Attached files
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| 8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
March
13, 2020
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
At the Bank
Novel Coronavirus Update
The
FHLBNY continues to monitor the evolving situation regarding the
Novel Coronavirus (“COVID-19”). In this current
environment, we are focused on both the health and safety of our
employees and our role as a reliable and critical source of
liquidity for our members. As such, we have decided that, effective
Monday, March 16, all non-critical staff will work remotely until
further notice. We do not expect this operational posture to impair
our ability to meet the needs of our members.
As part
of our Business Continuity planning, the FHLBNY has a comprehensive
pandemic plan in place, which we are able to adjust according to
different scenarios. The FHLBNY also has significant remote
capabilities to help ensure that we are able to continue to operate
in the event of office inaccessibility. In fact, we conducted a
successful test of these remote capabilities on February 7, 2020,
where we operated from our Jersey City location with a core group
of employees while the majority of employees worked remotely, and
we experienced no business disruptions.
The
stability and reliability of our franchise is paramount to the
value we offer our members. In any and all operating environments,
including our current environment, the FHLBNY is focused on
remaining a reliable partner to our members.
We know
that in any crisis, the local lender is key. We look forward to
continuing to work with you as your trusted partner as you support
the customers and communities you serve.
If you
have any questions, please contact your Relationship Manager or the
Member Services Desk at (212) 441-6600.
Sincerely,
José
R. González
President
and Chief Executive Officer
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Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This
report may contain forward-looking statements within the meaning of
the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. These
statements may use forward-looking terms, such as
“projected,” “expects,” “may,”
or their negatives or other variations of these terms. The Bank
cautions that, by their nature, forward-looking statements involve
risk or uncertainty and that actual results could differ materially
from those expressed or implied in these forward-looking statements
or could affect the extent to which a particular objective,
projection, estimate, or prediction is realized. These forward-looking statements involve risks and
uncertainties including, but not limited to, regulatory and
accounting rule adjustments or requirements, changes in interest
rates, changes in projected business volumes, changes in prepayment
speeds on mortgage assets, the cost of our funding, changes in our
membership profile, the withdrawal of one or more large members,
competitive pressures, shifts in demand for our products, and
general economic conditions. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason.
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