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JANUARY 2009 NEWS RELEASE

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

FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $39.1 billion on December 31, 2008, posting a decrease of $263.8 million from the level on November 30, 2008. This net change was the result of a decrease in net holdings of agency debt of $363.8 million and an increase in net holdings of government-guaranteed loans of $100.0 million. The FFB made 116 disbursements and received 3 prepayments during the month.  The FFB reset the interest rate for 23 loans guaranteed by the Department of Education and rolled over the principal for 9 loans disbursed to the National Credit Union Administration Central Liquidity Facility.  The FFB also extended the maturities of 161 loans guaranteed by the Rural Utilities Service (“RUS”) and as authorized by the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriation Act of 2006 (P.L. 109-97), extended the final maturities of 113 additional loans guaranteed by RUS.
 
Attached to this release are tables presenting FFB December loan activity and FFB holdings as of December 31, 2008.

FEDERAL FINANCING BANK
DECEMBER 2008 ACTIVITY


Amount Final Interest
Borrower Date of Advance Maturity Rate
AGENCY DEBT
NATIONAL CREDIT UNION ADMIN. - CLF
National Credit Union 12/03 $500,000.00 3/03/09 0.183% S/A
National Credit Union 12/09 $11,000,000.00 3/09/09 0.152% S/A
*National Credit Union 12/10 $2,000,000.00 3/10/09 0.154% S/A
*National Credit Union 12/15 $8,000,000.00 3/16/09 0.151% S/A
*National Credit Union 12/15 $5,000,000.00 3/16/09 0.151% S/A
National Credit Union 12/16 $300,000.00 3/16/09 0.161% S/A
National Credit Union 12/16 $100,000,000.00 3/16/09 0.161% S/A
National Credit Union 12/18 $1,500,000.00 3/18/09 0.174% S/A
National Credit Union 12/22 $1,000,000.00 3/23/09 0.150% S/A
National Credit Union 12/23 $500,000.00 3/23/09 0.135% S/A
National Credit Union 12/23 $6,000,000.00 3/23/09 0.135% S/A
*National Credit Union 12/24 $73,200,000.00 3/24/09 0.144% S/A
National Credit Union 12/29 $12,000,000.00 3/30/09 0.160% S/A
National Credit Union 12/29 $50,000,000.00 10/26/09 0.446% S/A
*National Credit Union 12/29 $116,423,925.00 3/30/09 0.160% S/A
*National Credit Union 12/29 $128,421,794.00 3/30/09 0.160% S/A
*National Credit Union 12/29 $301,777,965.00 3/30/09 0.160% S/A
*National Credit Union 12/29 $100,000,000.00 10/26/09 0.446% S/A
*National Credit Union 12/30 $53,749,000.00 3/30/09 0.183% S/A
National Credit Union 12/30 $17,500,000.00 3/30/09 0.183% S/A
National Credit Union 12/30 $20,000,000.00 3/30/09 0.183% S/A
National Credit Union 12/31 $1,500,000.00 3/31/09 0.226% S/A
U.S. POSTAL SERVICE
U.S. Postal Service 12/01 $450,000,000.00 12/02/08 0.145% S/A
U.S. Postal Service 12/01 $349,900,000.00 12/02/08 0.216% S/A
U.S. Postal Service 12/02 $538,100,000.00 12/03/08 0.166% S/A
U.S. Postal Service 12/03 $304,200,000.00 12/04/08 0.145% S/A
U.S. Postal Service 12/04 $71,300,000.00 12/05/08 0.135% S/A
U.S. Postal Service 12/11 $1,000,000,000.00 12/12/08 0.166% S/A
U.S. Postal Service 12/11 $348,900,000.00 12/12/08 0.125% S/A
U.S. Postal Service 12/12 $2,200,000,000.00 12/15/08 0.125% S/A
U.S. Postal Service 12/12 $337,700,000.00 12/15/08 0.155% S/A
U.S. Postal Service 12/15 $2,500,000,000.00 12/16/08 0.125% S/A
U.S. Postal Service 12/15 $305,800,000.00 12/16/08 0.125% S/A
