Exhibit 99.23

MBNA MASTER CREDIT CARD TRUST II

SERIES 1997-M

KEY PERFORMANCE FACTORS
January 31, 2001



Expected B Maturity 10/15/02


Blended Coupon 5.8432%


Excess Protection Level
3 Month Average 4.62%
January, 2001 7.13%
December, 2000 0.36%
November, 2000 6.38%


Cash Yield 19.75%


Investor Charge Offs 4.73%


Base Rate 7.89%


Over 30 Day Delinquency 4.88%


Seller's Interest 11.58%


Total Payment Rate 14.47%


Total Principal Balance $57,905,967,832.59


Investor Participation Amount $750,000,000.00


Seller Participation Amount $6,705,277,271.10