EXHIBIT 12

HSBC FINANCE CORPORATION

COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES AND TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Nine Months Ended September 30,	2015			2014
	(dollars are in millions)
Income (loss) from continuing operations	$	(250	)	$	509
Income tax expense (benefit)	(357		)	182
Income (loss) from continuing operations before income tax expense	(607		)	691
Fixed charges:
Interest expense	701			804
Interest portion of rentals(1)	3			3
Total fixed charges	704			807
Total earnings from continuing operations as defined	$	97		$	1,498
Ratio of earnings to fixed charges	.14			1.86
Preferred stock dividends(2)	$	145		$	145
Ratio of earnings to combined fixed charges and preferred stock dividends	.11			1.57

⁽¹⁾  Represents one-third of rentals, which approximates the portion representing interest.

⁽²⁾  Preferred stock dividends are grossed up to their pretax equivalents.