Exhibit 99.15

MBNA MASTER CREDIT CARD TRUST II

SERIES 1996-M

KEY PERFORMANCE FACTORS
FEBRUARY, 2001



Expected B Maturity 12/15/06


Blended Coupon 5.5940%



Excess Protection Level
3 Month Average 4.71%
February, 2001 7.64%
January, 2001 6.15%
December, 2000 0.33%


Cash Yield 19.48%


Investor Charge Offs 4.62%


Base Rate 7.22%


Over 30 Day Delinquency 5.13%


Seller's Interest 8.26%


Total Payment Rate 13.44%


Total Principal Balance $ 57,174,868,500.05


Investor Participation Amount $ 500,000,000.00


Seller Participation Amount $ 4,724,177,938.56