UNITED STATES
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) December 31, 2000
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884-0141
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
Item 5. Other Events
The net credit losses and loan delinquencies for MBNA America Bank, N.A.
("the Bank"), a wholly owned subsidiary of MBNA Corporation, for its net loan
portfolio and its managed loan portfolio for December 31, 2000, are presented
in the table below. In February 1999, the Federal Financial Institutions
Examination Council ("FFIEC") revised its policy on the classification of
consumer loans. The revised policy establishes uniform guidelines for the
charge-off of loans to delinquent, bankrupt, and deceased borrowers, for
charge-off of fraudulent accounts, and for re-aging delinquent accounts. The
Corporation implemented the guidelines in December 2000 by accelerating the
charge-off of some delinquent loans. The one-time FFIEC adjustment did not
have a material impact on the Corporation's consolidated income statement for
the year ended December 31, 2000.
Net
Credit Losses Delinquency (3)
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(unaudited)
Net Loan Portfolio (1)
Before the implementation of the revised
FFIEC policy................................ 1.25% 4.31%
One-time adjustment from the implementation
of the revised FFIEC policy................. 4.05 (.31)
After the implementation of the revised
FFIEC policy................................ 5.30 4.00
Managed Loan Portfolio (2)
Before the implementation of the revised
FFIEC policy................................ 3.90 4.97
One-time adjustment from the implementation
of the revised FFIEC policy................. 4.87 (.46)
After the implementation of the revised
FFIEC policy................................ 8.77 4.51
(1) Net loan portfolio delinquency does not include securitized loans or
loans held for securitization.
(2) Managed loan portfolio includes the Bank's loans held for securitization,
loan portfolio, and securitized loans.
(3) Delinquency represents loans which are 30 days or more past due.
SIGNATURE
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.
MBNA CORPORATION
Date: January 12, 2001 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Senior Executive Vice President
and Chief Financial Officer
