----

**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

|   |                           |   |
|--------|--------------------------------|--------|
|   | **FORM                  10-Q** |   |

**GENERAL      ELECTRIC CAPITAL SERVICES, INC.**

| **Delaware**                                                                  |   | **06-1109503**                                      |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) |   | (I.R.S.                Employer Identification No.) |
|                                                                          |   |                                                |
| **260                Long Ridge Road, Stamford, CT**                          |   | **06927**                                           |
| (Address                of principal executive offices)                       |   | (Zip                Code)                           |

** **
**(203)      357-4000**

**REGISTRANT      MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF      FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED      DISCLOSURE FORMAT.**

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**General      Electric Capital Services, Inc.**

| **Part                I - Financial Information**                                                                                 |   | Page   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                              |   |   |
| Item                1. Financial Statements                                                                                       |   |   |
| Condensed                Statement of Current and Retained Earnings                                                               |   | 3      |
| Condensed                Statement of Financial Position                                                                          |   | 4      |
| Condensed                Statement of Cash Flows                                                                                  |   | 5      |
| Notes                to Condensed, Consolidated Financial Statements                (Unaudited)                                   |   | 6      |
| Item                2. Management’s Discussion and Analysis of Results of Operations and                Financial Condition |   | 12     |
| Item                4. Controls and Procedures                                                                                    |   | 21     |
|                                                                                                                              |   |   |
| **Part                II - Other Information**                                                                                    |   |   |
|                                                                                                                              |   |   |
| Item                1. Legal Proceedings                                                                                          |   | 22     |
| Item                6. Exhibits                                                                                                   |   | 22     |
| Signatures                                                                                                                        |   | 23     |

**Forward-Looking      Statements**

**Restatement**

----

**Part      I. Financial Information**

**Item      1. Financial Statements**

**General      Electric Capital Services, Inc. and consolidated      affiliates**

**Condensed      Statement of Current and Retained Earnings**

**(Unaudited)      **

|                                                                        | **Three                months ended****June                30** |   | **Six                months ended****June                30** |               |
|-----------------------------------------------------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------------------|
| *(In                millions)*                                              | **2005**                                                        |   | **2004**                                                      |     | **2005** |   | **2004** |   |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| **Revenues**                                                                |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| Revenues                from services (note 3)                              | $                                                               | 18,314 |                                                          | $                  | 16,151 |   | $ | 36,621 |   | $ | 32,760 |   |
| Sales                of goods                                               |                                                            | 664    |                                                          |               | 728 |   |   | 1,338 |   |   | 1,304 |   |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| Total                revenues                                               |                                                            | 18,978 |                                                          |               | 16,879 |   |   | 37,959 |   |   | 34,064 |   |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| **Costs                and expenses**                                       |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| Interest                                                                    |                                                            | 3,714  |                                                          |               | 2,851 |   |   | 7,234 |   |   | 5,555 |   |
| Operating                and administrative                                 |                                                            | 5,582  |                                                          |               | 5,227 |   |   | 10,850 |   |   | 10,523 |   |
| Cost                of goods sold                                           |                                                            | 628    |                                                          |               | 701 |   |   | 1,263 |   |   | 1,252 |   |
| Insurance                losses and policyholder and annuity benefits       |                                                            | 3,747  |                                                          |               | 3,808 |   |   | 7,806 |   |   | 7,432 |   |
| Provision                for losses on financing receivables                |                                                            | 958    |                                                          |               | 1,004 |   |   | 1,860 |   |   | 1,959 |   |
| Depreciation                and amortization                                |                                                            | 1,412  |                                                          |               | 1,442 |   |   | 3,057 |   |   | 2,882 |   |
| Minority                interest in net earnings of consolidated affiliates |                                                            | 207    |                                                          |               | 76 |   |   | 336 |   |   | 122 |   |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| Total                costs and expenses                                     |                                                            | 16,248 |                                                          |               | 15,109 |   |   | 32,406 |   |   | 29,725 |   |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| **Earnings                before income taxes**                             |                                                            | 2,730  |                                                          |               | 1,770 |   |   | 5,553 |   |   | 4,339 |   |
| Provision                for income taxes                                   |                                                            | (431   | )                                                             |               | (247 | ) |   | (986 | ) |   | (845 | ) |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |
| **Net                earnings**                                             |                                                            | 2,299  |                                                          |               | 1,523 |   |   | 4,567 |   |   | 3,494 |   |
| Dividends                                                                   |                                                            | (1,615 | )                                                             |               | (1,462 | ) |   | (1,839 | ) |   | (1,842 | ) |
| Retained                earnings at beginning of period                     |                                                            | 38,020 |                                                          |               | 32,285 |   |   | 35,976 |   |   | 30,694 |   |
| Retained                earnings at end of period                           | $                                                               | 38,704 |                                                          | $                  | 32,346 |   | $ | 38,704 |   | $ | 32,346 |   |
|                                                                        |                                                            |   |                                                          |               |   |   |   |   |   |   |   |   |

