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DECEMBER 2008 NEWS RELEASE

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

 FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $39.4 billion on November 30, 2008, posting a decrease of $305.5 million from the level on October 31, 2008. This net change was the result of a decrease in net holdings of agency debt of $322.0 million and an increase in net holdings of government-guaranteed loans of $16.5 million. The FFB made 51 disbursements and received 3 prepayments during the month of November.  The FFB also reset the interest rate for one loan guaranteed by the Department of Education during the month.
  
Attached to this release are tables presenting FFB November loan activity and FFB holdings as of November 30, 2008.

FEDERAL FINANCING BANK
NOVEMBER 2008 ACTIVITY


Amount Final Interest
Borrower Date of Advance Maturity Rate
AGENCY DEBT
NATIONAL CREDIT UNION ADMIN. - CLF
National Credit Union 11/03 $1,500,000.00 2/02/09 0.593% S/A
National Credit Union 11/04 $6,500,000.00 2/02/09 0.607% S/A
National Credit Union 11/06 $2,100,000.00 2/04/09 0.516% S/A
National Credit Union 11/07 $6,500,000.00 2/05/09 0.440% S/A
National Credit Union 11/10 $3,000,000.00 2/09/09 0.447% S/A
National Credit Union 11/12 $30,000,000.00 2/11/09 0.415% S/A
National Credit Union 11/17 $5,000,000.00 2/17/09 0.285% S/A
National Credit Union 11/18 $1,000,000.00 2/17/09 0.243% S/A
National Credit Union 11/24 $4,500,000.00 2/23/09 0.148% S/A
U.S. POSTAL SERVICE
U.S. Postal Service 11/03 $600,000,000.00 11/04/08 0.257% S/A
U.S. Postal Service 11/03 $343,700,000.00 11/04/08 0.308% S/A
U.S. Postal Service 11/04 $200,000,000.00 11/05/08 0.237% S/A
U.S. Postal Service 11/04 $401,800,000.00 11/05/08 0.419% S/A
U.S. Postal Service 11/05 $406,000,000.00 11/06/08 0.277% S/A
U.S. Postal Service 11/06 $191,000,000.00 11/07/08 0.257% S/A
U.S. Postal Service 11/07 $88,100,000.00 11/10/08 0.247% S/A
U.S. Postal Service 11/14 $381,000,000.00 11/17/08 0.186% S/A
U.S. Postal Service 11/17 $400,000,000.00 11/18/08 0.206% S/A
U.S. Postal Service 11/17 $249,800,000.00 11/18/08 0.186% S/A
U.S. Postal Service 11/18 $362,900,000.00 11/19/08 0.226% S/A
U.S. Postal Service 11/19 $182,000,000.00 11/20/08 0.216% S/A
U.S. Postal Service 11/28 $1,500,000,000.00 12/01/08 0.166% S/A
U.S. Postal Service 11/28 $167,700,000.00 12/01/08 0.145% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
Foley Services Contract 11/05 $408,625.58 7/31/25 4.151% S/A
San Francisco Bldg Lease 11/10 $395,279.71 8/01/35 4.448% S/A
San Francisco Bldg Lease 11/10 $368,258.85 8/01/35 4.448% S/A
San Francisco Bldg Lease 11/28 $223,481.92 8/01/35 3.664% S/A
DEPARTMENT OF EDUCATION
*Tuskegee Univ. 11/03 $2,000,000.00 5/01/09 0.942% S/A
Tougaloo College 11/06 $211,707.23 12/01/08 0.152% S/A
Clark Atlanta University 11/26 $4,040,607.07 2/02/37 3.627% S/A
Allen University 11/28 $766,955.71 5/01/25 3.761% S/A
RURAL UTILITIES SERVICE
Cumberland Valley #2358 11/03 $2,500,000.00 3/31/09 0.775% Qtr.
Clark Energy Coop. #2419 11/04 $4,000,000.00 3/31/09 0.875% Qtr.
Grundy Elec. Coop. #2397 11/06 $1,000,000.00 12/31/42 4.182% Qtr.
East Kentucky Power #2322 11/07 $25,000,000.00 12/31/40 4.222% Qtr.
Flint Elec. #2145 11/07 $7,970,000.00 1/03/34 4.230% Qtr.
East Kentucky Power #2322 11/10 $25,000,000.00 12/31/40 4.280% Qtr.
French Broad Elec. #2391 11/10 $5,000,000.00 12/31/42 4.277% Qtr.
Harrison County Rural #2184 11/12 $1,000,000.00 1/03/39 4.239% Qtr.
Ragland Telephone #2316 11/12 $190,000.00 1/02/29 4.117% Qtr.
White River Valley Elec #2410 11/14 $5,000,000.00 12/31/18 3.767% Qtr.
Whitewater Valley Rural #2336 11/14 $450,000.00 3/31/33 4.343% Qtr.
Northwestern Elec Coop #2431 11/18 $5,000,000.00 12/31/42 4.171% Qtr.
Trico Electric Coop. #2402 11/21 $1,000,000.00 12/31/42 3.623% Qtr.
Cullman Electric Coop. #2406 11/24 $15,000,000.00 12/31/37 3.692% Qtr.
Hancock Rural Tel. Corp #2252 11/24 $868,000.00 1/03/23 3.058% Qtr.
Red River Rural Tel. #2113 11/24 $500,000.00 1/03/23 3.058% Qtr.
Southern Iowa Electric #2332 11/25 $1,930,000.00 12/31/41 3.777% Qtr.
Southern Iowa Electric #2395 11/25 $2,571,845.00 12/31/42 3.780% Qtr.
Basin Electric #2211 11/28 $4,633,000.00 1/03/39 3.528% Qtr.
Central Iowa Power Coop #2240 11/28 $2,200,000.00 12/31/35 3.437% Qtr.
Dairyland Power #2262 11/28 $989,000.00 12/31/40 3.526% Qtr.

