Exhibit 12

 

Ratio of Earnings to Fixed Charges

(Unaudited and Restated)

 

     Twelve Months Ended December 31,

 

(in thousands of dollars)


   2003

    2002

    2001

    2000

    1999

 

Earnings:

                                        

Income before taxes

   $ 523,987     $ 522,705     $ 95,477     $ 448,454     $ 602,325  
    


 


 


 


 


Add: Fixed charges, excluding interest on deposits

     179,903       169,788       299,872       398,214       356,563  
    


 


 


 


 


Earnings available for fixed charges, excluding interest on deposits

     703,890       692,493       395,349       846,668       958,888  

Add: Interest on deposits

     288,271       385,733       654,056       782,076       639,605  
    


 


 


 


 


Earnings available for fixed charges, including interest on deposits

   $ 992,161     $ 1,078,226     $ 1,049,405     $ 1,628,744     $ 1,598,493  
    


 


 


 


 


Fixed Charges:

                                        

Interest expense, excluding interest on deposits

   $ 168,499     $ 157,888     $ 285,445     $ 383,997     $ 344,635  

Interest factor in net rental expense

     11,404       11,900       14,427       14,217       11,928  
    


 


 


 


 


Total fixed charges, excluding interest on deposits

     179,903       169,788       299,872       398,214       356,563  

Add: Interest on deposits

     288,271       385,733       654,056       782,076       639,605  
    


 


 


 


 


Total fixed charges, including interest on deposits

   $ 468,174     $ 555,521     $ 953,928     $ 1,180,290     $ 996,168  
    


 


 


 


 


Ratio of Earnings to Fixed Charges

                                        

Excluding interest on deposits

     3.91 x     4.08 x     1.32 x     2.13 x     2.69 x

Including interest on deposits

     2.12 x     1.94 x     1.10 x     1.38 x     1.60 x