EXHIBIT 12



THE BANK OF NEW YORK COMPANY, INC.

Ratios of Earnings to Fixed Charges

(Dollars in millions)



|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|--------------------------------------------------------------------------- |  | ---- | ----- | - | ---- | - | ----- | ---- |  | - | ----- | - |  | ---- | ----- | - |  | - | ----- | -
|For The Years Ended December 31,                                            |  | 2004 |       |   | 2003 |   |       | 2002 |  |   | 2001  |   |  | 2000 |      
|EARNINGS                                                                    |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Income Before Income Taxes                                                  |  | $    | 2,199 |   |      | $ | 1,762 |      |  | $ | 1,372 |   |  | $    | 2,058 |   |  | $ | 2,251 |  
|Fixed Charges, Excluding Interest on Deposits                               |  |      | 326   |   |      |   | 266   |      |  |   | 342   |   |  |      | 602   |   |  |   | 647   |  
|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Income Before Income Taxes and Fixed Charges,Excluding Interest on Deposits |  |      | 2,525 |   |      |   | 2,028 |      |  |   | 1,714 |   |  |      | 2,660 |   |  |   | 2,898 |  
|Interest on Deposits                                                        |  |      | 548   |   |      |   | 507   |      |  |   | 644   |   |  |      | 1,392 |   |  |   | 2,011 |  
|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Income Before Income Taxes and Fixed Charges,Including Interest on Deposits |  | $    | 3,073 |   |      | $ | 2,535 |      |  | $ | 2,358 |   |  | $    | 4,052 |   |  | $ | 4,909 |  
|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|                                                                            |  |      |       |   |     
|FIXED CHARGES                                                               |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Interest Expense, Excluding Interest on Deposits                            |  | $    | 260   |   |      | $ | 214   |      |  | $ | 298   |   |  | $    | 547   |   |  | $ | 609   |  
|One-Third Net Rental Expense*                                               |  |      | 66    |   |      |   | 52    |      |  |   | 44    |   |  |      | 55    |   |  |   | 38    |  
|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Total Fixed Charges, Excluding Interest on Deposits                         |  |      | 326   |   |      |   | 266   |      |  |   | 342   |   |  |      | 602   |   |  |   | 647   |  
|Interest on Deposits                                                        |  |      | 548   |   |      |   | 507   |      |  |   | 644   |   |  |      | 1,392 |   |  |   | 2,011 |  
|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Total Fixed Charges, Including Interest on Deposits                         |  | $    | 874   |   |      | $ | 773   |      |  | $ | 986   |   |  | $    | 1,994 |   |  | $ | 2,658 |  
|                                                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|                                                                            |  |      |       |   |     
|EARNINGS TO FIXED CHARGES RATIOS                                            |  |      |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Excluding Interest on Deposits                                              |  |      | 7.75  | x |      |   | 7.62  | x    |  |   | 5.01  | x |  |      | 4.42  | x |  |   | 4.48  | x
|Including Interest on Deposits                                              |  |      | 3.52  |   |      |   | 3.28  |      |  |   | 2.39  |   |  |      | 2.03  |   |  |   | 1.85  |  



|* | The proportion deemed representative of the interest factor.
|- | ------------------------------------------------------------