Exhibit 99.12

MBNA MASTER CREDIT CARD TRUST II SERIES 1996-K

KEY PERFORMANCE FACTORS
May 31, 2001



Expected B Maturity 11/17/03


Blended Coupon 4.3045%



Excess Protection Level
3 Month Average 7.83%
May, 2001 7.76%
April, 2001 7.58%
March, 2001 8.15%


Cash Yield 19.67%


Investor Charge Offs 5.45%


Base Rate 6.45%


Over 30 Day Delinquency 4.84%


Seller's Interest 8.52%


Total Payment Rate 14.20%


Total Principal Balance $58,203,705,030.43


Investor Participation Amount $1,000,000,000.00


Seller Participation Amount $4,958,014,468.94