The Bank of New York Named Best Custody Bank for Sixth Consecutive Year

NEW YORK----The Bank of New York, a global leader in securities servicing, has been named "Best Custody Bank" in Global Finance's World's Best Banks awards for the sixth consecutive year.

In its October 2005 cover story, Global Finance cited the Bank's global leadership in securities servicing, the wide range of services offered through its custody platform, and the ability of its online information system to customize reporting, inquiry and trade-instruction capabilities to meet clients' needs.

Patrick E. Curtin, executive vice president of investor services at The Bank of New York, said, "This recognition demonstrates the success of our team of custody experts in helping clients maximize performance while measuring and managing risk. We will continue to provide pension funds and financial institutions with the technology and information they need to be more competitive."

This is the fourth award that The Bank of New York has received from Global Finance this year. The Bank was previously named "Best Sub-Custodian-United States," "Best Foreign Exchange Research," and "Best Foreign Exchange Bank-United States (Honorable Mention)."

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.