Santander Finance Preferred S.A. Unipersonal F-4 Registration of securities (foreign)

Exhibit 12

	Year end December 31,
	2008						2007						2006						2005						2004
IFRS:	Including interest on deposits			Excluding interest on deposits			Including interest on deposits			Excluding interest on deposits			Including interest on deposits			Excluding interest on deposits			Including interest on deposits			Excluding interest on deposits			Including interest on deposits			Excluding interest on deposits
FIXED CHARGES:
Fixed charges		37,571,794			18,287,598			30,859,894			16,270,327			24,383,034			11,272,446			22,824,107			9,175,455			10,091,929			4,661,102
Preferred dividends		37,374			37,374			47,290			47,290			85,229			85,229			118,389			118,389			151,952			151,952
Fixed charges less Preferred dividends		37,534,420			18,250,224			30,812,604			16,223,037			24,297,805			11,187,217			22,705,718			9,057,066			9,939,977			4,509,150
EARNINGS:
Income from continuing operations before taxes		11,229,752			11,229,752			11,175,241			11,175,241			8,995,386			8,995,386			7,358,864			7,358,864			4,864,766			4,864,766
Less: income/loss from associated companies, net of dividends received		(701,426	)		(701,426	)		(294,809	)		(294,809	)		(262,315	)		(262,315	)		(437,978	)		(437,978	)		(271,816	)		(271,816	)
Fixed charges		37,571,794			18,287,598			30,859,894			16,270,327			24,383,034			11,272,446			22,824,107			9,175,455			10,091,929			4,661,102
Total earnings		48,100,120			28,815,924			41,740,326			27,150,759			33,116,105			20,005,517			29,744,993			16,096,341			14,684,879			9,254,052
Less: Preferred dividends		37,374			37,374			47,290			47,290			85,229			85,229			118,389			118,389			151,952			151,952
Total earnings less preferred stock dividends		48,062,746			28,778,550			41,693,036			27,103,469			33,030,876			19,920,288			29,626,604			15,977,952			14,532,927			9,102,100
Ratio of earnings to fixed charges		1.28			1.58			1.35			1.67			1.36			1.77			1.30			1.75			1.46			1.99
Ratio of earnings to fixed charges less preferred stock dividends		1.28			1.58			1.35			1.67			1.36			1.78			1.30			1.76			1.46			2,02