Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 26, 2007

Documents

 

Exhibit 12.1
Ratio of Earnings to Fixed Charges
                                 
    (Unaudited)   (Unaudited)
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
(in thousands of dollars)   2007   2006   2007   2006
   
 
Earnings:
                                
 
                                
Income before taxes
   $ 186,737     $ 96,631     $ 420,787     $ 399,000  
     
Add: Fixed charges, excluding interest on deposits
     127,224       91,836       306,536       256,850  
     
 
                                
Earnings available for fixed charges, excluding interest on deposits
     313,961       188,467       727,323       655,850  
Add: Interest on deposits
     320,490       194,623       715,321       515,969  
     
 
                                
Earnings available for fixed charges, including interest on deposits
   $ 634,451     $ 383,090     $ 1,442,644     $ 1,171,819  
     
 
                                
Fixed Charges:
                                
Interest expense, excluding interest on deposits
   $ 121,032     $ 89,052     $ 294,665     $ 248,521  
Interest factor in net rental expense
     6,192       2,784       11,871       8,329  
     
 
                                
Total fixed charges, excluding interest on deposits
     127,224       91,836       306,536       256,850  
Add: Interest on deposits
     320,490       194,623       715,321       515,969  
     
 
                                
Total fixed charges, including interest on deposits
   $ 447,714     $ 286,459     $ 1,021,857     $ 772,819  
     
 
                                
Ratio of Earnings to Fixed Charges
                                
Excluding interest on deposits
     2.47 x     2.05 x     2.37 x     2.55 x
Including interest on deposits
     1.42 x     1.34 x     1.41 x     1.52 x