EXHIBIT 12



THE BANK OF NEW YORK COMPANY, INC.

Ratios of Earnings to Fixed Charges

(Dollars in millions)

|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|---------------------------------------------------------------------------- |  | ------------------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ----- | - |  | ---- | ----- | - |  | - | ----- | -
|                                                                             |  | For The Years Ended December 31 |      
|                                                                             |  | 2003                            |       |   | 2002 |   |       | 2001 |  |   | 2000  |   |  | 1999 |      
|EARNINGS                                                                     |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Income Before Income Taxes                                                   |  | $                               | 1,762 |   |      | $ | 1,372 |      |  | $ | 2,058 |   |  | $    | 2,251 |   |  | $ | 2,840 |  
|Fixed Charges, Excluding Interest on Deposits                                |  |                                 | 266   |   |      |   | 342   |      |  |   | 602   |   |  |      | 647   |   |  |   | 554   |  
|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Income Before Income Taxes and Fixed Charges, Excluding Interest on Deposits |  |                                 | 2,028 |   |      |   | 1,714 |      |  |   | 2,660 |   |  |      | 2,898 |   |  |   | 3,394 |  
|Interest on Deposits                                                         |  |                                 | 507   |   |      |   | 644   |      |  |   | 1,392 |   |  |      | 2,011 |   |  |   | 1,363 |  
|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Income Before Income Taxes and Fixed Charges, Including Interest on Deposits |  | $                               | 2,535 |   |      | $ | 2,358 |      |  | $ | 4,052 |   |  | $    | 4,909 |   |  | $ | 4,757 |  
|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|FIXED CHARGES                                                                |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Interest Expense, Excluding Interest on Deposits                             |  | $                               | 214   |   |      | $ | 298   |      |  | $ | 547   |   |  | $    | 609   |   |  | $ | 521   |  
|One-Third Net Rental Expense*                                                |  |                                 | 52    |   |      |   | 44    |      |  |   | 55    |   |  |      | 38    |   |  |   | 33    |  
|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Total Fixed Charges, Excluding Interest on Deposits                          |  |                                 | 266   |   |      |   | 342   |      |  |   | 602   |   |  |      | 647   |   |  |   | 554   |  
|Interest on Deposits                                                         |  |                                 | 507   |   |      |   | 644   |      |  |   | 1,392 |   |  |      | 2,011 |   |  |   | 1,363 |  
|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Total Fixed Charges, Including Interest on Deposits                          |  | $                               | 773   |   |      | $ | 986   |      |  | $ | 1,994 |   |  | $    | 2,658 |   |  | $ | 1,917 |  
|                                                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|EARNINGS TO FIXED CHARGES RATIOS                                             |  |                                 |       |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Excluding Interest on Deposits                                               |  |                                 | 7.62  | x |      |   | 5.01  | x    |  |   | 4.42  | x |  |      | 4.48  | x |  |   | 6.13  | x
|Including Interest on Deposits                                               |  |                                 | 3.28  |   |      |   | 2.39  |      |  |   | 2.03  |   |  |      | 1.85  |   |  |   | 2.48  |  

---

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



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