U.S. Postal Service 12/16 $2,500,000,000.00 3/12/09 0.145% S/A
U.S. Postal Service 12/16 $23,500,000.00 12/17/08 0.176% S/A
U.S. Postal Service 12/18 $1,900,000,000.00 12/19/08 0.176% S/A
U.S. Postal Service 12/18 $163,400,000.00 12/19/08 0.155% S/A
U.S. Postal Service 12/19 $1,600,000,000.00 12/22/08 0.155% S/A
U.S. Postal Service 12/19 $270,400,000.00 12/22/08 0.125% S/A
U.S. Postal Service 12/22 $1,000,000,000.00 3/19/09 0.125% S/A
U.S. Postal Service 12/22 $300,000,000.00 12/23/08 0.155% S/A
U.S. Postal Service 12/22 $277,300,000.00 12/23/08 0.135% S/A
U.S. Postal Service 12/23 $300,000,000.00 12/24/08 0.125% S/A
U.S. Postal Service 12/24 $3,100,000.00 12/26/08 0.125% S/A
U.S. Postal Service 12/26 $1,000,000,000.00 12/29/08 0.135% S/A
U.S. Postal Service 12/26 $246,600,000.00 12/29/08 0.135% S/A
U.S. Postal Service 12/29 $1,300,000,000.00 12/30/08 0.125% S/A
U.S. Postal Service 12/29 $308,000,000.00 12/30/08 0.166% S/A
U.S. Postal Service 12/30 $1,200,000,000.00 12/31/08 0.135% S/A
U.S. Postal Service 12/30 $253,700,000.00 12/31/08 0.237% S/A
U.S. Postal Service 12/31 $2,600,000,000.00 1/02/09 0.166% S/A
U.S. Postal Service 12/31 $365,400,000.00 1/02/09 0.237% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
Foley Services Contract 12/18 $325,303.24 7/31/25 2.578% S/A
San Francisco Bldg Lease 12/24 $97,733.57 8/01/35 2.826% S/A
DEPARTMENT OF EDUCATION
*Dillard University 12/01 $79,089,811.36 6/01/09 0.450% S/A
*Dillard University 12/01 $372,697.19 6/01/09 0.450% S/A
*Dillard University 12/01 $396,224.01 6/01/09 0.450% S/A
*Dillard University 12/01 $3,857,206.74 6/01/09 0.450% S/A
*Dillard University 12/01 $5,865,479.49 6/01/09 0.450% S/A
Dillard University 12/01 $4,582,676.45 6/01/09 0.450% S/A
Dillard University 12/01 $418,128.81 6/01/09 0.450% S/A
*Southern University 12/01 $2,088,120.00 6/01/09 0.450% S/A
*Southern University 12/01 $343.25 6/01/09 0.450% S/A
*Southern University 12/01 $156,544.00 6/01/09 0.450% S/A
*Southern University 12/01 $334,717.49 6/01/09 0.450% S/A
*Southern University 12/01 $120,718.79 6/01/09 0.450% S/A
Southern University 12/01 $11,259.27 6/01/09 0.450% S/A
*Tougaloo College 12/01 $10,711,884.03 6/01/09 0.450% S/A
*Tougaloo College 12/01 $50,477.92 6/01/09 0.450% S/A
*Tougaloo College 12/01 $280,207.49 6/01/09 0.450% S/A
*Tougaloo College 12/01 $238,882.73 6/01/09 0.450% S/A
*Tougaloo College 12/01 $54,712.71 6/01/09 0.450% S/A
*Tougaloo College 12/01 $48,619.00 6/01/09 0.450% S/A
*Tougaloo College 12/01 $131,465.75 6/01/09 0.450% S/A
*Tougaloo College 12/01 $162,005.32 6/01/09 0.450% S/A
*Tougaloo College 12/01 $211,707.23 6/01/09 0.450% S/A
Tougaloo College 12/01 $220,750.42 6/01/09 0.450% S/A
Tougaloo College 12/01 $57,352.70 6/01/09 0.450% S/A
*Xavier University 12/01 $70,798,489.42 6/01/09 0.450% S/A
*Xavier University 12/01 $333,625.76 6/01/09 0.450% S/A
*Xavier University 12/01 $354,686.16 6/01/09 0.450% S/A
*Xavier University 12/01 $2,541,773.79 6/01/09 0.450% S/A
Xavier University 12/01 $362,652.48 6/01/09 0.450% S/A
Southern University 12/08 $1,134,620.57 6/01/09 0.217% S/A
Tuskegee Univ. 12/11 $4,942,576.98 11/01/23 3.035% S/A
Allen University 12/30 $1,482,589.54 5/03/27 2.938% S/A
Dillard University 12/30 $4,253,273.02 6/01/09 0.195% S/A
Southern University 12/30 $2,411,777.11 6/01/09 0.195% S/A
RURAL UTILITIES SERVICE
Lorain-Medina Elec. #2400 12/01 $3,400,000.00 12/31/42 3.458% Qtr.