----

**General      Electric Capital Services, Inc. and consolidated      affiliates**

**Condensed      Statement of Financial Position**

| *(In                millions)*                                                   | **June                30, 2005** |    | **December                31, 2004** |
|----------------------------------------------------------------------------------|----------------------------------|---------|--------------------------------------|
|                                                                             | (Unaudited)                      |    |                                 |
| **Assets**                                                                       |                             |    |                                 |   |   |   |
| Cash                and equivalents                                              | $                                | 11,386  |                                 | $ | 12,367 |   |
| Investment                securities                                             |                             | 133,578 |                                 |   | 135,152 |   |
| Financing                receivables - net (note 4)                              |                             | 276,041 |                                 |   | 282,699 |   |
| Insurance                receivables - net                                       |                             | 24,798  |                                 |   | 25,971 |   |
| Other                receivables                                                 |                             | 16,595  |                                 |   | 14,134 |   |
| Inventories                                                                      |                             | 219     |                                 |   | 189 |   |
| Buildings                and equipment, less accumulated amortization of $20,244 |                             |    |                                 |   |   |   |
| and                $20,630                                                       |                             | 48,542  |                                 |   | 46,578 |   |
| Intangible                assets - net (note 5)                                  |                             | 28,139  |                                 |   | 28,520 |   |
| Other                assets                                                      |                             | 72,570  |                                 |   | 72,894 |   |
| Total                assets                                                      | $                                | 611,868 |                                 | $ | 618,504 |   |
|                                                                             |                             |    |                                 |   |   |   |
| **Liabilities                and equity**                                        |                             |    |                                 |   |   |   |
| Borrowings                (note 6)                                               | $                                | 355,405 |                                 | $ | 360,799 |   |
| Accounts                payable                                                  |                             | 16,554  |                                 |   | 17,104 |   |
| Insurance                liabilities, reserves and annuity benefits              |                             | 136,342 |                                 |   | 140,902 |   |
| Other                liabilities                                                 |                             | 23,685  |                                 |   | 25,572 |   |
| Deferred                income taxes                                             |                             | 12,811  |                                 |   | 11,153 |   |
| Total                liabilities                                                 |                             | 544,797 |                                 |   | 555,530 |   |
|                                                                             |                             |    |                                 |   |   |   |
| Minority                interest in equity of consolidated affiliates            |                             | 11,358  |                                 |   | 8,682 |   |
|                                                                             |                             |    |                                 |   |   |   |
| Capital                stock                                                     |                             | 11      |                                 |   | 11 |   |
| Accumulated                gains (losses) - net                                  |                             |    |                                 |   |   |   |
| Investment                securities                                             |                             | 2,927   |                                 |   | 2,345 |   |
| Currency                translation adjustments                                  |                             | 2,846   |                                 |   | 5,104 |   |
| Cash                flow hedges                                                  |                             | (997    | )                                    |   | (1,354 | ) |
| Minimum                pension liabilities                                       |                             | (161    | )                                    |   | (150 | ) |
| Additional                paid-in capital                                        |                             | 12,383  |                                 |   | 12,360 |   |
| Retained                earnings                                                 |                             | 38,704  |                                 |   | 35,976 |   |
| Total                shareowner’s equity                                   |                             | 55,713  |                                 |   | 54,292 |   |
| Total                liabilities and equity                                      | $                                | 611,868 |                                 | $ | 618,504 |   |
|                                                                             |                             |    |                                 |   |   |   |

