SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
__x__ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended: December 31, 1998
OR
_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 33-93570
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Chase Manhattan Home Equity Loan Trust 1995-1
(issuer)
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The Chase Manhattan Bank
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(Exact name of registrant as specified in its charter)
New York 13-2633612
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(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification
Number)
270 Park Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (909) 205-6000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days:
Yes X No
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. __X__
State the aggregate market value of the voting stock held by non-
affiliates of the registrant:
The registrant has no voting stock or class of common stock outstanding
as of the date of this report.
Introductory Note
Chase Manhattan Home Equity Loan Trust 1995-1 (the "Trust") was
formed pursuant to a Pooling and Servicing Agreement (the
"Agreement") between The Chase Manhattan Bank (the "Bank"), as
seller and servicer, and an unrelated trustee (the "Trustee").
The Trust files reports pursuant to Sections 13 and 15(d) of the
Securities Exchange Act of 1934, as amended the ("Exchange Act"),
in the manner described in "no-action" letters submitted to the
Office of Chief Counsel on behalf of the originators of
comparable trusts. Accordingly, responses to certain Items have
been omitted from or modified in this Annual Report on Form 10-K.
Part I
Item 1. Business
Omitted.
Item 2. Properties
The aggregate amount of charge-offs with respect to the
assets of the Trust for the year ended December 31, 1998
was $128,144.22. As of December 31, 1998, the aggregate
Pool Balance of Receivables in the Trust was
$219,218,132.90 and the aggregate principal balances of
delinquent Receivables in the Trust were as follows:
Delinquency Principal Balance
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30-59 days $2,527,548.43
60-89 days $534,142.42
90-120 days $152,604.25
120+ days $890,628.20
Item 3. Legal Proceedings
The registrant knows of no material pending proceedings
with respect to the Trust, the Trustee or the Bank.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of security holders
during the fiscal year covered by this report.
Part II
Item 5. Market for Registrant's Common Equity and Related
Stockholders Matters
The registrant has no voting stock or class of common
stock outstanding as of the date of this report. The
beneficial interest in the Trust is represented by
certificates of beneficial interest (the "Certificates").
To the knowledge of the registrant, the Certificates are
traded in the over-the-counter market to a limited extent.
The records provided to the Trust by DTC indicate that as of
December 31, 1998, there were 12 Certificateholders of Record.
Item 6. Selected Financial Data
Omitted.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Year 2000 efforts for Chase Manhattan Bank ("CMB") are being
coordinated, managed and monitored as part of the Year 2000 efforts
of The Chase Manhattan Corporation (the "Corporation") by the
Corporation's Year 2000 Enterprise Program Office (the "Program
Office"). The Program Office reports directly to the Executive Committee
of the Corporation and is responsible for the Corporation's Year 2000
efforts, both technical and business-related, on a global basis.
In addition, a Year 2000 Core Team (the "Core Team"), consisting of
senior managers from internal audit, technology risk and control,
financial management and control, the technology infrastructure
division, legal and the Program Office, provides independent
oversight of the process. The Core Team, which also reports directly
to the Corporation's Executive Committee, is charged with identifying
key risks and ensuring necessary management attention for timely
resolution of project issues.
The Corporation's Year 2000 Program continues to progress. As of
January 1, 1999, the Corporation established a Year 2000 Business Risk
Council, comprised of approximately 20 senior business leaders -- line
managers, risk managers, and representatives of key staff functions --
to identify potential Year 2000 business risks, coordinate planning and
readiness efforts, refine contingency plans for Year 2000, and establish
a Year 2000 command center structure and rapid response teams.
The Corporation's Year 2000 Program is tracked against well-defined
milestones. The Corporation completed its inventory and assessment
phases on schedule on September 30, 1997, identifying affected hardware
and software, prioritizing tasks and establishing implementation plans.
As of December 31, 1998, substantially all of the applications relating
to the administration and servicing of the home equity lines of credit
included in the Trust had been remediated. In 1999, attention will
continue to be focused on completing the remediation of all business
software applications, as well as ensuring that those software
application systems that have been remediated, tested and certified are,
and remain, Year 2000 ready.
