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EXHIBIT 12
HSBC FINANCE CORPORATION
COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months Ended March 31, | 2010 | 2009 | ||||||
| (dollars are | ||||||||
| in millions) | ||||||||
| Net income (loss) | $ | (603 | ) | $ | 872 | |||
| Income tax benefit (expense) | 330 | (855 | ) | |||||
| Income (loss) before income tax expense (benefit) | (933 | ) | 1,727 | |||||
| Fixed charges: | ||||||||
| Interest expense | 867 | 1,167 | ||||||
Interest portion of rentals(1) | 5 | 22 | ||||||
| Total fixed charges | 872 | 1,189 | ||||||
| Total earnings (loss) as defined | $ | (61 | ) | $ | 2,916 | |||
| Ratio of earnings (loss) to fixed charges | (.07 | ) | 2.45 | |||||
Preferred stock dividends(2) | 14 | 14 | ||||||
| Ratio of earnings (loss) to combined fixed charges and preferred stock dividends | (.07 | ) | 2.42 | |||||
| (1) | Represents one-third of rentals, which approximates the portion representing interest. | |
| (2) | Preferred stock dividends are grossed up to their pretax equivalents. |