Exhibit 12.1
Ratio of Earnings to Fixed Charges
                                         
    Year Ended December 31,
(in thousands of dollars)   2007   2006   2005   2004   2003
 
                                       
Earnings:
                                       
Income before taxes
  $ 22,643     $ 514,061     $ 543,574     $ 552,666     $ 523,987  
 
Add: Fixed charges, excluding interest on deposits
    431,320       345,253       243,239       191,648       179,902  
 
Earnings available for fixed charges, excluding interest on deposits
    453,963       859,314       786,813       744,314       703,889  
Add: Interest on deposits
    1,026,388       717,167       446,919       257,099       288,271  
 
Earnings available for fixed charges, including interest on deposits
  $ 1,480,351     $ 1,576,481     $ 1,233,732     $ 1,001,413     $ 992,160  
 
 
                                       
Fixed Charges:
                                       
Interest expense, excluding interest on deposits
  $ 415,063     $ 334,175     $ 232,435     $ 178,842     $ 168,499  
Interest factor in net rental expense
    16,257       11,078       10,804       12,806       11,404  
 
Total fixed charges, excluding interest on deposits
    431,320       345,253       243,239       191,648       179,903  
Add: Interest on deposits
    1,026,388       717,167       446,919       257,099       288,271  
 
Total fixed charges, including interest on deposits
  $ 1,457,708     $ 1,062,420     $ 690,158     $ 448,747     $ 468,174  
 
 
                                       
Ratio of Earnings to Fixed Charges
                                       
Excluding interest on deposits
    1.05 x       2.49 x       3.23 x       3.88 x       3.91 x  
Including interest on deposits
    1.02 x       1.48 x       1.79 x       2.23 x       2.12 x  

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