EXHIBIT 12



THE BANK OF NEW YORK COMPANY, INC.

Ratios of Earnings to Fixed Charges

(Dollars
in millions)



|                                                                             |  | For The Years Ended December 31 |      
|---------------------------------------------------------------------------- |  | ------------------------------- | -----
|                                                                             |  | 2002                            |      
|Earnings                                                                     |  |                                 |      
|Income Before Income Taxes                                                   |  | $                               | 1,372
|Fixed Charges, Excluding Interest on Deposits                                |  |                                 | 348  
|                                                                             |  |                                 |      
|Income Before Income Taxes and Fixed Charges Excluding Interest on
Deposits  |  |                                 | 1,720
|Interest on Deposits                                                         |  |                                 | 644  
|                                                                             |  |                                 |      
|Income Before Income Taxes and Fixed Charges, Including Interest on
Deposits |  | $                               | 2,364
|                                                                             |  |                                 |      
|Fixed Charges                                                                |  |                                 |      
|Interest Expense, Excluding Interest on Deposits                             |  | $                               | 304  
|One-Third Net Rental Expense*                                                |  |                                 | 44   
|                                                                             |  |                                 |      
|Total Fixed Charges, Excluding Interest on Deposits                          |  |                                 | 348  
|Interest on Deposits                                                         |  |                                 | 644  
|                                                                             |  |                                 |      
|Total Fixed Charges, Including Interest on Deposits                          |  | $                               | 992  
|                                                                             |  |                                 |      
|Earnings to Fixed Charges Ratios                                             |  |                                 |      
|Excluding Interest on Deposits                                               |  |                                 | 4.94 
|Including Interest on Deposits                                               |  |                                 | 2.38 

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