<HTML><HEAD><TITLE>AQ 8-K Jul;y 2004</TITLE><!-- Licensed to: MBNA Corporation--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">UNITED STATES</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SECURITIES AND EXCHANGE COMMISSION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">WASHINGTON, D.C. 20549</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">FORM 8-K</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">CURRENT REPORT</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pursuant to Section 13 or 15(d) of the</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Securities Exchange Act of 1934</FONT> </DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date of Report (Date of earliest event reported)</FONT> </DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">July 31, 2004</FONT> </DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">MBNA Corporation</FONT> </DIV></TD></TR>
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<FONT size=3>&nbsp;</FONT>(Exact name of registrant as specified in its charter)</FONT> </DIV></TD></TR></TABLE>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Maryland</FONT> </DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1-10683</FONT> </DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">52-1713008</FONT> </DIV></TD></TR>
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<FONT size=3>&nbsp;</FONT>(State or other jurisdiction of incorporation)</FONT> </DIV></TD>
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<FONT size=3>&nbsp;</FONT>(Commission File Number)</FONT> </DIV></TD>
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<FONT size=3>&nbsp;</FONT>(I.R.S. Employer Identification No.)</FONT> </DIV></TD></TR></TABLE>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Wilmington, Delaware</FONT> </DIV></TD>
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<DIV align=center>&nbsp;</DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">19884-0131</FONT> </DIV></TD></TR>
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<FONT size=3>&nbsp;</FONT>(Address of principal executive offices)</FONT> </DIV></TD>
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<FONT size=3>&nbsp;</FONT>(Zip Code)</FONT> </DIV></TD></TR></TABLE>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Registrant&#146;s telephone number, including area code</FONT> </DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(800) 362-6255</FONT> </DIV></TD></TR>
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<FONT size=3>&nbsp;</FONT>(Former name or former address, if changed since last report.)</FONT> </DIV></TD></TR></TABLE>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Item 5. Other Events</FONT> </DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The net credit loss and loan delinquency ratios for MBNA Corporation (&#147;the Corporation&#148;), for its loan receivables and its managed loans for the month ended July 31, 2004, are presented in the table below.</FONT><BR></DIV>
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<DIV align=left>&nbsp;</DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Net Credit </FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Loss (a)</FONT> </DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Delinquency (b)</FONT> </DIV></TD></TR>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Loan receivables (c) </FONT></DIV></TD>
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<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">4.28</FONT> </DIV></TD>
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<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">%</FONT> </DIV></TD>
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<TD vAlign=bottom align=right width="11%">
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<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">3.24</FONT> </DIV></DIV></TD>
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<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">%</FONT> </DIV></DIV></TD></TR>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Credit card loan receivables</FONT> </DIV></TD>
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<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">3.78</FONT> </DIV></FONT></DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
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<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">3.24</FONT></DIV></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
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<TD vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Other consumer loan receivables</FONT> </DIV></TD>
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<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">6.06</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">3.81</FONT> </DIV></DIV></TD>
<TD vAlign=bottom align=left width="1%"></TD></TR>
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<TD vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Commercial loan receivables</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 19pt">&nbsp; &nbsp;</FONT>&nbsp;</DIV></TD>
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<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">2.59</FONT> </DIV></FONT></DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">1.80</FONT> </DIV></DIV></TD>
<TD vAlign=bottom align=left width="1%"></TD></TR>
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<TD vAlign=bottom align=left width="71%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
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<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Managed loans (d)</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">4.72</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT size=2>3.99</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Managed credit card loans</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">4.52</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT size=2>4.00</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
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<TD vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Managed other consumer loans</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">6.66</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT size=2>4.52</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Managed commercial loans</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">3.16</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT size=2>2.14</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE>
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<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The following tables reconcile loan receivables data to managed loans data presented above (dollars in thousands):</FONT></DIV>
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<TD vAlign=bottom align=left width="32%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=middle width="33%" colSpan=9>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">For the Month Ended July 31, 2004</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="33%" colSpan=9>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">At July 31, 2004</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom width="33%" colSpan=9>
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</TD>
<TD vAlign=bottom width="33%" colSpan=9>
<HR width="100%" noShade SIZE=2>
</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Net Credit Losses (a)</FONT></DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Average Loans Outstanding</FONT></DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Net Credit Loss </FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Ratio (a)</FONT></DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Delinquent Balances (b)</FONT></DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Ending Loans Outstanding</FONT></DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Delinquency Ratio (b)</FONT></DIV></TD></TR>
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<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom width="11%" colSpan=3>
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</TD>
<TD vAlign=bottom width="11%" colSpan=3>
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</TD>
<TD vAlign=bottom width="11%" colSpan=3>
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</TD>
<TD vAlign=bottom width="11%" colSpan=3>
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</TD>
<TD vAlign=bottom width="11%" colSpan=3>
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<TD vAlign=bottom width="11%" colSpan=3>
<HR width="100%" noShade SIZE=2>
</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Loan receivables:</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Credit card</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">57,983</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">18,419,036</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3.78</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">%</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>583,356</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">17,989,816</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>3.24</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">%</FONT><FONT size=2> </FONT></DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Other consumer</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">43,486</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">8,611,377</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">6.06</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>328,155</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">8,605,509</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>3.81</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Commercial</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">7,701</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,573,582</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2.59</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>64,143</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,561,732</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>1.80</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="32%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Total