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): November 2, 2005
Citibank (South Dakota), National Association
on behalf of
Citibank Credit Card Master Trust I
(Issuer in respect of the Citibank Credit Card Master Trust I
Credit Card Participation Certificates)
and
Citibank Credit Card Issuance Trust
(Issuer in respect of the Citiseries Class A, Class B and Class C Notes)
(Exact name of each registrant as specified in its charter)
United States of America 46-0358360
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation)
33-41055, 33-43576, 33-62180, 33-77802, 33-84834, 33-97664, 33-99328,
333-38803, 333-80743, 333-52984, 333-91326, 333-103013 and 333-121228
(Commission File Numbers)
701 East 60th Street, North
Sioux Falls, South Dakota 57117
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (605) 331-2626
(Former name or former address, if changed since last report): Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
Due to an increase in bankruptcy filings prior to the October 17, 2005
effective date of new U.S. bankruptcy laws, net credit losses for the October
and November monthly reporting periods for Citibank Credit Card Master Trust I
are expected to increase.
For the October due period for Group One of Citibank Credit Card Master
Trust I, one-month excess spread and three-month excess spread on a moving
average basis are expected to be approximately 2.24% and 3.74%, respectively.
For the October due period for Group Two of the Master Trust (which consists
solely of the collateral certificate issued to Citibank Credit Card Issuance
Trust), one-month excess spread and three-month excess spread on a moving
average basis are expected to be approximately 4.50% and 6.14%, respectively.
Based on currently available information, we expect such increase in
net credit losses to have no effect on the payment of principal of or interest
on any outstanding asset-backed securities issued by Citibank Credit Card Master
Trust I or Citibank Credit Card Issuance Trust.
# # #
Certain statements contained herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act. These
statements are based on the current expectations of Citibank (South Dakota),
National Association and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those included in these
statements due to a variety of factors. In particular, forward-looking
statements contained herein are based on certain estimates of yield, charge-offs
(including bankruptcy charge-offs), interest rates, payment rates and other
matters which cannot be predicted with certainty.
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SIGNATURES
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.
CITIBANK (SOUTH DAKOTA),
NATIONAL ASSOCIATION,
as Servicer of Citibank Credit Card Master Trust I and
as Managing Beneficiary of
Citibank Credit Card Issuance Trust
(Registrant)
By: /s/ Douglas C. Morrison
-----------------------------
Douglas C. Morrison
Vice President
Dated: November 2, 2005
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