Exhibit 99.23

MBNA MASTER CREDIT CARD TRUST II

SERIES 1996-M

KEY PERFORMANCE FACTORS
JANUARY, 1997



Expected B Maturity 12/15/06


Blended Coupon 5.6913%



Excess Protection Level
3 Month Average 3.35%
January, 1997 *3.35%
December, 1996 N/A
November, 1996 N/A


Cash Yield 17.06%


Investor Charge Offs 4.38%


Base Rate 9.33%


Over 35 Day Delinquency 4.60%


Seller's Interest 13.97%


Total Payment Rate 12.21%


Total Principal Balance $ 23,234,782,634.76


Investor Participation Amount $ 500,000,000.00


Seller Participation Amount $ 3,245,155,116.27


* For the purposes of calculating the Base Rate and Excess Protection
Level, a Coupon of 7.33% (65/360) was used. The Base Rate was
calculated using a 65 day monthly period, 11/26/96-1/31/97.