EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

	Six months ended June 30, 2002			Year Ended December 31,
(Dollars in millions)				2001			2000			1999			1998			1997
(A) Excluding interest on deposits:
Earnings:
Income before income taxes	$	531		$	944		$	914		$	974		$	662		$	568
Fixed charges		265			983			1,360			954			856			613
Earnings as adjusted	$	796		$	1,927		$	2,274		$	1,928		$	1,518		$	1,181
Income before income taxes:
Pretax income from continuing operations as reported	$	531		$	930		$	906		$	968		$	657		$	564
Share of pretax income (loss) of 50% owned subsidiaries not included in above		0			14			8			6			5			4
Net income as adjusted	$	531		$	944		$	914		$	974		$	662		$	568
Fixed charges:
Interest on other borrowings	$	222		$	881		$	1,268		$	874		$	770		$	548
Interest on long-term debt including amortization of debt issue costs		38			93			82			70			66			55
Portion of rents representative of the interest factor in long term lease		5			9			10			10			20			10
Fixed charges	$	265		$	983		$	1,360		$	954		$	856		$	613
Ratio of earnings to fixed charges		3.01	x		1.96	x		1.67	x		2.02	x		1.77	x		1.93	x
(B) Including interest on deposits:
Adjusted earnings from (A) above	$	796		$	1,927		$	2,274		$	1,928		$	1,518		$	1,181
Add interest on deposits		244			856			1,012			712			656			512
Earnings as adjusted	$	1,040		$	2,783		$	3,286		$	2,640		$	2,174		$	1,693
Fixed charges:
Fixed charges from (A) above	$	265		$	983		$	1,360		$	954		$	856		$	613
Interest on deposits		244			856			1,012			712			656			512
Adjusted fixed charges	$	509		$	1,839		$	2,372		$	1,666		$	1,512		$	1,125
Adjusted earnings to adjusted fixed charges		2.04	x		1.51	x		1.39	x		1.58	x		1.44	x		1.50	x