1326771--3/18/2010--Federal_Home_Loan_Bank_of_Cincinnati

related topics
{tax, income, asset}
{condition, economic, financial}
{capital, credit, financial}
{loan, real, estate}
{debt, indebtedness, cash}
{personnel, key, retain}
Impaired access to the capital markets for debt issuance could deteriorate our liquidity, decrease the amount of Mission Asset Activity, lower earnings by raising debt costs and, at the extreme, prevent the System from meeting its financial obligations. Financial difficulties at other FHLBanks could require us to provide financial assistance to another FHLBank and/or increase the System s debt costs. Either of these events could materially and adversely affect our results of operations or our financial condition. We are exposed to credit risk that, if realized, could materially and adversely affect our financial condition and results of operations. Changes in interest rates and mortgage prepayment speeds could significantly reduce our ability to pay members a competitive dividend from current earnings. Spreads on assets to funding costs may narrow because of changes in market conditions and competitive factors, resulting in lower profitability. Members face increased regulatory scrutiny, especially from the FDIC, which could further decrease Mission Asset Activity and lower profitability. The concentration of Mission Asset Activity and capital among a small number of members could reduce dividend rates available if several large members were to withdraw or sharply reduce their activity. The amount of our retained earnings could become insufficient to preserve a competitive dividend return or protect stockholders capital investment against impairment. Changes in relevant accounting standards could materially increase earnings volatility and consequently reduce the quality of members capital investment, the amount of Mission Asset Activity and the amount of capital. Our financial condition and results of operations could suffer if we are unable to hire and retain skilled key personnel.

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