Exhibit 12

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 30, 2003

(Unaudited)

|(Dollars in millions)                                                                                                                                                                                                                   | Ratio of
      Earnings to
      Fixed Charges |       | Ratio of
      Earnings to
      Combined
      Fixed Charges
      and Preferred
      Stock
      Dividends
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------- | ----- | -------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Net earnings                                                                                                                                                                                                                            | $                                              | 3,272 |                                                                                                              
|Provision for income taxes                                                                                                                                                                                                              |                                                | 617   |                                                                                                              
|Minority interest in net earnings of consolidated
      affiliates                                                                                                                                                                      |                                                | 63    |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Earnings before provision for income taxes and minority
      interest                                                                                                                                                                  |                                                | 3,952 |                                                                                                              
|Fixed charges:                                                                                                                                                                                                                          |                                                |       |                                                                                                              
|Interest                                                                                                                                                                                                                                |                                                | 5,056 |                                                                                                              
|One-third of rentals                                                                                                                                                                                                                    |                                                | 153   |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Total fixed charges                                                                                                                                                                                                                     |                                                | 5,209 |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Less interest capitalized, net of amortization                                                                                                                                                                                          |                                                | (15   | )                                                                                                            
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Earnings before provision for income taxes and minority
      interest,
           plus fixed charges                                                                                                                                   | $                                              | 9,146 |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Ratio of earnings to fixed charges                                                                                                                                                                                                      |                                                | 1.76  |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Preferred stock dividend requirements                                                                                                                                                                                                   |                                                |       |                                                                                                              
|Ratio of earnings before provision for income taxes to net
      earnings                                                                                                                                                               |                                                |       |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Preferred stock dividend factor on pre-tax basis                                                                                                                                                                                        |                                                |       |                                                                                                              
|Fixed charges                                                                                                                                                                                                                           |                                                |       |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Total fixed charges and preferred stock dividend
      requirements                                                                                                                                                                     |                                                |       |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|Ratio of earnings to combined fixed charges and preferred
      stock dividends                                                                                                                                                         |                                                |       |                                                                                                              
|                                                                                                                                                                                                                                        |                                                |       |                                                                                                              
|                                                                                                                                                                                                                                        |                                               
|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. |