Exhibit 99.23

MBNA MASTER CREDIT CARD TRUST II

SERIES 1997-M

KEY PERFORMANCE FACTORS
February 28, 2001



Expected B Maturity 10/15/02


Blended Coupon 5.8194%


Excess Protection Level
3 Month Average 4.98%
February, 2001 7.45%
January, 2001 7.13%
December, 2000 0.36%


Cash Yield 19.50%


Investor Charge Offs 4.62%


Base Rate 7.43%


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 $750,000,000.00


Seller Participation Amount $4,724,177,938.56