Exhibit 12.1


                       Ratio of Earnings to Fixed Charges

         The following  table sets forth the  consolidated  ratio of earnings to
fixed charges of GE Capital for the periods indicated:

                               Year Ended December 31,
                ------------------------------------------------------------                    Nine Months Ended
      1996               1997               1998                1999               2000         September 29, 2001
- ----------------   ----------------   ----------------    ----------------   ----------------   ------------------
                                                                                     
      1.53               1.48               1.50                1.60              1.52                 1.60


         For purposes of computing the  consolidated  ratio of earnings to fixed
charges,  earnings consist of net earnings adjusted for the provision for income
taxes,  minority  interest and fixed charges.  Fixed charges consist of interest
and discount on all  indebtedness  and  one-third  of rentals,  which GE Capital
believe reasonably approximates the interest factor of such rentals.