S/A is a Semiannual rate
Qtr. is a Quarterly rate


FEDERAL FINANCING BANK HOLDINGS
(in millions of dollars)


Monthly Fiscal Year
Net Change Net Change
Program November 30, 2008 October 31, 2008 11/01/08-11/30/08 10/01/08-11/30/08
Agency Debt
U.S. Postal Service $6,667.7 $7,049.3 -$381.6 -$532.3
National Credit Union Adm.-CLF $1,747.0 $1,687.4 $59.6 $637.9
Federal Deposit Insurance Corp. $0.0 $0.0 $0.0 $0.0
HOPE for Homeowners Bonds      $490.6      $490.6        $0.0      $461.1
Subtotal* $8,905.3 $9,227.3 -$322.0 $566.6
Agency Assets
Rural Utilities Service-CBO    $3,632.6    $3,632.6        $0.0        $0.0
Subtotal* $3,632.6 $3,632.6 $0.0 $0.0
Government-Guaranteed Lending
DOD-Foreign Military Sales $679.6 $680.1 -$0.5 -$0.7
DoEd-HBCU+ $345.4 $340.5 $4.8 $8.4
DHUD-Public Housing Notes $587.0 $691.4 -$104.4 -$104.4
General Services Administration+ $2,072.0 $2,070.6 $1.3 -$5.6
DON-Ship Lease Financing $16.6 $16.6 $0.0 $0.0
Rural Utilities Service $20,107.4 $19,991.6 $115.8 $413.9
Rural Utilities Service-GETP $3,000.0 $3,000.0 $0.0 $0.0
SBA-State/Local Development Cos. $8.8 $9.4 -$0.6 -$1.2
DOT-Section 511 $2.0 $2.0 $0.0 $0.0
VA Homeless Veterans Housing+        $4.9        $4.9        $0.0        $0.0
Subtotal* $26,823.7 $26,807.2 $16.5 $310.3
========= ========= ========= =========
Grand total* $39,361.6 $39,667.0 -$305.5 $876.9
_______________________________________
* figures may not total due to rounding
+ does not include capitalized interest