----

**General      Electric Capital Services, Inc. and consolidated      affiliates**

**Condensed      Statement of Cash Flows**

**(Unaudited)**

|                                                                                                           | **Six                months ended** |     |
|----------------------------------------------------------------------------------------------------------------|-------------------------------------|----------|
|                                                                                                           | **June                30**          |     |
| *(In                millions)*                                                                                 | **2005**                            |     | **2004** |   |
|                                                                                                           |                                |     |   |   |   |   |
| **Cash                flows - operating activities**                                                           |                                |     |   |   |   |   |
| Net                earnings                                                                                    | $                                   | 4,567    |   | $ | 3,494 |   |
| Adjustments                to reconcile net earnings to cash provided from operating                activities |                                |     |   |   |   |   |
| Depreciation                and amortization of buildings and equipment                                        |                                | 3,057    |   |   | 2,882 |   |
| Increase                (decrease) in accounts payable                                                         |                                | (785     | ) |   | 3,078 |   |
| Increase                in insurance liabilities, reserves and annuity benefits                                |                                | 474      |   |   | 1,930 |   |
| Provision                for losses on financing receivables                                                   |                                | 1,860    |   |   | 1,959 |   |
| All                other operating activities                                                                  |                                | 940      |   |   | (210 | ) |
| **Cash                from operating activities**                                                              |                                | 10,113   |   |   | 13,133 |   |
|                                                                                                           |                                |     |   |   |   |   |
| **Cash                flows - investing activities**                                                           |                                |     |   |   |   |   |
| Increase                in loans to customers                                                                  |                                | (130,556 | ) |   | (133,199 | ) |
| Principal                collections from customers - loans                                                    |                                | 134,137  |   |   | 134,879 |   |
| Investment                in equipment for financing leases                                                    |                                | (11,415  | ) |   | (9,883 | ) |
| Principal                collections from customers - financing leases                                         |                                | 11,516   |   |   | 9,994 |   |
| Net                change in credit card receivables                                                           |                                | 567      |   |   | 167 |   |
| Additions                to buildings and equipment                                                            |                                | (5,107   | ) |   | (5,432 | ) |
| Dispositions                of buildings and equipment                                                         |                                | 3,075    |   |   | 2,272 |   |
| Payments                for principal businesses purchased                                                     |                                | (6,842   | ) |   | (15,484 | ) |
| Purchases                of securities by insurance and annuity businesses                                     |                                | (13,221  | ) |   | (15,945 | ) |
| Dispositions                of securities by insurance and annuity businesses                                  |                                | 12,258   |   |   | 14,630 |   |
| All                other investing activities                                                                  |                                | 806      |   |   | 2,214 |   |
| **Cash                used for investing activities**                                                          |                                | (4,782   | ) |   | (15,787 | ) |
|                                                                                                           |                                |     |   |   |   |   |
| **Cash                flows - financing activities**                                                           |                                |     |   |   |   |   |
| Net                decrease in borrowings (maturities 90 days or less)                                         |                                | (5,801   | ) |   | (2,013 | ) |
| Newly                issued debt:                                                                              |                                |     |   |   |   |   |
| Short-term                (91-365 days)                                                                        |                                | 637      |   |   | 242 |   |
| Long-term                senior                                                                                |                                | 39,585   |   |   | 27,716 |   |
| Non-recourse,                leveraged lease                                                                   |                                | 131      |   |   | 283 |   |
| Repayments                and other debt reductions:                                                           |                                |     |   |   |   |   |
| Short-term                (91-365 days)                                                                        |                                | (30,321  | ) |   | (21,320 | ) |
| Long-term                senior                                                                                |                                | (6,562   | ) |   | (2,033 | ) |
| Non-recourse,                leveraged lease                                                                   |                                | (616     | ) |   | (363 | ) |
| Proceeds                from sales of investment contracts                                                     |                                | 9,749    |   |   | 7,010 |   |
| Redemption                of investment contracts                                                              |                                | (11,275  | ) |   | (8,304 | ) |
| Dividends                paid to shareowner                                                                    |                                | (1,839   | ) |   | (1,842 | ) |
| **Cash                used for financing activities**                                                          |                                | (6,312   | ) |   | (624 | ) |
|                                                                                                           |                                |     |   |   |   |   |
| **Decrease                in cash and equivalents**                                                            |                                | (981     | ) |   | (3,278 | ) |
|                                                                                                           |                                |     |   |   |   |   |
| **Cash                and equivalents at beginning of year**                                                   |                                | 12,367   |   |   | 11,273 |   |
|                                                                                                           |                                |     |   |   |   |   |
| **Cash                and equivalents at June 30**                                                             | $                                   | 11,386   |   | $ | 7,995 |   |
|                                                                                                           |                                |

----

**Notes      to Condensed, Consolidated Financial Statements (Unaudited)**

|                                                   | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|--------------------------------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                millions)*                         | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                                                   |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Interest                on time sales and loans        | $                                                               | 5,346  |                                                          | $      | 4,282 |   | $ | 10,318 |   | $ | 8,560 |   |
| Premiums                earned by insurance businesses |                                                            | 3,986  |                                                          |   | 4,218 |   |   | 7,974 |   |   | 8,467 |   |
| Operating                lease rentals                 |                                                            | 2,799  |                                                          |   | 2,584 |   |   | 5,556 |   |   | 5,069 |   |
| Investment                income                       |                                                            | 1,826  |                                                          |   | 1,666 |   |   | 3,883 |   |   | 3,117 |   |
| Financing                leases                        |                                                            | 1,035  |                                                          |   | 1,074 |   |   | 2,068 |   |   | 2,180 |   |
| Fees                                                   |                                                            | 1,003  |                                                          |   | 792 |   |   | 1,877 |   |   | 1,662 |   |
| Other                income(a)                         |                                                            | 2,319  |                                                          |   | 1,535 |   |   | 4,945 |   |   | 3,705 |   |
| Total(b)                                               | $                                                               | 18,314 |                                                          | $      | 16,151 |   | $ | 36,621 |   | $ | 32,760 |   |
|                                                   |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |

| (a)  | Included                the gain on Genworth Financial, Inc. (Genworth) secondary public                offering                and repurchase of $163 million for the six months ended June 30,                2005, and                the loss on the Genworth initial public offering of $388 million                for the                three and six months ended June 30, 2004.                                                                                                                                                                                                                                                                          |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)  | Included                $222 million and $563 million related to consolidated, liquidating                securitization entities for the three months ended June 30, 2005                and 2004,                respectively, and $729 million and $732 million for the six months                ended                June 30, 2005 and 2004, respectively. Of that total, the amount related                to                Australian Financial Investments Group (AFIG), a December 2004                acquisition, was $216 million and $373 million in the three                and six                months ended June 30, 2005, respectively.  |

