Exhibit 99.15

MBNA MASTER CREDIT CARD TRUST II

SERIES 1996-M

KEY PERFORMANCE FACTORS
MARCH, 2001



Expected B Maturity 12/15/06


Blended Coupon 5.5658%



Excess Protection Level
3 Month Average 7.25%
March, 2001 7.94%
February, 2001 7.64%
January, 2001 6.15%


Cash Yield 20.69%


Investor Charge Offs 4.83%


Base Rate 7.91%


Over 30 Day Delinquency 4.90%


Seller's Interest 7.37%


Total Payment Rate 14.60%


Total Principal Balance $ 56,622,749,044.91


Investor Participation Amount $ 500,000,000.00


Seller Participation Amount $ 4,172,058,483.42