Tri-County Electric #2396 12/01 $5,000,000.00 12/31/42 3.407% Qtr.
Baldwin County Elec. #2399 12/02 $24,000,000.00 12/31/37 3.260% Qtr.
Brantley Telephone Co. #2301 12/02 $825,000.00 12/31/24 2.875% Qtr.
Cape Hatteras Electric #2411 12/02 $3,263,976.45 12/31/37 3.260% Qtr.
Seminole Electric #2366 12/03 $25,400,000.00 12/31/37 3.218% Qtr.
Sumter Elec. #2418 12/03 $4,000,000.00 12/31/42 3.206% Qtr.
Carroll Elec Coop Corp #2428 12/05 $19,914,606.09 12/31/42 3.084% Qtr.
Atlantic Telephone Mem. #805 12/09 $4,259,000.00 12/31/20 2.407% Qtr.
Chesnee Telephone Co. #2018 12/09 $238,000.00 12/31/30 3.171% Qtr.
Planters Electric #2387 12/10 $4,000,000.00 12/31/42 3.100% Qtr.
White River Valley Elec #2410 12/10 $9,000,000.00 1/03/39 3.102% Qtr.
Grundy Elec. Coop. #2397 12/11 $1,100,000.00 12/31/18 2.609% Qtr.
Southeast Colorado Pwr #2146 12/11 $62,000.00 12/31/37 3.154% Qtr.
Powder River Energy #2315 12/12 $23,885,000.00 12/31/35 3.120% Qtr.
Sumter Elec. #2418 12/12 $4,000,000.00 12/31/42 3.102% Qtr.
Tri-State E.M.C. #2427 12/15 $1,900,000.00 12/31/42 3.097% Qtr.
Tri-County Elec Assoc #2379 12/17 $1,000,000.00 1/03/39 2.891% Qtr.
Tularosa Basin Tel. Co. #2277 12/17 $43,000.00 1/03/28 2.717% Qtr.
East Kentucky Power #2322 12/18 $7,400,000.00 12/31/40 2.721% Qtr.
Farmers' Elec Coop. Inc #2386 12/18 $7,431,000.00 12/31/42 2.714% Qtr.
Steuben Rural Elec. #2452 12/18 $2,000,000.00 3/31/10 0.541% Qtr.
Verendrye Elec. #2451 12/18 $3,521,000.00 12/31/42 2.715% Qtr.
West Central Electric #2441 12/18 $4,009,000.00 12/31/42 2.715% Qtr.
Hopi Telecommunications #2256 12/19 $189,000.00 12/31/24 2.255% Qtr.
N.E. Missouri Elec. #2420 12/19 $1,500,000.00 12/31/40 2.585% Qtr.
Oglethorpe Power #2436 12/19 $32,295,000.00 12/31/42 2.576% Qtr.
TRANSCO #2053 12/19 $2,700,000.00 12/31/35 2.604% Qtr.
Tri-County Telephone #2304 12/19 $425,000.00 1/03/23 2.020% Qtr.
Central Elec. Power #2285 12/22 $4,025,000.00 12/31/13 1.313% Qtr.
Cornbelt Power #2054 12/22 $1,722,000.00 1/03/33 2.563% Qtr.
Carroll Elec Coop Corp #2428 12/23 $12,624,685.60 12/31/42 2.647% Qtr.
Chesnee Telephone Co. #2018 12/23 $223,000.00 12/31/30 2.615% Qtr.
Gulf Coast Elec. #2353 12/23 $4,098,000.00 12/31/40 2.620% Qtr.
Seminole Electric #2366 12/23 $16,250,000.00 12/31/37 2.665% Qtr.
Brazos Electric #2307 12/29 $5,000,000.00 3/31/09 0.036% Qtr.
Brazos Electric #2307 12/29 $5,000,000.00 3/31/09 0.036% Qtr.
Brazos Electric #2307 12/29 $5,000,000.00 3/31/09 0.036% Qtr.
Brazos Electric #2307 12/29 $5,000,000.00 3/31/09 0.036% Qtr.
Brazos Electric #2307 12/29 $5,000,000.00 3/31/09 0.036% Qtr.
Brazos Electric #2307 12/29 $5,667,000.00 3/31/09 0.036% Qtr.