----

|                                                                  | **At**      |    |
|-----------------------------------------------------------------------|-------------|---------|
| *(In                millions)*                                        | **6/30/05** |    | **12/31/04** |   |
|                                                                  |        |    |   |   |   |   |
| Time                sales and loans, net of deferred income           | $           | 216,426 |   | $ | 220,593 |   |
| Investment                in financing leases, net of deferred income |        | 64,653  |   |   | 67,754 |   |
|                                                                  |        | 281,079 |   |   | 288,347 |   |
| Less                allowance for losses                              |        | (5,038  | ) |   | (5,648 | ) |
| Financing                receivables - net                            | $           | 276,041 |   | $ | 282,699 |   |

|                                                                  | **At**      |   |
|-----------------------------------------------------------------------|-------------|--------|
| *(In                millions)*                                        | **6/30/05** |   | **12/31/04** |   |
|                                                                  |        |   |   |   |   |   |
| Time                sales and loans, net of deferred income           | $           | 18,059 |   | $ | 20,728 |   |
| Investment                in financing leases, net of deferred income |        | 1,431  |   |   | 2,125 |   |
|                                                                  |        | 19,490 |   |   | 22,853 |   |
| Less                allowance for losses                              |        | (5     | ) |   | (5 | ) |
| Financing                receivables - net                            | $           | 19,485 |   | $ | 22,848 |   |

|                                                  | **At**      |   |
|-------------------------------------------------------|-------------|--------|
| *(In                millions)*                        | **6/30/05** |   | **12/31/04** |   |
|                                                  |        |   |   |   |   |   |
| Goodwill                                              | $           | 24,772 |   | $ | 25,416 |   |
| Present                value of future profits (PVFP) |        | 1,389  |   |   | 1,426 |   |
| Capitalized                software                   |        | 763    |   |   | 758 |   |
| Other                intangibles                      |        | 1,215  |   |   | 920 |   |
| Total                                                 | $           | 28,139 |   | $ | 28,520 |   |

|                                                     | **2005**                  |   |
|----------------------------------------------------------|---------------------------|--------|
| *(In                millions)*                           | **Commercial****Finance** |   | **Consumer****Finance** |   | **Equipment****&                Other****Services** |   | **Insurance** |   | **Total** |   |
|                                                     |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at January 1                      | $                         | 10,271 |   | $ | 9,860 |   | $ | 1,459 |   | $ | 3,826 |   | $ | 25,416 |   |
| Acquisitions/purchase                                    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accounting                adjustments                    |                      | 362    |   |   | (122 | ) |   | (3 | ) |   | (49 | ) |   | 188 |   |
| Currency                exchange, dispositions and other |                      | (142   | ) |   | (426 | ) |   | (43 | ) |   | (221 | ) |   | (832 | ) |
| Balance                at June 30                        | $                         | 10,491 |   | $ | 9,312 |   | $ | 1,413 |   | $ | 3,556 |   | $ | 24,772 |   |

----

**Intangible      Assets Subject to Amortization**

|                                                    | **At**                          |
|---------------------------------------------------------|---------------------------------|
|                                                    | **6/30/05**                     |   | **12/31/04** |
| *(In                millions)*                          | **Gross****carrying****amount** |   | **Accumulated****amortization** |   | **Net** |   | **Gross****carrying****amount** |   | **Accumulated****amortization** |   | **Net** |
|                                                    |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PVFP                                                    | $                               | 3,322 |   | $ | (1,933 | ) | $ | 1,389 |   | $ | 3,382 |   | $ | (1,956 | ) | $ | 1,426 |
| Capitalized                software                     |                            | 1,841 |   |   | (1,078 | ) |   | 763 |   |   | 1,703 |   |   | (945 | ) |   | 758 |
| Patents,                licenses and other              |                            | 431 |   |   | (250 | ) |   | 181 |   |   | 459 |   |   | (241 | ) |   | 218 |
| Acquired                intangible assets and all other |                            | 1,688 |   |   | (654 | ) |   | 1,034 |   |   | 4,739 |   |   | (4,037 | ) |   | 702 |
| Total                                                   | $                               | 7,282 |   | $ | (3,915 | ) | $ | 3,367 |   | $ | 10,283 |   | $ | (7,179 | ) | $ | 3,104 |

