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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31 (Dollars in Millions) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C>
EARNINGS
1. Net income $1,506.5 $1,327.4 $ 838.5 $1,218.7 $ 897.1
2. Applicable income taxes 855.0 766.5 552.2 725.7 523.9
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3. Income before taxes (1 + 2) $2,361.5 $2,093.9 $1,390.7 $1,944.4 $1,421.0
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4. Fixed charges:
a. Interest expense excluding interest on deposits $1,124.8 $ 955.8 $ 808.7 $ 702.5 $ 681.4
b. Portion of rents representative of interest and
amortization of debt expense 51.4 47.7 41.2 45.4 46.6
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c. Fixed charges excluding interest on deposits (4a + 4b) 1,176.2 1,003.5 849.9 747.9 728.0
d. Interest on deposits 1,291.2 1,391.0 1,436.8 1,441.3 1,416.7
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e. Fixed charges including interest on deposits (4c + 4d) $2,467.4 $2,394.5 $2,286.7 $2,189.2 $2,144.7
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5. Amortization of interest capitalized $-- $-- $-- $-- $--
6. Earnings excluding interest on deposits (3 + 4c + 5) 3,537.7 3,097.4 2,240.6 2,692.3 2,149.0
7. Earnings including interest on deposits (3 + 4e + 5) 4,828.9 4,488.4 3,677.4 4,133.6 3,565.7
8. Fixed charges excluding interest on deposits (4c) 1,176.2 1,003.5 849.9 747.9 728.0
9. Fixed charges including interest on deposits (4e) 2,467.4 2,394.5 2,286.7 2,189.2 2,144.7
RATIO OF EARNINGS TO FIXED CHARGES
10. Excluding interest on deposits (line 6 / line 8) 3.01 3.09 2.64 3.60 2.95
11. Including interest on deposits (line 7 / line 9) 1.96 1.87 1.61 1.89 1.66
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