Central Elec. Coop. #2437 12/29 $4,000,000.00 12/31/42 2.648% Qtr.
Grundy Elec. Coop. #2397 12/29 $1,000,000.00 12/31/42 2.648% Qtr.
Tri-State #2052 12/29 $16,115,000.00 1/03/34 2.662% Qtr.
Tri-State #2247 12/29 $9,859,000.00 12/31/35 2.669% Qtr.
Tri-State #2298 12/29 $4,251,000.00 12/31/37 2.665% Qtr.
Minnkota Power #2415 12/30 $9,218,000.00 12/31/40 2.670% Qtr.
Runestone Electric Ass. #2439 12/30 $4,000,000.00 3/31/09 0.059% Qtr.
*Arizona Electric #777 12/31 $355,785.08 12/31/30 5.887% Qtr.
*Arizona Electric #777 12/31 $678,778.61 12/31/31 5.947% Qtr.
*Arizona Electric #777 12/31 $2,881,515.96 12/31/30 5.887% Qtr.
*Arizona Electric #777 12/31 $388,394.11 12/31/30 5.887% Qtr.
*Arizona Electric #777 12/31 $737,923.33 12/31/30 5.887% Qtr.
*Arizona Electric #777 12/31 $1,139,063.26 12/31/30 5.887% Qtr.
*Arizona Electric #777 12/31 $253,688.79 12/31/30 5.940% Qtr.
*Arizona Electric #777 12/31 $202,947.49 12/31/30 6.222% Qtr.
*Arizona Electric #777 12/31 $317,176.64 12/31/30 6.222% Qtr.
*Arizona Electric #777 12/31 $1,103,704.72 12/31/31 6.259% Qtr.
*Arizona Electric #777 12/31 $758,201.36 12/31/31 5.999% Qtr.
*Arizona Electric #777 12/31 $1,055,142.06 12/31/31 5.947% Qtr.
*Arizona Electric #777 12/31 $1,280,732.44 12/31/31 5.947% Qtr.
*Arizona Electric #777 12/31 $1,185,966.45 12/31/31 5.947% Qtr.
*Arizona Electric #777 12/31 $1,244,383.16 12/31/31 5.999% Qtr.
*Arizona Electric #777 12/31 $1,382,344.53 12/31/31 6.259% Qtr.
*Arizona Electric #777 12/31 $1,330,897.23 12/31/31 5.999% Qtr.
*Arizona Electric #777 12/31 $2,296,973.89 12/31/31 6.259% Qtr.
*Arizona Electric #777 12/31 $1,626,804.50 12/31/31 5.999% Qtr.
*Arizona Electric #777 12/31 $1,342,491.23 12/31/31 5.947% Qtr.
*Arizona Electric #777 12/31 $568,396.65 12/31/31 5.947% Qtr.
*Arizona Electric #777 12/31 $634,067.49 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $316,527.32 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $730,015.73 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $733,542.70 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $797,838.91 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $687,653.98 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $279,551.81 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $541,508.80 1/03/33 6.195% Qtr.
*Arizona Electric #777 12/31 $379,816.59 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $868,052.16 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $1,597,143.42 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $548,933.49 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $995,628.29 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $2,215,663.53 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $252,717.14 1/03/34 6.237% Qtr.
*Arizona Electric #777 12/31 $640,535.38 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $269,469.97 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $586,919.08 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $1,454,788.05 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $224,238.90 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $684,988.45 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $443,353.49 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $342,098.43 1/03/33 6.125% Qtr.
*Arizona Electric #777 12/31 $925,340.83 1/03/34 6.169% Qtr.
*Blue Grass Energy #674 12/31 $4,328,432.49 3/31/09 0.101% Qtr.
*Blue Grass Energy #674 12/31 $1,729,219.96 3/31/09 0.101% Qtr.
*Blue Grass Energy #674 12/31 $4,406,414.27 3/31/09 0.101% Qtr.
*Blue Grass Energy #674 12/31 $4,497,601.77 3/31/09 0.101% Qtr.
*Blue Grass Energy #674 12/31 $2,615,397.29 3/31/09 0.101% Qtr.
*Brazos Electric #917 12/31 $1,246,886.39 12/31/13 1.062% Qtr.
*Brazos Electric #917 12/31 $954,033.06 12/31/13 1.062% Qtr.
*Brazos Electric #917 12/31 $777,621.94 12/31/13 1.062% Qtr.