|                                | **Six                months ended****June                30** |     |
|-------------------------------------|---------------------------------------------------------------|----------|
| *(In                millions)*      |                                                          | **2005** |   |   | **2004** |   |
|                                |                                                          |     |   |   |   |   |
| Balance                at January 1 | $                                                             | 1,426    |   | $ | 1,562 |   |
| Accrued                interest(a)  |                                                          | 42       |   |   | 47 |   |
| Amortization                        |                                                          | (91      | ) |   | (115 | ) |
| Other                               |                                                          | 12       |   |   | 82 |   |
| Balance                at June 30   | $                                                             | 1,389    |   | $ | 1,576 |   |
|                                |                                                          |     |   |   |   |   |

| (a) | Interest                was accrued at a rate of 6.5% and 6.1% for the six months ended June                30,                2005 and 2004, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **2005** |   |   |   | **2006** |   |   |   | **2007** |   |   |   | **2008** |   |   |   | **2009** |   |
|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|
|   |     |   |   |   |     |   |   |   |     |   |   |   |     |   |   |   |     |   |
|   | 8.9      | %      |   |   | 8.3      | %      |   |   | 7.2      | %      |   |   | 6.3      | %      |   |   | 5.3      | %      |

|                                                | **At**      |    |
|-----------------------------------------------------|-------------|---------|
| *(In                millions)*                      | **6/30/05** |    | **12/31/04** |   |
| **Short-term                borrowings**            |        |    |   |   |   |   |
|                                                |        |    |   |   |   |   |
| Commercial                paper                     |        |    |   |   |   |   |
| U.S.                                                |        |    |   |   |   |   |
| Unsecured                                           | $           | 62,244  |   | $ | 62,694 |   |
| Asset-backed(a)                                     |        | 11,326  |   |   | 13,842 |   |
| Non-U.S.                                            |        | 20,350  |   |   | 20,835 |   |
| Current                portion of long-term debt(b) |        | 31,130  |   |   | 37,530 |   |
| Other                                               |        | 17,357  |   |   | 19,890 |   |
| Total                                               |        | 142,407 |   |   | 154,791 |   |
|                                                |        |    |   |   |   |   |
| **Long-term                borrowings**             |        |    |   |   |   |   |
|                                                |        |    |   |   |   |   |
| Senior                notes                         |        |    |   |   |   |   |
| Unsecured                                           |        | 189,278 |   |   | 179,692 |   |
| Asset-backed(c)                                     |        | 8,442   |   |   | 10,939 |   |
| Extendible                notes(d)                  |        | 14,206  |   |   | 14,258 |   |
| Subordinated                notes(e)                |        | 1,072   |   |   | 1,119 |   |
| Total                                               |        | 212,998 |   |   | 206,008 |   |
| **Total                borrowings**                 | $           | 355,405 |   | $ | 360,799 |   |
|                                                |        |    |   |   |   |   |

| (a)  | Entirely                obligations of consolidated, liquidating securitization entities.                See note                8.                                                                                                                                                                                                                          |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)  | Included                short-term borrowings by consolidated, liquidating securitization                entities                of $829 million and $756 million at June 30, 2005,                and December                31, 2004, respectively.                                                                                             |
| (c)  | Entirely                obligations of consolidated, liquidating securitization entities                as                discussed in note 8. The amount related to AFIG, a December 2004                acquisition, was $7,911 million and $9,769 million                at June 30,                2005, and December 31, 2004, respectively.  |
| (d)  | Included                obligations of consolidated, liquidating securitization entities                in the                amount of $223 million and $267 million at June 30,                2005, and                December 31, 2004, respectively.                                                                                         |
| (e)  | At                June 30, 2005, and December 31, 2004, $1.0 billion of subordinated                notes, issued between 1991 and 1995, were guaranteed by General Electric                Company.                                                                                                                                                         |

----

|                                                        | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|-------------------------------------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                millions)*                              | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                                                        |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Net                earnings                                 | $                                                               | 2,299  |                                                          | $      | 1,523 |   | $ | 4,567 |   | $ | 3,494 |   |
| Investment                securities - net changes in value |                                                            | 1,281  |                                                          |   | (3,296 | ) |   | 582 |   |   | (1,594 | ) |
| Currency                translation adjustments - net       |                                                            | (2,492 | )                                                             |   | (178 | ) |   | (2,258 | ) |   | (232 | ) |
| Cash                flow hedges - net changes in value      |                                                            | (102   | )                                                             |   | 581 |   |   | 357 |   |   | 565 |   |
| Minimum                pension liabilities - net            |                                                            | (5     | )                                                             |   | (6 | ) |   | (11 | ) |   | (7 | ) |
| Total                                                       | $                                                               | 981    |                                                          | $      | (1,376 | ) | $ | 3,237 |   | $ | 2,226 |   |

*Consolidation      of Variable Interest Entities*

|                                          | **At**      |   |
|-----------------------------------------------|-------------|--------|
| *(In                millions)*                | **6/30/05** |   | **12/31/04** |   |
|                                          |        |   |   |   |   |   |
| Receivables                secured by:        |        |   |   |   |   |   |
| Equipment                                     | $           | 12,251 |   | $ | 13,941 |   |
| Commercial                real estate         |        | 14,450 |   |   | 15,747 |   |
| Residential                real estate - AFIG |        | 7,804  |   |   | 9,094 |   |
| Other                assets                   |        | 12,006 |   |   | 11,723 |   |
| Credit                card receivables        |        | 8,711  |   |   | 7,075 |   |
| Total                securitized assets       | $           | 55,222 |   | $ | 57,580 |   |

