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)       March 31, 2002
                                                    -------------------------
                                MBNA Corporation
   --------------------------------------------------------------------------
   (Exact name of registrant as specified in its charter)



           Maryland                    1-10683             52-1713008
   --------------------------------------------------------------------------
   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)



             Wilmington, Delaware                             19884-0141
   --------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)


   Registrant's telephone number, including area code     (800) 362-6255
                                                      -----------------------


   --------------------------------------------------------------------------
       (Former name or former address, if changed since last report.)






Item 5.  Other Events

The net credit loss and delinquency ratios for MBNA America Bank, N.A.
("the Bank"), a wholly owned subsidiary of MBNA Corporation, for its loan
receivables and its managed loans for March 31, 2002, are presented in the
table below.

                                                      Net
                                                 Credit Losses  Delinquency (d)
                                                 -------------  ---------------
                                                  (Annualized)

Loan Receivables (a):
As reported....................................      5.95%           4.62%
Adjusted for impact of measures related
 to September 11, 2001 (b).....................      4.78

Managed Loans (c):
As reported....................................      6.34            5.00
Adjusted for impact of measures related
 to September 11, 2001 (b).....................      4.92

(a)  Loan delinquency does not include securitized loans or loans held for
     securitization.
(b)  As reported in September 2001, the Bank initiated measures to assist its
     Customers who were affected by the tragic events of September 11, 2001.
     These measures provided assistance for Customers who were not delinquent
     and may not have received their statement in a timely manner or may have
     had delivery of their payment delayed. These measures did not affect
     accounts already reported as delinquent. The Bank's charge-off policy was
     unaffected.  The Bank's actions postponed some Customer's accounts from
     becoming delinquent for 30 days and, subsequently, without these measures
     some accounts that would have charged off in February 2002 charged off in
     March 2002. As a result, the Bank's net credit loss ratios were higher
     than their anticipated levels for March 2002. The adjusted net credit loss
     ratios reflect the Bank's estimate of the net credit loss ratios had the
     measures described above not been implemented. The delinquency ratios at
     March 31, 2002 and the net credit loss ratios for the three months ended
     March 31, 2002 were unaffected by these measures. The effect of these
     measures concluded in March 2002 and will not impact the Bank's net credit
     loss and delinquency ratios for April 2002 or thereafter.
(c)  Managed loans include loans held for securitization, loan portfolio, and
     securitized loans.
(d)  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:  April 12, 2002                     By:  /s/     M. Scot Kaufman
                                               -------------------------------
                                                       M. Scot Kaufman
                                               Senior Executive Vice President
                                                 and Chief Financial Officer
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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)       March 31, 2002
                                                    -------------------------
                                MBNA Corporation
   --------------------------------------------------------------------------
   (Exact name of registrant as specified in its charter)

           Maryland                    1-10683             52-1713008
   --------------------------------------------------------------------------
   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)

             Wilmington, Delaware                             19884-0141
   --------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)

   Registrant's telephone number, including area code     (800) 362-6255
                                                      -----------------------

   --------------------------------------------------------------------------
       (Former name or former address, if changed since last report.)

Item 5.  Other Events

The net credit loss and delinquency ratios for MBNA America Bank, N.A.
("the Bank"), a wholly owned subsidiary of MBNA Corporation, for its loan
receivables and its managed loans for March 31, 2002, are presented in the
table below.

                                                      Net
                                                 Credit Losses  Delinquency (d)
                                                 -------------  ---------------
                                                  (Annualized)

Loan Receivables (a):
As reported....................................      5.95%           4.62%
Adjusted for impact of measures related
 to September 11, 2001 (b).....................      4.78

Managed Loans (c):
As reported....................................      6.34            5.00
Adjusted for impact of measures related
 to September 11, 2001 (b).....................      4.92

(a)  Loan delinquency does not include securitized loans or loans held for
     securitization.
(b)  As reported in September 2001, the Bank initiated measures to assist its
     Customers who were affected by the tragic events of September 11, 2001.
     These measures provided assistance for Customers who were not delinquent
     and may not have received their statement in a timely manner or may have
     had delivery of their payment delayed. These measures did not affect
     accounts already reported as delinquent. The Bank's charge-off policy was
     unaffected.  The Bank's actions postponed some Customer's accounts from
     becoming delinquent for 30 days and, subsequently, without these measures
     some accounts that would have charged off in February 2002 charged off in
     March 2002. As a result, the Bank's net credit loss ratios were higher
     than their anticipated levels for March 2002. The adjusted net credit loss
     ratios reflect the Bank's estimate of the net credit loss ratios had the
     measures described above not been implemented. The delinquency ratios at
     March 31, 2002 and the net credit loss ratios for the three months ended
     March 31, 2002 were unaffected by these measures. The effect of these
     measures concluded in March 2002 and will not impact the Bank's net credit
     loss and delinquency ratios for April 2002 or thereafter.
(c)  Managed loans include loans held for securitization, loan portfolio, and
     securitized loans.
(d)  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:  April 12, 2002                     By:  /s/     M. Scot Kaufman
                                               -------------------------------
                                                       M. Scot Kaufman
                                               Senior Executive Vice President
                                                 and Chief Financial Officer