EXHIBIT 12

KEYCORP

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

			Year Ended December 31,
			2005			2004			2003			2002			2001
Computation of Earnings
Net income			$	1,129		$	954		$	903		$	976		$	132
Add: Provision for income taxes				459			434			339			336			102
Less: Cumulative effect of accounting changes, net of tax				—			—			—			—			(25)
		Income before income taxes and cumulative effect of accounting changes		1,588			1,388			1,242			1,312			259
Fixed charges, excluding interest on deposits				834			536			573			747			1,367
		Total earnings for computation, excluding interest on deposits		2,422			1,924			1,815			2,059			1,626
Interest on deposits				1,026			677			703			897			1,478
		Total earnings for computation, including interest on deposits	$	3,448		$	2,601		$	2,518		$	2,956		$	3,104
Computation of Fixed Charges
Net rental expense			$	128		$	130		$	131		$	142		$	145
Portion of net rental expense deemed representative of interest			$	33		$	32		$	31		$	27		$	43
Interest on short-term borrowed funds				203			102			110			169			500
Interest on long-term debt, including capital securities				598			402			432			551			824
		Total fixed charges, excluding interest on deposits		834			536			573			747			1,367
Interest on deposits				1,026			677			703			897			1,478
		Total fixed charges, including interest on deposits	$	1,860		$	1,213		$	1,276		$	1,644		$	2,845
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis				—			—			—			—			—
Total fixed charges, excluding interest on deposits			$	834		$	536		$	573		$	747		$	1,367
	Combined fixed charges and preferred stock dividends, excluding interest on deposits			834			536			573			747			1,367
Interest on deposits				1,026			677			703			897			1,478
	Combined fixed charges and preferred stock dividends, including interest on deposits		$	1,860		$	1,213		$	1,276		$	1,644		$	2,845
Ratio of Earnings to Fixed Charges
Excluding deposit interest				2.90	x		3.59	x		3.17	x		2.76	x		1.19	x
Including deposit interest				1.85	x		2.14	x		1.97	x		1.80	x		1.09	x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest				2.90	x		3.59	x		3.17	x		2.76	x		1.19	x
Including deposit interest				1.85	x		2.14	x		1.97	x		1.80	x		1.09	x