1331757--3/30/2007--Federal_Home_Loan_Bank_of

related topics

{investment, property, distribution}

{capital, credit, financial}

{loan, real, estate}

{condition, economic, financial}

{stock, price, share}

{system, service, information}

We face competition for loan demand, which could adversely affect earnings. Loss of large members or borrowers could result in lower investment returns and higher borrowing rates for remaining members. Changes in the terms of our access to the capital markets may adversely affect our ability to continue to issue consolidated obligations on favorable terms. Changes in overall credit conditions and competition for funding may adversely affect our cost of funds. Changes in our access to the interest rate derivatives market under acceptable terms may adversely affect our ability to maintain our current hedging strategies. An interruption in our access to the capital markets would limit our ability to obtain funds. A failure or interruption in our information systems or other technology may adversely affect our ability to conduct and manage our business effectively. Lack of a public market and restrictions on transferring our stock could result in an illiquid investment for the holder. Failure by a member to comply with our minimum investment requirement could result in substantial penalties to that member and could cause us to fail to meet our capital requirements. Finance Board authority to approve changes to our capital plan and to impose other restrictions and limitations on us and our capital management may adversely affect members. Regulatory limitations on our ability to pay dividends could result in lower investment returns for members. The terms of any liquidation, merger or consolidation involving us may have an adverse impact on members investments in us. Our joint and several liability for all consolidated obligations may adversely impact our earnings, our ability to pay dividends, and our ability to redeem or repurchase capital stock Changes in the regulatory environment could negatively impact our operations and financial results and condition.

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1331757--3/30/2007--Federal_Home_Loan_Bank_of_Dallas