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Federal Farm Credit Banks reduced debt by $1.07 billion in 2009
By Jennifer Chiou
New York, Aug. 19 - The Federal Farm Credit Banks Funding Corp. released its consolidated financial statement for the prior year and ended up with total systemwide debt of $177.296 billion, compared to $178.365 billion at the end of 2008.
This reflects an overall reduction of $1.069 billion.
As of Dec. 31, FFCB added that it has $61.75 billion of debt securities with maturities of less than one year. This compares to $65.722 billion at the end of 2008. It had long-term debt of $115.546 billion at the end of last year versus $112.643 billion at Dec. 31, 2008.
During 2009, the banks called debt totaling $63.6 billion. FFCB said it was able to lower the cost of funds relative to the interest rate earned on assets,
The net interest margin increased 24 basis points to 2.65% for 2009, compared to 2.41% for 2008.
The banks had $1.55 billion of subordinated debt outstanding as of Dec. 31.
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