loan </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">receivables (c) </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">109,170</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">30,603,995</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.28</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>975,654</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">30,157,057</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>3.24</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="32%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Securitized loans:</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Credit card</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">317,525</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">81,300,221</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.69</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">%</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>3,394,853</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">81,546,055</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>4.16</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">%</FONT><FONT size=2> </FONT></DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Other consumer</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">35,815</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">5,668,112</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">7.58</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>316,488</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">5,666,033</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>5.59</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Commercial</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4,359</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,007,629</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">5.19</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>33,429</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,007,048</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>3.32</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="32%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Total securitized </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">loans</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">357,699</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">87,975,962</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.88</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,744,770</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">88,219,136</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>4.24</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="32%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Managed loans:</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2></FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Credit card</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">375,508</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">99,719,257</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.52</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">%</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif" size=2>3,978,209</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">99,535,871</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>4.00</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">%</FONT><FONT size=2> </FONT></DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Other consumer</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">79,301</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">14,279,489</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">6.66</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>644,643</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">14,271,542</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>4.52</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Commercial</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">12,060</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4,581,211</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3.16</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>97,572</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4,568,780</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>2.14</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="32%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=2>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Total managed </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">loans (d)</FONT><FONT size=2> </FONT></DIV></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">466,869</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">118,579,957</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.72</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif" size=2>4,720,424</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">118,376,193</FONT><FONT size=2> </FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT size=2>3.99</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="32%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="2%"><FONT size=2>&nbsp;</FONT></TD>
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<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="10%" colSpan=2><FONT size=2>
<HR width="100%" noShade SIZE=4>
</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=bottom align=left width="1%"><FONT size=2>&nbsp;</FONT></TD></TR></TABLE>
<DIV align=left><BR></DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
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<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
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<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a) The Corporation&#146;s net credit loss ratio is calculated by dividing annualized net credit losses, which exclude uncollectible accrued interest and fees and fraud losses, for the period by average loans, which include the estimated collectible billed interest and fees for the corresponding period.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify>&nbsp;</DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b) Delinquency represents accruing loans that are 30 days or more past due.</FONT></DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(c) Loan receivables include loans held for securitization and the loan portfolio.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(d) Managed loans include loan receivables and securitized loans. The Corporation allocates resources on a managed basis, and financial data provided to management reflects the Corporation's results on a managed basis. Managed data assumes the Corporation's securitized loan principal receivables have not been sold and presents the net credit losses and delinquent balances on the securitized loan principal receivables in the same fashion as the Corporation's owned loans.</FONT><BR>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Management, equity and debt analysts, rating agencies and others evaluate the Corporation's operations on a managed basis because the loans that are securitized are subject to underwriting standards comparable to the Corporation's owned loans, and the Corporation services the securitized and owned loans, and the related accounts, together and in the same manner without regard to ownership of the loans. In a securitization, the account relationships are not sold to the trust. The Corporation continues to own and service the accounts that generate the securitized loan principal receivables. The credit performance of the entire managed loan portfolio is important to understand the quality of loan originations and the related credit risks inherent in the owned portfolio and retained interests in securitization transactions.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Cautionary Language: The Corporation&#146;s future net credit losses are by their nature uncertain and changes in economic conditions, bankruptcy laws, regulatory policies, and other factors may impact losses.</FONT></DIV>
<DIV align=left><BR></DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR>
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<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SIGNATURE</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">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.</FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD align=left width="54%">
<DIV align=left>&nbsp;</DIV></TD>
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<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="29%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">MBNA Corporation</FONT> </DIV></TD></TR>
<TR>
<TD align=left width="54%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="4%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="29%">
<DIV align=left>&nbsp;</DIV></TD></TR>
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<TD align=left width="54%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date: August 16, 2004</FONT> </DIV></TD>
<TD align=left width="4%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">/s/</FONT> </DIV></TD>
<TD align=middle width="29%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Vernon H.C. Wright</FONT> </DIV></TD></TR>
<TR>
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</TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Vernon H.C. Wright</FONT> </DIV></TD></TR>
<TR>
<TD align=left width="54%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="4%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="29%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chief Financial Officer</FONT> </DIV></TD></TR></TABLE>
<DIV align=left><BR></DIV></DIV></BODY></HTML>
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AQ 8-K Jul;y 2004
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)
July 31, 2004
MBNA Corporation
(Exact name of registrant as specified in its charter)
Maryland
1-10683
52-1713008
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
Wilmington, Delaware
19884-0131
(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 loan delinquency ratios for MBNA Corporation ("the Corporation"), for its loan receivables and its managed loans for the month ended July 31, 2004, are presented in the table below.