*Brazos Electric #917 12/31 $643,343.24 12/31/14 1.217% Qtr.
*Brazos Electric #917 12/31 $851,467.61 12/31/14 1.217% Qtr.
*Brazos Electric #917 12/31 $109,287.46 12/31/14 1.217% Qtr.
*Brazos Electric #917 12/31 $977,894.72 12/31/14 1.217% Qtr.
*Brazos Electric #917 12/31 $914,446.35 12/31/14 1.217% Qtr.
*Brazos Electric #917 12/31 $958,891.82 12/31/14 1.217% Qtr.
*Brazos Electric #2086 12/31 $5,573,944.78 12/31/37 2.638% Qtr.
*Brazos Electric #2086 12/31 $4,931,496.74 12/31/37 2.638% Qtr.
*Brazos Electric #2086 12/31 $2,332,576.41 12/31/37 2.638% Qtr.
*Brazos Electric #2086 12/31 $5,347,093.03 12/31/37 2.638% Qtr.
*Brazos Electric #2182 12/31 $5,454,941.65 1/03/39 2.633% Qtr.
*Brazos Electric #2182 12/31 $1,192,112.35 1/03/39 2.633% Qtr.
*Brazos Electric #2307 12/31 $4,938,348.79 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,938,348.79 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,938,348.79 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,938,348.79 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,938,348.79 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $3,100,295.38 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,898,930.12 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,945,436.36 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,945,436.36 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,945,436.36 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,945,436.36 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $1,274,933.50 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,972,358.77 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,972,358.77 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,653,133.34 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,975,571.72 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,975,571.72 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,975,571.72 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $4,975,571.72 12/31/40 2.625% Qtr.
*Brazos Electric #2307 12/31 $2,624,116.53 12/31/40 2.625% Qtr.
*Carroll Elec. #488 12/31 $432,312.43 1/03/33 2.751% Qtr.
*Carroll Elec. #488 12/31 $439,706.36 1/03/33 2.751% Qtr.
*Carroll Elec. #488 12/31 $289,014.63 1/03/33 2.751% Qtr.
*Carroll Elec. #488 12/31 $448,036.86 1/03/33 2.751% Qtr.
*Carroll Elec. #488 12/31 $271,458.93 1/03/33 2.751% Qtr.
*Codington-Clark Elec. #551 12/31 $441,526.29 1/03/34 2.633% Qtr.
*Codington-Clark Elec. #551 12/31 $712,215.28 1/03/34 2.633% Qtr.
Central Iowa Power Coop #2311 12/31 $6,500,000.00 1/03/40 2.591% Qtr.
*Cumberland Valley #668 12/31 $3,609,956.48 3/31/09 0.101% Qtr.
*Cumberland Valley #668 12/31 $4,335,552.58 3/31/09 0.101% Qtr.
*Cumberland Valley #2118 12/31 $2,074,004.16 3/31/09 0.101% Qtr.
*Cumberland Valley #2118 12/31 $1,885,458.34 3/31/09 0.101% Qtr.
*Cumberland Valley #2118 12/31 $2,821,096.90 3/31/09 0.101% Qtr.
*Cumberland Valley #2118 12/31 $1,919,483.99 3/31/09 0.101% Qtr.
*Cumberland Valley #2118 12/31 $1,069,025.37 3/31/09 0.101% Qtr.
*Cumberland Valley #2358 12/31 $4,000,000.00 3/31/09 0.101% Qtr.
*Cooper Valley Tel. #648 12/31 $726,968.86 3/31/09 0.101% Qtr.
*Cooper Valley Tel. #648 12/31 $165,421.09 3/31/09 0.101% Qtr.
Citizens Tel. of NY #2290 12/31 $98,000.00 1/03/23 2.134% Qtr.
Dairyland Power #2262 12/31 $5,800,000.00 12/31/40 2.625% Qtr.
*Darien Telephone Co. #719 12/31 $265,639.50 3/31/09 0.101% Qtr.
*E. Iowa Coop. #807 12/31 $3,292,934.69 1/02/29 2.699% Qtr.
*Fairfield Elec. #684 12/31 $2,779,441.40 3/31/09 0.101% Qtr.
*Fairfield Elec. #684 12/31 $81,511.13 3/31/09 0.101% Qtr.
*Farmer's Telephone #459 12/31 $14,328.96 3/31/09 0.226% Qtr.
*Farmer's Telephone #459 12/31 $126,795.81 3/31/09 0.226% Qtr.