----

|                                       | **At**      |   |
|--------------------------------------------|-------------|--------|
| *(In                millions)*             | **6/30/05** |   | **12/31/04** |   |
|                                       |        |   |   |   |   |   |
| Off-balance                sheet(a)(b)     | $           | 32,340 |   | $ | 30,835 |   |
| On-balance                sheet - AFIG     |        | 7,804  |   |   | 9,094 |   |
| On-balance                sheet - other(c) |        | 15,078 |   |   | 17,651 |   |
| Total                securitized assets    | $           | 55,222 |   | $ | 57,580 |   |
|                                       |        |   |   |   |   |   |

| (a)  | At                June 30, 2005, and December 31, 2004, liquidity support amounted                to                $1,800 million and $2,300 million,                respectively. These amounts are net of $4,000 million and                $4,300 million, respectively, participated or deferred beyond                one                year. Credit support amounted to $5,900 million and                $6,600 million at June 30, 2005, and December 31, 2004,                respectively.           |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)  | Liabilities                for recourse obligations related to off-balance sheet assets were                $0.1                billion at both June 30, 2005, and December 31, 2004.                                                                                                                                                                                                                                                                                                                                                          |
| (c)  | At                June 30, 2005, and December 31, 2004, liquidity support amounted                to                $12,100 million and $14,400 million, respectively.                These amounts                are net of $600 million and $1,200 million, respectively,                participated or deferred beyond one year. Credit support amounted                to                $5,700 million and $6,900 million at June 30, 2005,                and December                31, 2004, respectively. |

|                                                    | **At**      |   |
|---------------------------------------------------------|-------------|--------|
| *(In                millions)*                          | **6/30/05** |   | **12/31/04** |   |
|                                                    |        |   |   |   |   |   |
| Investment                securities                    | $           | 902    |   | $ | 1,147 |   |
| Financing                receivables - net (note 4)(a)  |        | 19,485 |   |   | 22,848 |   |
| Other                assets                             |        | 2,187  |   |   | 2,408 |   |
| Other,                principally insurance receivables |        | 308    |   |   | 342 |   |
| Total                                                   | $           | 22,882 |   | $ | 26,745 |   |
|                                                    |        |   |   |   |   |   |

| (a) | Included                $7,804 million and $9,094 million related to AFIG,                a December                2004 acquisition, at June 30, 2005, and December 31, 2004,                respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Item      2. Management’s Discussion and Analysis of Results of Operations and Financial      Condition**

**A.      Results of Operations**

**Restatement**

**Overview**

----

|                           | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|--------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                billions)* | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                           |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| **Acquisitions**               |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Revenues                       | $                                                               | 0.8    |                                                          | $      | 0.9 |   | $ | 1.8 |   | $ | 1.8 |   |
| Net                earnings    |                                                            | 0.1    |                                                          |   | 0.1 |   |   | 0.2 |   |   | 0.3 |   |
|                           |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| **Dispositions**               |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Revenues                       |                                                            | 0.2    |                                                          |   | (0.9 | ) |   | 0.2 |   |   | (1.8 | ) |
| Net                earnings    |                                                            | 0.2    |                                                          |   | (0.1 | ) |   | 0.1 |   |   | (0.3 | ) |

**Segment      Operations**

----

**Consolidated**

|                                          | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|-----------------------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                millions)*                | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                                          |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| **Revenues**                                  |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Commercial                Finance             | $                                                               | 6,068  |                                                          | $      | 5,732 |   | $ | 12,108 |   | $ | 11,123 |   |
| Consumer                Finance               |                                                            | 4,928  |                                                          |   | 3,830 |   |   | 9,617 |   |   | 7,419 |   |
| Equipment                & Other Services |                                                            | 1,975  |                                                          |   | 1,763 |   |   | 3,894 |   |   | 4,015 |   |
| Insurance                                     |                                                            | 6,007  |                                                          |   | 5,554 |   |   | 12,340 |   |   | 11,507 |   |
| Total                revenues                 | $                                                               | 18,978 |                                                          | $      | 16,879 |   | $ | 37,959 |   | $ | 34,064 |   |
|                                          |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| **Net                earnings**               |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Commercial                Finance             | $                                                               | 1,215  |                                                          | $      | 975 |   | $ | 2,366 |   | $ | 1,930 |   |
| Consumer                Finance               |                                                            | 735    |                                                          |   | 600 |   |   | 1,470 |   |   | 1,202 |   |
| Equipment                & Other Services |                                                            | 65     |                                                          |   | (105 | ) |   | 64 |   |   | (101 | ) |
| Insurance                                     |                                                            | 284    |                                                          |   | 53 |   |   | 667 |   |   | 463 |   |
| Total                net earnings             | $                                                               | 2,299  |                                                          | $      | 1,523 |   | $ | 4,567 |   | $ | 3,494 |   |

