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)    February 20, 2001
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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


     On February 20, 2001, MBNA America Bank, N.A. ("MBNA America"), a
wholly owned subsidiary of MBNA Corporation, completed the securitization of
$1.25 billion of credit card loan receivables.  MBNA America transferred
credit card loan receivables to MBNA Master Credit Card Trust II which
issued Series 2001-A.  The transaction had two classes of publicly traded
securities (Class A and Class B), and a separate, privately placed,
collateral interest.

     Series 2001-A consists of $1.0625 billion Class A (senior) floating rate
asset backed certificates and $93.75 million Class B (subordinate) floating
rate asset backed certificates.  The privately placed collateral interest was
issued in the amount of $93.75 million and is subordinate to the Class A and
Class B asset backed certificates.  The five-year Class A certificates accrue
interest at 15 basis points over the one-month London Interbank Offered Rate
("LIBOR").  The five-year Class B certificates accrue interest at 45 basis
points over the one-month LIBOR.  Both the Class A and Class B certificates
were priced at par. MBNA America retained ownership of the credit card
accounts which generated the receivables and will act as servicing agent
Series 2001-A.



                                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: February 20, 2001                  By: /s/     M. Scot Kaufman
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                                                     M. Scot Kaufman
                                             Senior Executive Vice President
                                               and Chief Financial Officer