*Fleming-Mason Energy #644 12/31 $2,180,703.42 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $1,174,224.88 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $1,258,098.11 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $1,845,210.55 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $1,174,224.88 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $2,544,344.26 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $2,521,467.02 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $2,664,205.67 3/31/09 0.101% Qtr.
*Fleming-Mason Energy #644 12/31 $2,212,293.08 3/31/09 0.101% Qtr.
*Freeborn-Mower Coop. #736 12/31 $174,712.40 12/31/12 1.188% Qtr.
*Freeborn-Mower Coop. #736 12/31 $87,351.41 12/31/12 1.188% Qtr.
*Farmers Telephone #399 12/31 $3,476,620.97 3/31/09 0.226% Qtr.
*Farmers Telephone #399 12/31 $2,454,009.45 3/31/09 0.226% Qtr.
*Farmers Telephone #399 12/31 $1,665,680.72 3/31/09 0.226% Qtr.
*Farmers Telephone #399 12/31 $1,318,468.15 3/31/09 0.226% Qtr.
*Farmers Telephone #399 12/31 $1,736,886.97 3/31/09 0.226% Qtr.
*Farmers Telephone #399 12/31 $1,460,401.20 3/31/09 0.226% Qtr.
*Farmers Telephone #399 12/31 $144,904.23 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $1,570,666.72 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $2,190,168.93 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $5,494,931.33 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $4,093,331.63 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $3,178,693.94 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $2,839,750.23 3/31/09 0.226% Qtr.
*Farmers Telephone #476 12/31 $1,174,171.04 3/31/09 0.226% Qtr.
*Farmers Telephone #2203 12/31 $1,632,458.83 3/31/09 0.101% Qtr.
*Farmers Telephone #2203 12/31 $6,718,932.46 3/31/09 0.101% Qtr.
*Farmers Telephone #2203 12/31 $3,947,063.55 3/31/09 0.101% Qtr.
*Farmers Telephone #2203 12/31 $2,152,222.97 3/31/09 0.101% Qtr.
*Farmers Telephone #2203 12/31 $7,712,523.70 3/31/09 0.101% Qtr.
*Farmers Telephone #2203 12/31 $969,601.05 3/31/09 0.101% Qtr.
*FTC Communications #709 12/31 $4,762,532.72 3/31/09 0.101% Qtr.
*FTC Communications #709 12/31 $1,423,268.26 3/31/09 0.101% Qtr.
*FTC Communications #709 12/31 $1,834,082.42 3/31/09 0.101% Qtr.
*FTC Communications #709 12/31 $2,345,622.23 3/31/09 0.101% Qtr.
*FTC Communications #709 12/31 $826,597.24 3/31/09 0.101% Qtr.
*FTC Communications #709 12/31 $984,887.17 3/31/09 0.101% Qtr.
*FTC Communications #2101 12/31 $346,576.49 3/31/09 0.101% Qtr.
*FTC Communications #2101 12/31 $2,690,868.23 3/31/09 0.101% Qtr.
*FTC Communications #2101 12/31 $2,397,920.60 3/31/09 0.101% Qtr.
*FTC Communications #2101 12/31 $2,482,427.94 3/31/09 0.101% Qtr.
*FTC Communications #2101 12/31 $1,109,148.96 3/31/09 0.101% Qtr.
*FTC Communications #2101 12/31 $2,714,635.32 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $1,006,478.49 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $503,239.26 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $838,732.10 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $1,086,603.22 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $858,304.55 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $2,173,675.26 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $888,068.57 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $907,145.41 3/31/09 0.101% Qtr.
*Grayson Rural Elec. #619 12/31 $1,529,056.75 3/31/09 0.101% Qtr.
*Harrison County #532 12/31 $835,321.20 3/31/09 0.101% Qtr.
*Harrison County #532 12/31 $751,789.11 3/31/09 0.101% Qtr.
*Harrison County #532 12/31 $840,956.87 3/31/09 0.101% Qtr.
*Harrison County #532 12/31 $1,371,315.14 3/31/09 0.101% Qtr.
*Harrison County #532 12/31 $1,476,388.02 3/31/09 0.101% Qtr.
*Holmes-Wayne Elec. #455 12/31 $871,854.95 12/31/31 2.736% Qtr.
*Inter-County Energy #592 12/31 $1,252,981.79 3/31/09 0.101% Qtr.
*Inter-County Energy #592 12/31 $1,670,642.45 3/31/09 0.101% Qtr.