Since early 1999, the Corporation has increased its tracking and
risk management of third party service providers. In addition, a
major focus of 1999 has been continued customer and "street"
(i.e., industry-wide) testing. Testing initiatives commenced during
the third quarter of 1998 and the Corporation expects to continue to
participate in customer and street tests as they continue to be
scheduled during the remainder of 1999.
At September 30, 1998, the Corporation's estimate for Year 2000
remediation costs for 1997 - 1999 was approximately $363 million.
None of these costs will be borne by the Trust.
In its normal course of business, the Corporation manages many types
of risk. The Corporation recognizes that the risks presented by Year
2000 are unique given the pervasive nature of the problem and the higher
likelihood that Year 2000 risk may present itself in multiple,
simultaneous impacts. Because of this, the Corporation has adjusted
and will continue to adjust its risk management processes and
contingency plans to take the most probable anticipated effects
into account. In this regard, the Corporation has begun its event
planning for the Year 2000 with the goal of preventing or mitigating
potential disruptions. The Corporation's Year 2000 events planning
includes creation of command centers; performance of dress rehearsals
and simulation modeling for various possible business and operation
risks; establishment of special rapid response technology teams;
scheduling of availability of key personnel; additional training and
testing activities; and the establishment of rapid decision processes.
The Corporation's expectations for completion of its Year 2000
remediation and testing efforts, the anticipated costs to complete
the project and the anticipated business, operational and financial
risks to the Corporation, CMB and the Trust are subject to a number of
uncertainties. In particular, a large number of similar failures by
account obligors, banks and other financial institutions or other
participants in the national payments systems could also adversely
affect the timing and amount of collections on the home equity lines of
credit held by the Trust.
Item 7A. Quantitative and Qualitative Disclosures
About Market Risk
Not applicable.
Item 8. Financial Statements and Supplementary Data
Omitted.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
None.
Part III
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11. Executive Compensation
Omitted
Item 12. Security Ownership of Certain Beneficial Owners and
Management
As of December 31, 1998, except for a Certificate
registered in the name of the registrant, all of the
Certificates were registered in the name of CEDE and Co.
The registrant understands that CEDE and Co. is the
nominee for The Depository Trust Company ("DTC"). The
records of DTC indicate that at December 31, 1998, there
were 6 participants in the DTC system that held positions
in Certificates representing interests in the Trust equal
to more than 5% of the total principal amount of
Certificates outstanding on that date.
The registrant understands that DTC has no knowledge of
the actual beneficial owners of the Certificates held of
record by CEDE & Co., and that DTC knows only the identity
of the participants to whose accounts such Certificates
are credited, who may or may not be the beneficial owners
of the Certificates.
Item 13. Certain Relationships and Related Transactions
None.
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports of
Form 8-K
(a) Exhibits. No exhibits are being filed as part of
this Annual Report on Form 10-K..
(b) Reports on Form 8-K.
The following reports were filed on Form 8-K in 1998:
Date Items Reported Financial Statements
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February 10, 1998 5, 7 monthly report to
certificateholders
dated 1/15/98
March 2, 1998 5, 7 monthly report to
certificateholders
dated 2/16/98
March 23, 1998 5, 7 monthly report to
certificateholders
dated 3/16/98
April 30, 1998 5, 7 monthly report to
certificateholders
dated 4/15/98
May 15, 1998 5, 7 monthly report to
certificateholders
dated 5/15/98
June 23, 1998 5, 7 monthly report to
certificateholders
dated 6/15/98
July 28, 1998 5, 7 monthly report to
certificateholders
dated 7/15/98
August 27, 1998 5, 7 monthly report to
certificateholders
dated 8/17/98
October 2, 1998 5, 7 monthly report to
certificateholders
dated 9/15/98
October 23, 1998 5, 7 monthly report to
certificateholders
dated 10/23/98
December 2, 1998 5, 7 monthly report to
certificateholders
dated 11/16/98
January 13, 1999 5, 7 monthly report to
certificateholders
dated 12/15/98
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
Chase Manhattan Home Equity Loan Trust 1995-1
by The Chase Manhattan Bank
By: /s/ Richard Dargan
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Name: Richard Dargan
Title: Vice President
Date: March 30, 1999
