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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 15, 1996
Chemical Master Credit Card Trust I (with respect to Series
1995-1, Series 1995-2, Series 1995-3, Series 1995-4, Series
1996-1 and Series 1996-2)
(Exact Name of Registrant as Specified in Charter)
New York 33-94190 13-4994650
(State or Other (Commission IRS Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
270 Park Avenue, New York, New York 10017
(Address of Principal Executive Officer) (Zip Code)
Registrant s telephone number, including area code
(212) 270-6000
_________________________________________________________
(Former Name or Former Address, if Changed Since Last
Report)
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Item 5. Other Events.
As of March 31, 1996, Chemical Bank (the Bank )
changed its accounting for charge-offs to align its policy
with that of The Chase Manhattan Bank (USA). Chemical will
charge off an account during the billing cycle immediately
following the cycle in which such account became one hundred
fifty (150) days delinquent. The Banks prior policy was to
charge off an account during the billing cycle immediately
following the cycle in which such account became one hundred
eighty (180) days delinquent.
As a result of this change in policy, approximately two
months of charge-offs have been recorded in the April 1996
monthly reporting period for Chemical Master Credit Card
Trust I ( CHEMT ). Gross charge-offs for CHEMT after the
policy change are expected to experience a one time
increase, as a result of the change in policy and other
factors, to approximately 11.8% in April 1996.
Approximately 40% of this number is attributable to the
acceleration of charge-offs due to the accounting policy
change. Because the CHEMT portfolio is only a portion of
the managed portfolio of The Chase Manhattan Corporation
(the Corporation ), actual delinquency and loss experience
with respect to the receivables comprising the CHEMT
portfolio will differ from the reported delinquency and loss
experience of the entire portfolio of credit card
receivables managed by the Corporation.
While projected excess spread for the six issuances
outstanding for CHEMT (Series 1995-1; Series 1995-2; Series
1995-3; Series 1995-4; Series 1996-1; Series 1996-2) is
expected to drop below zero in April 1996, 3 month average
excess spread in April will remain positive. It is the
opinion of the Bank as Servicer that since this one month
drop in excess spread is related to the implementation of
the policy change, there is no increased risk of early
amortization of any series.
The forward-looking statements contained in this
release are subject to risks and uncertainties. The actual
results for gross charge-offs and excess spread for CHEMT
following the change in accounting policy described above
may differ materially from those set forth in such
forward-looking statements. Reference is made to the
Registration Statement under the Securities Act of 1933
filed with the Securities and Exchange Commission by the
Bank on behalf of CHEMT and the reports filed with such
commission for a discussion of factors that may cause such
difference to occur.
Item 7. Exhibits.
None.
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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 hereunto duly
authorized.
By: Chemical Bank, as Servicer
Date: May 15, 1996 By: /s/Richard L. Craig
(Signature)