*Inter-County Energy #592 12/31 $2,177,682.38 3/31/09 0.101% Qtr.
*Inter-County Energy #592 12/31 $185,359.77 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $3,611,385.76 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $1,805,692.86 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $1,805,806.33 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $3,203,790.03 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $2,954,648.89 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $3,406,925.78 3/31/09 0.101% Qtr.
*Inter-County Energy #850 12/31 $3,038,291.76 3/31/09 0.101% Qtr.
*La Plata Electric #2140 12/31 $22,736,161.73 3/31/09 0.101% Qtr.
*Licking Valley Elec. #522 12/31 $2,296,298.01 3/31/09 0.101% Qtr.
*Licking Valley Elec. #854 12/31 $1,817,481.67 3/31/09 0.101% Qtr.
*Licking Valley Elec. #854 12/31 $1,861,364.34 3/31/09 0.101% Qtr.
*Licking Valley Elec. #854 12/31 $1,895,418.64 3/31/09 0.101% Qtr.
*Licking Valley Elec. #854 12/31 $4,595,623.51 3/31/09 0.101% Qtr.
*Medina Electric #622 12/31 $1,282,731.47 3/31/09 0.101% Qtr.
*Medina Electric #622 12/31 $1,288,554.33 3/31/09 0.101% Qtr.
*Medina Electric #622 12/31 $703,178.08 3/31/09 0.101% Qtr.
*Medina Electric #2050 12/31 $1,854,357.14 3/31/09 0.101% Qtr.
*Medina Electric #2050 12/31 $932,500.36 3/31/09 0.101% Qtr.
*Menard Elec. #518 12/31 $901,057.83 1/03/34 2.633% Qtr.
*Moundville Telephone #2159 12/31 $800,862.52 3/31/09 0.101% Qtr.
*Moundville Telephone #2159 12/31 $224,914.10 3/31/09 0.101% Qtr.
*Nolin Rural Elec. #528 12/31 $1,581,263.00 3/31/09 0.101% Qtr.
*Nolin Rural Elec. #577 12/31 $2,157,634.66 3/31/09 0.101% Qtr.
*Nolin Rural Elec. #577 12/31 $2,157,634.66 3/31/09 0.101% Qtr.
*Nolin Rural Elec. #840 12/31 $3,611,385.76 3/31/09 0.101% Qtr.
*Nolin Rural Elec. #840 12/31 $2,661,591.31 3/31/09 0.101% Qtr.
*Northstar Technology #811 12/31 $1,313,896.14 3/31/09 0.101% Qtr.
*Northstar Technology #811 12/31 $716,608.58 3/31/09 0.101% Qtr.
*Orange County Elec. #2179 12/31 $738,461.50 1/03/11 0.741% Qtr.
*PRTCommunications #798 12/31 $3,203,145.60 3/31/09 0.101% Qtr.
*PRTCommunications #798 12/31 $1,221,858.38 3/31/09 0.101% Qtr.
*PRTCommunications #798 12/31 $542,871.31 3/31/09 0.101% Qtr.
*PRTCommunications #798 12/31 $800,000.02 3/31/09 0.101% Qtr.
*San Miguel Electric #919 12/31 $4,741,007.55 3/31/09 0.101% Qtr.
*San Miguel Electric #919 12/31 $4,978,113.41 3/31/09 0.101% Qtr.
*TRANSCO #778 12/31 $171,906.92 12/31/31 5.887% Qtr.
*TRANSCO #778 12/31 $327,969.89 12/31/31 5.947% Qtr.
*TRANSCO #778 12/31 $1,392,280.07 12/31/31 5.887% Qtr.
*TRANSCO #778 12/31 $187,662.92 12/31/31 5.887% Qtr.
*TRANSCO #778 12/31 $356,547.13 12/31/31 5.887% Qtr.
*TRANSCO #778 12/31 $550,368.44 12/31/31 5.887% Qtr.
*TRANSCO #778 12/31 $122,576.44 12/31/31 5.940% Qtr.
*TRANSCO #778 12/31 $98,059.64 12/31/31 6.222% Qtr.
*TRANSCO #778 12/31 $153,252.25 12/31/31 6.222% Qtr.
*TRANSCO #778 12/31 $533,284.07 12/31/31 6.259% Qtr.
*TRANSCO #778 12/31 $366,345.08 12/31/31 5.999% Qtr.
*TRANSCO #778 12/31 $509,819.77 12/31/31 5.947% Qtr.
