EXHIBIT 23.1



CONSENT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM



We consent to the
incorporation by reference in this Annual Report on Form 10-K of The Bank of New York Company, Inc. of our report dated February 23, 2005, except for Note 18, as to which the date is February 28, 2005, with respect to the consolidated financial
statements of The Bank of New York Company, Inc. included in the 2004 Annual Report to Shareholders of The Bank of New York Company, Inc.



We also consent to the incorporation by reference of our report dated February 23, 2005, except for Note 18, as to which the date is February 28, 2005,
with respect to the consolidated financial statements of The Bank of New York Company, Inc. incorporated herein by reference, and our report dated February 23, 2005, with respect to The Bank of New York Company, Inc. managements assessment of
the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting of The Bank of New York Company, Inc., included in this Annual Report on Form 10-K of The Bank of New York Company,
Inc. in the following Registration Statements:



|                              |  |      |  |                                      
|----------------------------- |  | ---- |  | -------------------------------------
|Registration Statement Number |  | Form |  | Description                          
|                              |  |     
|No. 333-03811                 |  | S-3  |  | Dividend Reinvestment and Stock      
|                              |  |      |  | Purchase Plan                        
|No. 333-15951                 |  | S-3  |  | Preferred Trust Securities in the    
|No. 333-15951-01              |  |      |  | amount of $700 million               
|No. 333-15951-02              |  |      |  |                                      
|No. 333-15951-03              |  |      |  |                                      
|No. 333-15951-04              |  |      |  |                                      
|No. 333-15951-05              |  |      |  |                                      
|No. 333-40837                 |  | S-3  |  | Preferred Trust Securities in the    
|No. 333-40837-01              |  |      |  | amount of $500 million               
|No. 333-40837-02              |  |      |  |                                      
|No. 333-40837-03              |  |      |  |                                      
|No. 333-62516                 |  | S-3  |  | Debt Securities, Preferred Stock,    
|No. 333-62516-01              |  |      |  | Common Stock, and Preferred Trust    
|No. 333-62516-02              |  |      |  | Securities in the amount of          
|No. 333-62516-03              |  |      |  | $1.6 billion                         
|No. 333-62516-04              |  |      |  |                                      
|No. 333-70187                 |  | S-3  |  | Debt Securities, Preferred Stock,    
|No. 333-70187-01              |  |      |  | Common Stock, and Preferred Trust    
|No. 333-70187-02              |  |      |  | Securities in the amount of          
|No. 333-70187-03              |  |      |  | $1.3 billion                         
|No. 333-70187-04              |  |      |  |                                      
|No. 333-89586                 |  | S-3  |  | Debt Securities, Preferred Stock,    
|No. 333-89586-01              |  |      |  | Depositary Shares, Common Stock      
|No. 333-89586-02              |  |      |  | and Trust Preferred Securities in the
|No. 333-89586-03              |  |      |  | amount of $2.4 billion               
|No. 333-89586-04              |  |      |  |                                      
|No. 333-103003                |  | S-3  |  | Debt Securities, Preferred Stock,    
|No. 333-103003-01             |  |      |  | Depositary Shares, Common Stock      
|No. 333-103003-02             |  |      |  | Equity Purchase Contracts, Equity    
|No. 333-103003-03             |  |      |  | Purchase Units, Warrants and Trust   
|No. 333-103003-04             |  |      |  | Preferred Securities in the amount of
|                              |  |      |  | $2.2 billion                         



---

EXHIBIT 23.1





|                  |  |     |  |                                                                                                   
|----------------- |  | --- |  | --------------------------------------------------------------------------------------------------
|No. 333-116460    |  | S-3 |  | Debt Securities, Preferred Stock,                                                                 
|No. 333-116460-01 |  |     |  | Depositary Shares, Common Stock                                                                   
|No. 333-116460-02 |  |     |  | Equity Purchase Contracts, Equity                                                                 
|No. 333-116460-03 |  |     |  | Purchase Units, Warrants and Trust                                                                
|                  |  |     |  | Preferred Securities in the amount of                                                             
|                  |  |     |  | $2 billion                                                                                        
|No. 333-78685     |  | S-8 |  | Employees Stock Purchase Plan,                                                                   
|                  |  |     |  | Employees Profit-Sharing Plan, 1993 Long-Term Incentive Plan and 1999 Long-Term Incentive Plan   
|No. 33-56863      |  | S-8 |  | Employees Stock Purchase Plan, Employees Profit-Sharing Plan and 1993 Long-Term Incentive Plan  
|No. 33-57670      |  | S-8 |  | Employees Stock Purchase Plan, Employees Profit-Sharing Plan and 1993 Long-Term Incentive Plan  
|No. 33-62267      |  | S-8 |  | Putnam Stock Option Plan                                                                          
|No. 333-105229    |  | S-8 |  | 2003 Long-Term Incentive Plan                                                                     
|No. 333-116923    |  | S-8 |  | The Retirement Savings Plan of Pershing LLC and the Retirement Savings Plan of BNY Brokerage, Inc.



/s/    ERNST & YOUNG LLP





NEW YORK, NEW YORK

February 28, 2005



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