Exhibit 99.23

MBNA MASTER CREDIT CARD TRUST II

SERIES 1997-M

KEY PERFORMANCE FACTORS
March 31, 2001



Expected B Maturity 10/15/02


Blended Coupon 5.7912%


Excess Protection Level
3 Month Average 7.44%
March, 2001 7.72%
February, 2001 7.45%
January, 2001 7.13%


Cash Yield 20.71%


Investor Charge Offs 4.83%


Base Rate 8.15%


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 $750,000,000.00


Seller Participation Amount $4,172,058,483.42