299,902.24 12/31/08 0.976% Qtr.
*Medina Electric #622 9/30 $709,370.76 12/31/08 0.976% Qtr.
*Medina Electric #2050 9/30 $1,868,186.41 12/31/08 0.958% Qtr.
*Medina Electric #2050 9/30 $939,454.69 12/31/08 0.958% Qtr.
*Moundville Telephone #2159 9/30 $812,418.04 12/31/08 0.958% Qtr.
*Moundville Telephone #2159 9/30 $228,159.35 12/31/08 0.958% Qtr.
*Nolin Rural Elec. #528 9/30 $1,595,188.71 12/31/08 0.976% Qtr.
*Nolin Rural Elec. #577 9/30 $2,176,636.30 12/31/08 0.976% Qtr.
*Nolin Rural Elec. #577 9/30 $2,176,636.30 12/31/08 0.976% Qtr.
*Nolin Rural Elec. #840 9/30 $3,639,422.16 12/31/08 0.958% Qtr.
*Nolin Rural Elec. #840 9/30 $2,682,254.14 12/31/08 0.958% Qtr.
*Northstar Technology #811 9/30 $1,342,132.56 12/31/08 0.976% Qtr.
*Northstar Technology #811 9/30 $732,008.93 12/31/08 0.976% Qtr.
*Pee Dee Elec. #547 9/30 $1,476,236.14 9/30/13 2.634% Qtr.
*PRTCommunications #798 9/30 $3,288,127.88 12/31/08 0.976% Qtr.
*PRTCommunications #798 9/30 $1,254,275.35 12/31/08 0.976% Qtr.
*PRTCommunications #798 9/30 $557,274.16 12/31/08 0.976% Qtr.
*PRTCommunications #798 9/30 $811,111.13 12/31/08 0.976% Qtr.
*San Miguel Electric #919 9/30 $4,883,222.57 12/31/08 0.976% Qtr.
*San Miguel Electric #919 9/30 $5,127,440.85 12/31/08 0.976% Qtr.
*Sangre De Cristo Elec. #732 9/30 $441,050.10 1/03/34 3.982% Qtr.
*Sangre De Cristo Elec. #732 9/30 $449,313.33 1/03/34 3.982% Qtr.
*Virgin Islands Tel. #2089 9/30 $53,102,313.84 12/31/08 0.958% Qtr.
RURAL UTILITIES SERVICE - GETP
CFC 9/24 $100,000,000.00 10/17/11 2.409% Qtr.
CFC 9/24 $100,000,000.00 10/17/11 2.409% Qtr.
CFC 9/24 $100,000,000.00 10/17/11 2.409% Qtr.
CFC 9/24 $100,000,000.00 10/17/11 2.409% Qtr.
CFC 9/24 $100,000,000.00 10/17/11 2.409% 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=20 dollars)


Monthly Fiscal Year
Net Change Net Change
Program September 30, 2008 August 31, 2008 9/01/08- 9/30/08 10/01/07- 9/30/08
Agency Debt
U.S. Postal Service $7,200.0 $566.2 $6,633.8 $3,000.0
National Credit Union Adm.-CLF $1,109.2 $0.0 $1,109.2 $1,109.2
Federal Deposit Insurance Corp. $0.0 $0.0 $0.0 $0.0
HOPE for Homeowners Bonds       $29.5       $29.5        $0.0       $29.5
Subtotal* $8,338.7 $595.7 $7,743.0 $4,138.7
Agency Assets
Rural Utilities Service-CBO    $3,632.6    $3,819.6     -$187.0     -$284.0
Subtotal* $3,632.6 $3,819.6 -$187.0 -$284.0
Government-Guaranteed Lending
DOD-Foreign Military Sales $680.4 $698.0 -$17.7 -$156.1
DoEd-HBCU+ $337.0 $328.5 $8.5 $23.3
DHUD-Public Housing Notes $691.4 $691.4 $0.0 -$99.2
General Services Administration+ $2,077.6 $2,080.1 -$2.5 -$42.3
DOI-Virgin Islands $0.0 $0.0 $0.0 -$0.8
DON-Ship Lease Financing $16.6 $16.6 $0.0 -$53.0
Rural Utilities Service $19,693.5 $19,763.0 -$69.5 $506.3
Rural Utilities Service-GETP $3,000.0 $2,500.0 $500.0 $500.0
SBA-State/Local Development Cos. $10.0 $10.3 -$0.3 -$6.9
DOT-Section 511 $2.0 $2.1 -$0.1 -$0.2
VA Homeless Veterans Housing+        $4.9        $4.9        $0.0        $0.0
Subtotal* $26,513.4 $26,094.9 $418.5 $670.9
========= ========= ========= =========
Grand total* $38,484.7 $30,510.2 $7,974.5 $4,525.6
_______________________________________
* figures may not total due to rounding
+ does not include capitalized interest