EXHIBIT 23.1



CONSENT OF ERNST & YOUNG LLP

INDEPENDENT AUDITORS



We
consent to the incorporation by reference in this Annual Report (Form 10-K) of The Bank of New York Company, Inc. of our report dated January 30, 2004, included in the 2003 Annual Report to Shareholders of The Bank of New York Company, Inc.



We also consent to the incorporation by reference in the
following Registration Statements of The Bank of New York Company, Inc. of our report dated January 30, 2004, with respect to the consolidated financial statements of The Bank of New York Company, Inc. incorporated by reference in this Annual Report
(Form 10-K) for the year ended December 31, 2003:



|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                              |                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- | ---- | ---------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------
|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 amount of $700 million                                                              
|No. 333-15951-01                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                              |                                                                                                                       
|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 amount of $500 million                                                              
|No. 333-40837-01                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                              |                                                                                                                       
|No. 333-40837-02                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                              |                                                                                                                       
|No. 333-40837-03                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                              |                                                                                                                       
|No. 333-62516 No. 333-62516-01 No. 333-62516-02 No. 333-62516-03 No. 333-62516-04 No. 333-70187 No. 333-70187-01 No. 333-70187-02 No. 333-70187-03 No. 333-70187-04 No. 333-89586 No. 333-89586-01 No. 333-89586-02 No. 333-89586-03 No. 333-89586-04 No. 333-103003 No. 333-103003-01 No. 333-103003-02 No. 333-103003-03 No. 333-103003-04 |     | S-3  |                                                                                                                              | Debt Securities, Preferred Stock, Common Stock, and Preferred Trust Securities in the amount of $1.6 billion          
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             | S-3 |      | Debt Securities, Preferred Stock, Common Stock,and Preferred Trust Securities in the amount of $1.3 billion                 
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             | S-3 |      | Debt Securities, Preferred Stock,Depositary Shares, Common Stock and Trust Preferred Securitiesin the amount of $2.4 billion
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                             | S-3 |      | Debt Securities, Preferred Stock,                                                                                           
|                                                                                                                                                                                                                                                                                                                                             |     |      | Depositary Shares, Common Stock                                                                                             
|                                                                                                                                                                                                                                                                                                                                             |     |      | Equity Purchase Contracts, Equity                                                                                           
|                                                                                                                                                                                                                                                                                                                                             |     |      | Purchase Units, Warrants and Trust                                                                                          
|                                                                                                                                                                                                                                                                                                                                             |     |      | Preferred Securities in the amount of $2.2 billion                                                                          
|No. 333-78685                                                                                                                                                                                                                                                                                                                                |     | S-8  |                                                                                                                              | Employees Stock Purchase PlanEmployees Profit Sharing Plan1993 Long-Term Incentive Plan1999 Long-Term Incentive Plan
|No. 33-56863                                                                                                                                                                                                                                                                                                                                 |     | S-8  |                                                                                                                              | Employees Stock Purchase Plan,Employees Profit Sharing Plan and1993 Long-Term Incentive Plan                        
|No. 33-57670                                                                                                                                                                                                                                                                                                                                 |     | S-8  |                                                                                                                              | Employees Stock Purchase Plan,Employees Profit Sharing Plan and1993 Long-Term Incentive Plan                        
|No. 33-62267                                                                                                                                                                                                                                                                                                                                 |     | S-8  |                                                                                                                              | Putnam Stock Option Plan                                                                                              
|                                                                                                                                                                                                                                                                                                                                             |     |     
|New York, New York March 9, 2004                                                                                                                                                                                                                                                                                                             |     |      |                                                                                                                              | /s/    Ernst & Young LLP Ernst & Young LLP                                                                            





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