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Bulletin No.: 2014-31
December 30, 2014

TO: Members

SUBJECT: Fourth Quarter 2014 Dividend and Notice of Excess Stock Repurchase

The Board of Directors of the Federal Home Loan Bank of Dallas (Bank) has declared a dividend in the form of capital stock for the fourth quarter of 2014 at an annualized rate of 0.375 percent, which equates to the upper end of the Federal Reserve’s target for the federal funds rate for the third quarter of 2014 plus 12.5 basis points. The fourth quarter dividend, applied to average capital stock held during the period from July 1, 2014 through September 30, 2014 and based upon operating results for that same period, will be paid on December 31, 2014.

On January 30, 2015, the Bank will repurchase the portion of members’ excess stock identified as surplus stock as of that date. The definition of surplus stock for this repurchase will be communicated to members in early January 2015.


Sanjay K. Bhasin
President and Chief Executive Officer