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)     January 31, 2002
                                                    -------------------------
                                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 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 January 31, 2002, are presented
in the table below.

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

Loan Receivables (a).........        4.98%                4.59%

Managed Loans (b)............        5.13                 5.12


(a)  Loan delinquency does not include securitized loans or loans held for
     securitization.
(b) Managed loans include loans held for securitization, loan
     portfolio, and securitized loans.
(c) 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:  February 14, 2002	                 By:  /s/     M. Scot Kaufman
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                                                       M. Scot Kaufman
                                               Senior Executive Vice President
                                                 and Chief Financial Officer