*TRANSCO #778 12/31 $618,819.29 12/31/31 5.947% Qtr.
*TRANSCO #778 12/31 $573,030.65 12/31/31 5.947% Qtr.
*TRANSCO #778 12/31 $601,256.58 12/31/31 5.999% Qtr.
*TRANSCO #778 12/31 $667,916.27 12/31/31 6.259% Qtr.
*TRANSCO #778 12/31 $643,057.84 12/31/31 5.999% Qtr.
*TRANSCO #778 12/31 $1,109,843.01 12/31/31 6.259% Qtr.
*TRANSCO #778 12/31 $786,033.36 12/31/31 5.999% Qtr.
*TRANSCO #778 12/31 $648,660.06 12/31/31 5.947% Qtr.
*TRANSCO #778 12/31 $274,635.68 12/31/31 5.947% Qtr.
*TRANSCO #778 12/31 $306,366.53 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $152,938.32 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $352,726.41 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $354,430.51 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $385,496.90 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $332,258.22 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $135,072.91 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $261,644.32 12/31/31 6.195% Qtr.
*TRANSCO #778 12/31 $183,518.27 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $419,422.25 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $771,701.93 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $265,231.81 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $481,064.01 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $1,070,556.16 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $122,106.87 12/31/31 6.237% Qtr.
*TRANSCO #778 12/31 $309,491.51 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $130,201.55 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $283,585.31 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $702,919.07 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $108,346.88 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $330,970.24 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $214,217.83 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $165,293.79 12/31/31 6.125% Qtr.
*TRANSCO #778 12/31 $447,102.76 12/31/31 6.169% Qtr.
*Virgin Islands Tel. #2089 12/31 $51,983,984.29 3/31/09 0.101% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $3,753,496.39 1/03/34 6.904% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $1,111,694.96 12/31/36 6.904% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $6,336,211.49 12/31/36 8.057% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $5,061,087.49 12/31/36 7.601% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $4,181,099.89 12/31/36 7.374% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $5,541,477.06 12/31/36 7.434% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $2,578,614.02 12/31/36 6.904% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $2,684,444.27 12/31/36 6.904% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $1,500,062.60 12/31/36 7.452% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $327,735.32 12/31/36 6.924% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $1,136,113.77 12/31/36 6.924% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $1,545,173.77 12/31/36 7.282% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $8,132,715.03 1/03/34 7.068% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $5,139,727.97 1/03/34 7.068% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $6,076,291.65 1/03/34 5.546% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $7,292,929.90 1/03/34 5.546% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $10,123,347.24 1/03/34 5.546% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $3,615,335.89 1/03/34 5.546% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $10,296,409.92 1/03/34 5.546% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $1,630,928.87 1/03/34 5.546% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $10,712,968.52 1/03/34 6.248% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $7,714,976.52 1/03/34 6.248% Qtr.
*W. Farmers Elec. Coop. #902 12/31 $1,797,980.58 1/03/34 6.248% 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 December 31, 2008 November 30, 2008 12/01/08-12/31/08 10/01/08-12/31/08
Agency Debt
U.S. Postal Service $6,465.4 $6,667.7 -$202.3 -$734.6
National Credit Union Adm.-CLF $1,585.5 $1,747.0 -$161.5 $476.3
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* $8,541.5 $8,905.3 -$363.8 $202.8
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 $659.8 $679.6 -$19.9 -$20.6
DoEd-HBCU+ $365.3 $345.4 $19.9 $28.3
DHUD-Public Housing Notes $587.0 $587.0 $0.0 -$104.4
General Services Administration+ $2,069.9 $2,072.0 -$2.0 -$7.7
DON-Ship Lease Financing $16.6 $16.6 $0.0 $0.0
Rural Utilities Service $20,209.9 $20,107.4 $102.5 $516.4
Rural Utilities Service-GETP $3,000.0 $3,000.0 $0.0 $0.0
SBA-State/Local Development Cos. $8.4 $8.8 -$0.4 -$1.6
DOT-Section 511 $2.0 $2.0 -$0.1 -$0.1
VA Homeless Veterans Housing+        $4.9        $4.9        $0.0        $0.0
Subtotal* $26,923.7 $26,823.7 $100.0 $410.3
========= ========= ========= =========
Grand total* $39,097.7 $39,361.6 -$263.8 $613.1
_______________________________________
* figures may not total due to rounding
+ does not include capitalized interest