FIRST FIDELITY INTERNATIONAL BANK
U-57, 2001-01-10
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                       SECURITIES AND EXCHANGE COMMISSION
                                 Washington, DC

                                    FORM U-57

                 NOTIFICATION OF FOREIGN UTILITY COMPANY STATUS

                        Filed under Section 33 (a) of the

             Public Utility Holding Company Act of 1935, as amended

                          NETWORK LEASING TRUST 2001-1,
                         not in its individual capacity,
                              but solely as Trustee

                                       by

                        FIRST FIDELITY INTERNATIONAL BANK

                              Head of Documentation
                     c/o First Union Commercial Corporation
                            Charlotte Plaza Building
                       201 South College Street, 7th Floor
                                Mail Code NC0738
                         Charlotte, North Carolina 28202


ITEM 1

Name and Business Address of the Entity Claiming Foreign Utility Company Status
-------------------------------------------------------------------------------

Network Leasing Trust 2001-1
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Description of the Facilities Used for the Generation, Transmission or
Distribution of Electric Energy for Sale
----------------------------------------------------------------------

         The trustee of Network Leasing Trust 2001-1 ("Trust 2001-1") will act
as the lessor of an undivided interest in an electricity transmission network
comprising 330kV, 275kV, 132kV and 110kV substations, overhead transmission
lines and supporting structures, and the ancillary system comprising relays,
meters and panel equipment that protect or monitor the electricity transmission
system (the "Network") located in the State of Queensland, Australia. Trust
2001-1

<PAGE>

will lease the interest in the Network to Belmont Leasing Limited ("Lessee"), an
exempted company incorporated in the Cayman Islands whose obligations under the
lease are fully guaranteed by Queensland Treasury Corporation ("QTC"), an
instrument of the State of Queensland, Australia. Lessee will assign its lease
rights to QTC. QTC will sublease the interest in the Network to Queensland
Electricity Transmission Corporation Limited (ACN 078 849 233), trading as
Powerlink, a company Government-Owned Corporation organized under the laws of
Australia ("Powerlink"). Powerlink will be the operator of the Network.

Ownership

         Trust 2001-1 is a grantor trust established pursuant to Trust Agreement
dated as of December 1, 2000 between Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity but solely as trustee, and
First Fidelity International Bank, an Edge Act corporation organized under the
laws of the United States ("First Fidelity"). The sole beneficial owner of Trust
2001-1 is First Fidelity.

ITEM 2

         Not applicable


Exhibit A

         Not applicable.

         The undersigned company has duly caused this statement to be signed on
its behalf by the undersigned thereunto duly authorized.

                                    FIRST FIDELITY INTERNATIONAL BANK

                                    By:      /s/ Michael L. Taylor
                                             --------------------------
                                             Michael L. Taylor
                                             Senior Vice President


Date:    January 10, 2001

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