Indeed some officials privately admit that the FHLBs have, in effect, replaced the US central bank as the lender of last resort for the financial system in the credit crisis.

• FHLB经常通过发行很多种类的抵押贷款证券来筹集巨额现金，而不必背负低声下气向央行求助的坏名声。通过这种做法，FHLB降低了压力最大的金融机构爆发流动性危机的风险。