FEDERAL HOME LOAN BANK OF PITTSBURGH FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Edgar Glimpses |

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The Federal Home Loan Bank of Pittsburgh (the "FHLBank") obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets. Consolidated obligations, which consist of bonds and discount notes, are by regulation the joint and several obligations of the eleven Federal Home Loan Banks. The Federal Home Loan Banks are regulated by the Federal Housing Finance Agency (the "Finance Agency"), successor to the Federal Housing Finance Board effective on (collectively, the "Regulator"), and the regulations issued by the Regulator authorize the Finance Agency to require any Federal Home Loan Bank to repay all or a portion of the principal of or interest on consolidated obligations for which another Federal Home Loan Bank is the primary obligor. Consolidated obligations are sold to the public through the Office of Finance using authorized securities dealers. Consolidated obligations are backed only by the financial resources of the eleven Federal Home Loan Banks and are not guaranteed by the United States government.

Schedule A sets forth all consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks, for which the FHLBank is the primary obligor, on the trade dates indicated, other than discount notes with a maturity of one year or less that are issued in the ordinary course of business. Schedule A also includes any consolidated obligations with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank.

We may elect to change our method or reporting information on the issuance or assumption of consolidated obligations at any time. In reviewing the information in this Current Report on Form 8-K, please note:

    •   although consolidated obligations issuance is material to the FHLBank, we
        have not made a judgment as to the materiality of any particular
        consolidated obligation or obligations;


    •   Schedule A does not address any interest-rate exchange agreements (or
        other derivative instruments) which we may enter into as a result of our
        asset and liability management strategies that may be associated, directly
        or indirectly, with one or more of the reported consolidated obligations;


    •   Schedule A will not enable a reader to track changes in the total
        consolidated obligations outstanding for which we are the primary obligor
        since Schedule A generally excludes consolidated obligation discount notes
        with a maturity of one year or less and does not reflect whether the
        proceeds from the issuance of the reported consolidated obligations will
        be used to, among other things, satisfy called or maturing consolidated
        obligations. We will report the total consolidated obligations outstanding
        for which we are the primary obligor in our periodic reports filed with
        the Securities and Exchange Commission; and


    •   the principal amounts reported on Schedule A represent the principal
        amount of the reported consolidated obligations at par, which may not
        correspond to the amounts reported in our financial statements prepared in
        accordance with generally accepted accounting principles contained in our
        periodic reports filed with the Securities and Exchange Commission,
        because the par amount does not account for, among other things, any
        discount, premiums or concessions.

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