**Commercial      Finance**

|                              | **Three                months ended****June                30** |    | **Six                months ended****June                30** |   |
|-----------------------------------|-----------------------------------------------------------------|---------|---------------------------------------------------------------|--------|
| *(In                millions)*    | **2005**                                                        |    | **2004**                                                      |   | **2005** |   | **2004** |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Revenues**                      | $                                                               | 6,068   |                                                          | $      | 5,732 |   | $ | 12,108 |   | $ | 11,123 |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Net                revenues**   |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| Total                revenues     | $                                                               | 6,068   |                                                          | $      | 5,732 |   | $ | 12,108 |   | $ | 11,123 |   |
| Interest                expense   |                                                            | 1,858   |                                                          |   | 1,442 |   |   | 3,638 |   |   | 2,835 |   |
| Total                net revenues | $                                                               | 4,210   |                                                          | $      | 4,290 |   | $ | 8,470 |   | $ | 8,288 |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Net                earnings**   | $                                                               | 1,215   |                                                          | $      | 975 |   | $ | 2,366 |   | $ | 1,930 |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
|                              | **At**                                                          |    |                                                          |   |   |
| *(In                millions)*    | **6/30/05**                                                     |    | **6/30/04**                                                   |   | **12/31/04** |   |   |   |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Total                assets**   | $                                                               | 232,913 |                                                          | $      | 223,154 |   | $ | 232,123 |   |   |   |   |

----

|                                | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|-------------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                millions)*      | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Real                Estate(a)       |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Revenues                            | $                                                               | 613    |                                                          | $      | 598 |   | $ | 1,376 |   | $ | 1,201 |   |
| Net                earnings         | $                                                               | 210    |                                                          | $      | 215 |   | $ | 492 |   | $ | 445 |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Aviation                Services(a) |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Revenues                            | $                                                               | 819    |                                                          | $      | 777 |   | $ | 1,636 |   | $ | 1,492 |   |
| Net                earnings         | $                                                               | 185    |                                                          | $      | 133 |   | $ | 348 |   | $ | 277 |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
|                                | **At**                                                          |   |                                                          |   |   |
| *(In                millions)*      | **6/30/05**                                                     |   | **6/30/04**                                                   |   | **12/31/04** |   |   |   |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Real                Estate(a)       |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Total                assets         | $                                                               | 30,397 |                                                          | $      | 31,416 |   | $ | 33,497 |   |   |   |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Aviation                Services(a) |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Total                assets         | $                                                               | 37,911 |                                                          | $      | 35,668 |   | $ | 37,384 |   |   |   |   |
|                                |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |

| (a)  | We                provide additional information on two of our segment product lines,                Real                Estate (commercial real estate financing) and Aviation Services                (commercial aircraft financing). Each of these product lines finances                a                single form of collateral, and each has particular discrete concentrations                of risk and opportunities. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Consumer      Finance**

|                              | **Three                months ended****June                30** |    | **Six                months ended****June                30** |   |
|-----------------------------------|-----------------------------------------------------------------|---------|---------------------------------------------------------------|--------|
| *(In                millions)*    | **2005**                                                        |    | **2004**                                                      |   | **2005** |   | **2004** |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Revenues**                      | $                                                               | 4,928   |                                                          | $      | 3,830 |   | $ | 9,617 |   | $ | 7,419 |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Net                revenues**   |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| Total                revenues     | $                                                               | 4,928   |                                                          | $      | 3,830 |   | $ | 9,617 |   | $ | 7,419 |   |
| Interest                expense   |                                                            | 1,413   |                                                          |   | 844 |   |   | 2,696 |   |   | 1,617 |   |
| Total                net revenues | $                                                               | 3,515   |                                                          | $      | 2,986 |   | $ | 6,921 |   | $ | 5,802 |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Net                earnings**   | $                                                               | 735     |                                                          | $      | 600 |   | $ | 1,470 |   | $ | 1,202 |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
|                              | **At**                                                          |    |                                                          |   |   |
| *(In                millions)*    | **6/30/05**                                                     |    | **6/30/04**                                                   |   | **12/31/04** |   |   |   |   |
|                              |                                                            |    |                                                          |   |   |   |   |   |   |   |   |   |
| **Total                assets**   | $                                                               | 149,568 |                                                          | $      | 116,851 |   | $ | 151,255 |   |   |   |   |

**Equipment      & Other Services**

|                            | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|---------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                millions)*  | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                            |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| **Revenues**                    | $                                                               | 1,975  |                                                          | $      | 1,763 |   | $ | 3,894 |   | $ | 4,015 |   |
| **Net                earnings** | $                                                               | 65     |                                                          | $      | (105 | ) | $ | 64 |   | $ | (101 | ) |

