EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

	Nine months ended September 30, 2001
						Year Ended December 31,
(Dollars in millions)						2000			1999			1998			1997			1996
(A) Excluding interest on deposits:
Earnings:
Income before income taxes		$	687		$	914		$	974		$	662		$	568		$	453
Fixed charges			837			1,360			954			856			613			477
Earnings as adjusted		$	1,524		$	2,274		$	1,928		$	1,518		$	1,181		$	930
Income before income taxes
Pretax income from continuing
operations as reported		$	678		$	906		$	968		$	657		$	564		$	447
Share of pretax income (loss) of 50% owned
subsidiaries not included in above			9			8			6			5			4			6
Net income as adjusted		$	687		$	914		$	974		$	662		$	568		$	453
Fixed charges:
Interest on other borrowings		$	760		$	1,268		$	874		$	770		$	548		$	452
Interest on long-term debt including
amortization of debt issue costs			70			82			70			66			55			15
Portion of rents representative of the
interest factor in long term lease			7			10			10			20			10			10
Fixed charges		$	837		$	1,360		$	954		$	856		$	613		$	477
Ratio of earnings to fixed charges			1.82	x		1.67	x		2.02	x		1.77	x		1.93	x		1.95x
(B) Including interest on deposits:
Adjusted earnings from (A) above		$	1,524		$	2,274		$	1,928		$	1,518		$	1,181		$	930
Add interest on deposits			722			1,012			712			656			512			425
Earnings as adjusted		$	2,246		$	3,286		$	2,640		$	2,174		$	1,693		$	1,355
Fixed charges:
Fixed charges from (A) above		$	837		$	1,360		$	954		$	856		$	613		$	477
Interest on deposits			722			1,012			712			656			512			425
Adjusted fixed charges		$	1,559		$	2,372		$	1,666		$	1,512		$	1,125		$	902
Adjusted earnings to adjusted fixed
charges			1.44	x		1.39	x		1.58	x		1.44	x		1.50	x		1.50x