SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 15,1997
BANC ONE HOME EQUITY LOAN TRUST 1996-A
(Exact name of registrant as specified in its charter)
New York 333-03911-01 36-7151628
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor
1 N. State Street, Chicago IL 60670-0126
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 312/407-1902
<PAGE>
Item 5. Other Events
On behalf of Banc One Home Equity Loan Trust 1996-A, a Trust created pursuat to
the Pooling Agreement, dated June 7, 1996, by The First National
Bank of Chicago, as trustee for the Trust, the Trustee has caused to be filed
with the Commission, the Monthly Report dated May 15,1997. The Monthly
Report is filed pursuant to and in accordance with (1) numerous no-action
letters (2) current Commission policy in the area. The filing of the Monthly
Report will occur subsequent to each monthly distribution to the holders of
the Trust's Investor Certificates, Due May 15, 2021.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date May 15, 1997.
Principal Interest Ending Balance
Cede & Co. $ 2,160,539.11 $978,747.58 $197,329,412.61
B. No delinquency in payment under the Transferor
Certificate, or the Financial Guaranty Insurance
Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Financial Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Financial
Guaranty Insurance Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security
Holders: NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if
applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Statement to Certificateholders dated May 15, 1997
Lehman ABS CorporationDate of Report:5/27/97
Banc One Home Equity Loan Trust 1996-ATime of Report:10:45 AM
P & S Agreement Date: "June 7, 1996"
Original Settlement Date:"June 27, 1996"
Series Number of Certificates:
Original Collateral Sale Balance"$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date:5/15/97
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL
PRINCIPAL AMOUNT)
A.INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed4.215632
Investor Certificate Interest Shortfall Distributed0.000000
Remaining Unpaid Investor Certificate Interest Shortfall0.000000
Managed Amortization Period ? (Yes=1; No=0)1
Investors Certificate Principal Distributed9.305810
Principal Distribution Amount9.305810
Maximum Principal Payment26.819605
Alternative Principal Payment9.305810
Principal Collections less Additional Balances9.305810
Investor Loss Amount Distributed to Investors0.000000
Accelerated Principal Distribution Amount0.000000
Credit Enhancement Draw Amount0.00
Total Amount Distributed to Certificateholders (P & I)13.521442
B.INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance"199,489,951.72 "
Ending Investor Certificate Balance"197,329,412.61 "
Beginning Invested Amount"200,674,500.25 "
Ending Invested Amount"198,513,961.14 "
Investor Certificateholder Floating Allocation Percentage97.6933%
Pool Factor0.8499314
Liquidation Loss Amount for Liquidated Loans0.00
Unreimbursed Liquidation Loss Amount0.00
C.POOL INFORMATION
Beginning Pool Balance"205,412,694.36 "
Ending Pool Balance"203,252,155.25 "
Servicing Fee"111,265.21 "
D.INVESTOR CERTIFICATE RATE
Investor Certificate Rate5.887500%
LIBOR Rate5.687500%
Maximum Rate8.845447%
E.DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts69
Trust Balances"2,676,578.76 "
Delinquent 60-89 days
No. of Accounts21
Trust Balances"802,177.35 "
Delinquent 90+ days
No. of Accounts30
Trust Balances"1,051,467.67 "
Delinquent 9+ Months
No. of Accounts2
Trust Balances"46,938 "
REO
No. of Accounts0
Trust Balances0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date:5/15/97
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed"this 8th day of May, 1997"
" Bank One, Columbus"
as Servicer
_______________________________________
John Jaeger
Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Aadit Seshasayee - Lehman Brothers
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANC ONE HOME EQUITY LOAN TRUST 1996-A
By _______________________________________
Name: Barbara Grosse
Title: Assistant Vice President
Dated: May 31, 1997
