The Federal Home Loan Bank of Dallas has announced the refiling of its Form 10 registration statement with the Securities and Exchange Commission, including restatements of annual earnings for 2001 through 2004 and of quarterly earnings for the first quarter of 2003 through the first quarter of 2005.The FHLBank said the restatements were necessitated by errors involving Statement of Financial Accounting Standards No. 133. "The bank's restatement includes a number of corrections related to the application of SFAS 133, including the loss of hedge accounting for certain highly effective hedging relationships that were determined not to meet the strict criteria that SFAS 133 imposes for hedging relationships to be eligible for hedge accounting," the FHLBank said. The bank said the net effect of the restatements, combined with sales of investment securities in August and September 2005 and the results of operations in the second and third quarters of 2005, was to increase retained earnings from $145 million as reported on March 31, 2005, to $174 million as of Sept. 30, 2005. The FHLBank of Dallas can be found online at http://www.fhlb.com.

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