Exhibit 99.12

MBNA MASTER CREDIT CARD TRUST II SERIES 1996-K

KEY PERFORMANCE FACTORS
June 30, 2001



Expected B Maturity 11/17/03


Blended Coupon 4.1625%



Excess Protection Level
3 Month Average 7.45%
June, 2001 7.03%
May, 2001 7.76%
April, 2001 7.58%


Cash Yield 18.98%


Investor Charge Offs 5.67%


Base Rate 6.28%


Over 30 Day Delinquency 4.78%


Seller's Interest 8.00%


Total Payment Rate 14.15%


Total Principal Balance $57,876,901,808.74


Investor Participation Amount $1,000,000,000.00


Seller Participation Amount $4,631,211,247.25