----

**Insurance**

|                                  | **Three                months ended****June                30** |   | **Six                months ended****June                30** |   |
|---------------------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
| *(In                millions)*        | **2005**                                                        |   | **2004**                                                      |   | **2005** |   | **2004** |   |
|                                  |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| **Revenues**                          | $                                                               | 6,007  |                                                          | $      | 5,554 |   | $ | 12,340 |   | $ | 11,507 |   |
| **Net                earnings**       | $                                                               | 284    |                                                          | $      | 53 |   | $ | 667 |   | $ | 463 |   |
|                                  |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| GE                Insurance Solutions |                                                            |   |                                                          |   |   |   |   |   |   |   |   |   |
| Revenues                              | $                                                               | 2,334  |                                                          | $      | 2,666 |   | $ | 4,674 |   | $ | 5,313 |   |
| Net                earnings           | $                                                               | 196    |                                                          | $      | 142 |   | $ | 347 |   | $ | 282 |   |

----

**B.      Statement of Financial Position**

**Overview      of Financial Position**

| • | During                2005, we completed acquisitions of the Transportation Financial Services                Group of CitiCapital; the Inventory Finance division of Bombardier                Capital; and ING’s portion of Heller AG. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | At                the end of the second quarter of 2005, we completed the previously                announced sale of Medical Protective Corporation, formerly a wholly-owned                subsidiary providing medical professional liability insurance, to                Columbia                Insurance, a unit of Berkshire Hathaway. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Minority                interest in equity of consolidated affiliates increased during 2005,                primarily because of our sale of an additional 18.4% of the common                shares                of Genworth. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The                U.S. dollar was slightly stronger at June 30, 2005, than it was at                December 31, 2004, slightly reducing the translated levels of our                non-U.S.                dollar assets and liabilities. However, on average, the U.S. dollar                in                2005 has been weaker than during the comparable 2004 period, resulting                in                increases in reported levels of non-U.S. dollar operations as noted                in                Item 2. Management’s Discussion and Analysis of Results of Operations and                Financial Condition. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Investment      securities**

----

**Financing      receivables **

----

|                              | **Delinquency                rates at** |   |
|-----------------------------------|-----------------------------------------|--------|
|                              | **6/30/05****(a)**                      |   | **12/31/04** |   | **6/30/04** |   |
|                              |                                    |   |   |   |   |   |   |   |   |
| Commercial                Finance | 1.31                                    | %      |   | 1.40 | % |   | 1.62 | % |   |
| Consumer                Finance   | 5.15                                    |   |   | 4.85 |   |   | 5.65 |   |   |
|                              |                                    |

| (a)  | Subject                to update. |
|-----------|-----------------------------------|

**C.      Additional Considerations**

**Commercial      Aviation**

----

**D.      Debt Instruments**

|                                                  | **At**      |   |
|-------------------------------------------------------|-------------|--------|
|                                                  | **6/30/05** |   | **12/31/04** |   |
|                                                  |        |   |   |   |   |   |   |   |
| Senior                notes and other long-term debt  |        | 61     | % |   |   | 58 | % |   |
| Commercial                paper                       |        | 25     |   |   |   | 25 |   |   |
| Current                portion of long-term debt      |        | 9      |   |   |   | 11 |   |   |
| Other                - bank and other retail deposits |        | 5      |   |   |   | 6 |   |   |
| Total                                                 |        | 100    | % |   |   | 100 | % |   |

**Item      4. Controls and Procedures**

| • | improving                training, education and accounting reviews designed to ensure that                all                relevant personnel involved in derivatives transactions understand                and                apply hedge accounting in compliance with Statement of Financial                Accounting Standards (SFAS) 133, *Accounting                for Derivative Instruments and Hedging Activities,*                as amended and |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | retesting                our internal financial controls with respect to the types of hedging                transactions affected by the restatement to ensure compliance with                SFAS                133. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Part      II. Other Information**

**Item      1. Legal Proceedings**

**Item      6. Exhibits**

|   | Exhibit                12     | Computation                of Ratio of Earnings to Fixed Charges and Computation of Ratio of                Earnings                to Combined Fixed Charges and Preferred Stock Dividends.  |
|--------|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                31(a)  | Certification                Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange                Act of 1934, as Amended.                                                  |
|   | Exhibit                31(b)  | Certification                Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange                Act of 1934, as Amended.                                                  |
|   | Exhibit                32     | Certification                Pursuant to 18 U.S.C. Section 1350.                                                                                                                              |
|   | Exhibit                99     | Financial                Measures that Supplement Generally Accepted Accounting                Principles.                                                                                    |

----

**Signatures**

| General                  Electric Capital Services, Inc.  (Registrant)    |
|-----------------------------------------------------------------------------------------------|
| July                  29, 2005                                                                |   | /s/                  Philip D. Ameen |   |
| Date                                                                                          |   | Philip                  D. AmeenSenior                  Vice President and ControllerDuly                  Authorized Officer and Principal Accounting                  Officer |

----