Net Credit
Loss (a)
Delinquency (b)
Loan receivables (c)
4.28
%
3.24
%
Credit card loan receivables
3.78
3.24
Other consumer loan receivables
6.06
3.81
Commercial loan receivables
2.59
1.80
Managed loans (d)
4.72
3.99
Managed credit card loans
4.52
4.00
Managed other consumer loans
6.66
4.52
Managed commercial loans
3.16
2.14
The following tables reconcile loan receivables data to managed loans data presented above (dollars in thousands):
For the Month Ended July 31, 2004
At July 31, 2004
Net Credit Losses (a)
Average Loans Outstanding
Net Credit Loss
Ratio (a)
Delinquent Balances (b)
Ending Loans Outstanding
Delinquency Ratio (b)
Loan receivables:
Credit card
$
57,983
$
18,419,036
3.78
%
$
583,356
$
17,989,816
3.24
%
Other consumer
43,486
8,611,377
6.06
328,155
8,605,509
3.81
Commercial
7,701
3,573,582
2.59
64,143
3,561,732
1.80
Total loan
receivables (c)
$
109,170
$
30,603,995
4.28
$
975,654
$
30,157,057
3.24
Securitized loans:
Credit card
$
317,525
$
81,300,221
4.69
%
$
3,394,853
$
81,546,055
4.16
%
Other consumer
35,815
5,668,112
7.58
316,488
5,666,033
5.59
Commercial
4,359
1,007,629
5.19
33,429
1,007,048
3.32
Total securitized
loans
$
357,699
$
87,975,962
4.88
$
3,744,770
$
88,219,136
4.24
Managed loans:
Credit card
$
375,508
$
99,719,257
4.52
%
$
3,978,209
$
99,535,871
4.00
%
Other consumer
79,301
14,279,489
6.66
644,643
14,271,542
4.52
Commercial
12,060
4,581,211
3.16
97,572
4,568,780
2.14
Total managed
loans (d)
$
466,869
$
118,579,957
4.72
$
4,720,424
$
118,376,193
3.99
(a) The Corporation's net credit loss ratio is calculated by dividing annualized net credit losses, which exclude uncollectible accrued interest and fees and fraud losses, for the period by average loans, which include the estimated collectible billed interest and fees for the corresponding period.
(b) Delinquency represents accruing loans that are 30 days or more past due.
(c) Loan receivables include loans held for securitization and the loan portfolio.
(d) Managed loans include loan receivables and securitized loans. The Corporation allocates resources on a managed basis, and financial data provided to management reflects the Corporation's results on a managed basis. Managed data assumes the Corporation's securitized loan principal receivables have not been sold and presents the net credit losses and delinquent balances on the securitized loan principal receivables in the same fashion as the Corporation's owned loans.
Management, equity and debt analysts, rating agencies and others evaluate the Corporation's operations on a managed basis because the loans that are securitized are subject to underwriting standards comparable to the Corporation's owned loans, and the Corporation services the securitized and owned loans, and the related accounts, together and in the same manner without regard to ownership of the loans. In a securitization, the account relationships are not sold to the trust. The Corporation continues to own and service the accounts that generate the securitized loan principal receivables. The credit performance of the entire managed loan portfolio is important to understand the quality of loan originations and the related credit risks inherent in the owned portfolio and retained interests in securitization transactions.
Cautionary Language: The Corporation's future net credit losses are by their nature uncertain and changes in economic conditions, bankruptcy laws, regulatory policies, and other factors may impact losses.
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 hereunto duly authorized.
MBNA Corporation
Date: August 16, 2004
/s/
Vernon H.C. Wright
Vernon H.C. Wright
Chief Financial Officer