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                                                                     EXHIBIT 12
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       GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                       AND
           COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS

                         SIX MONTHS ENDED JUNE 27, 1998
                                   (Unaudited)

                                                                       RATIO OF
                                                                       EARNINGS
                                                                          TO   
                                                                       COMBINED
                                                                         FIXED 
                                                           RATIO OF     CHARGES
                                                           EARNINGS       AND  
                                                             TO       PREFERRED
                                                            FIXED        STOCK 
(Dollar amounts in millions)                               CHARGES    DIVIDENDS
                                                           --------    --------
<S>                                                        <C>         <C>     
Net earnings ...........................................   $  1,814    $  1,814
Provision for income taxes .............................        657         657
Minority interest in net earnings of consolidated
 affiliates ............................................         66          66
                                                           --------    --------
Earnings before provision for income taxes and
 minority interest .....................................      2,537       2,537
                                                           --------    --------
Fixed charges:
  Interest .............................................      4,281       4,281
  One-third of rentals .................................        134         134
                                                           --------    --------
Total fixed charges ....................................      4,415       4,415
                                                           --------    --------

Less interest capitalized, net of amortization .........         40          40
                                                           --------    --------
Earnings before provision for income taxes and minority
 interest, plus fixed charges ..........................   $  6,912    $  6,912
                                                           ========    ========

Ratio of earnings to fixed charges .....................       1.57
                                                           ========

Preferred stock dividend requirements ..................               $   --  
Ratio of earnings before provision for income taxes to
 net earnings ..........................................                   1.36
Preferred stock dividend factor on pre-tax basis .......                   --  
Fixed charges ..........................................                  4,415
                                                                       --------
Total fixed charges and preferred stock dividend
 requirements ..........................................               $  4,415
                                                                       ========

Ratio of earnings to combined fixed charges and
 preferred stock dividends .............................                   1.57
                                                                       ========
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For purposes of computing the ratios,  fixed charges  consist of interest on all
indebtedness and one-third of rentals, which management believes is a reasonable
approximation of the interest factor of such rentals.