EXHIBIT 12

THE BANK OF NEW YORK COMPANY, INC.

Ratios of Earnings to Fixed Charges

(Dollars in millions)

	For The Years Ended December 31
	2002			2001			2000			1999			1998
Earnings
Income Before Income Taxes	$	1,372		$	2,058		$	2,251		$	2,840		$	1,891
Fixed Charges, Excluding Interest on Deposits		348			602			647			554			614
Income Before Income Taxes and Fixed Charges Excluding Interest on Deposits		1,720			2,660			2,898			3,394			2,505
Interest on Deposits		644			1,392			2,011			1,363			1,374
Income Before Income Taxes and Fixed Charges, Including Interest on Deposits	$	2,364		$	4,052		$	4,909		$	4,757		$	3,879
Fixed Charges
Interest Expense, Excluding Interest on Deposits	$	304		$	547		$	609		$	521		$	580
One-Third Net Rental Expense*		44			55			38			33			34
Total Fixed Charges, Excluding Interest on Deposits		348			602			647			554			614
Interest on Deposits		644			1,392			2,011			1,363			1,374
Total Fixed Charges, Including Interest on Deposits	$	992		$	1,994		$	2,658		$	1,917		$	1,988
Earnings to Fixed Charges Ratios
Excluding Interest on Deposits		4.94	x		4.42	x		4.48	x		6.13	x		4.08	x
Including Interest on Deposits		2.38			2.03			1.85			2.48			1.95

* The proportion deemed representative of the interest factor.