Report of Independent Accountants

Providian National Bank
and
Banker's Trust Company

We have examined  management's  assertion that Providian  National Bank complied
with the relevant terms and conditions of Articles III and IV, and Sections 8.08
and 9.01 of the Pooling and  Servicing  Agreement,  as amended and  supplemented
(the "Agreement"),  dated as of June 1, 1993 between Providian National Bank, as
Seller and Servicer,  and Bankers  Trust  Company,  as Trustee,  during the year
ended December 31, 2001. Management is responsible for Providian National Bank's
compliance with those requirements.  Our responsibility is to express an opinion
on management's  assertion about Providian  National Bank's  compliance based on
our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included  examining,  on a test basis,  evidence  about  Providian
National  Bank's  compliance with those  requirements  and performing such other
procedures, as we considered necessary in the circumstances. We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal  determination on Providian  National Bank's compliance with
specified requirements.

In our opinion,  management's  assertion that  Providian  National Bank complied
with the aforementioned  requirements during the year ended December 31, 2001 is
fairly stated in all material respects.

This report is intended solely for the information and use of Providian National
Bank and Bankers  Trust Company and is not intended to be and should not be used
by anyone other than these specified parties.

                                                  /s/ Ernst & Young LLP
March 7, 2002



                        Report of Independent Accountants

Board of Directors
Providian National Bank

We have  examined  management's  assertion  that its controls over the functions
performed as Servicer of the Providian  Master Trust  ("Trust")  are  effective,
during the year ended December 31, 2001, in providing  reasonable assurance that
Trust assets are safeguarded  against loss from  unauthorized use or disposition
and that transactions are executed in accordance with management's authorization
in conformity with the Pooling and Servicing Agreement dated as of June 1, 1993,
as amended and supplemented (the "Agreement"),  between Providian National Bank,
as Seller and Servicer,  and Bankers Trust Company, as Trustee, and are recorded
properly to permit the preparation of the required financial reports. Management
is responsible  for its controls over compliance  with those  requirements.  Our
responsibility is to express an opinion on the effectiveness of internal control
based on our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included  obtaining  an  understanding  of the  controls  over the
functions performed by Providian National Bank as Servicer of the Trust, testing
and evaluating the design and operating  effectiveness  of those  controls,  and
performing   such  other   procedures   as  we   considered   necessary  in  the
circumstances.  We believe that our examination  provides a reasonable basis for
our opinion.

Because of inherent  limitations in any internal  control,  misstatements due to
error  or  fraud  may  occur  and  not be  detected.  Also,  projections  of any
evaluation of the controls over the functions performed as Servicer of the Trust
to  future  periods  are  subject  to the risk  that  the  controls  may  become
inadequate  because of changes in  conditions,  or that the degree of compliance
with the controls may deteriorate.

In our opinion,  management's  assertion that Providian National Bank's controls
over the functions performed as Servicer of the Trust are effective in providing
reasonable  assurance  that  Trust  assets  are  safeguarded  against  loss from
unauthorized  use  or  disposition,   and  that  transactions  are  executed  in
accordance with management's authorization in conformity with the Agreement, and
are  recorded  properly  to permit the  preparation  of the  required  financial
reports,  for the year ended December 31, 2001 is fairly stated, in all material
respects, based on the following criteria specified in management's report:

     Controls   provide   reasonable   assurance   that  funds   collected   are
     appropriately remitted to the Trustee in accordance with the Agreement.

     Controls provide reasonable assurance that Trust assets are segregated from
     those assets  retained by Providian  National Bank in  accordance  with the
     Agreement.

     Controls provide  reasonable  assurance that expenses incurred by the Trust
     are properly calculated and remitted in accordance with the Agreement.

     Controls  provide  reasonable  assurance  that additions of accounts to the
     Trust are authorized in accordance with the Agreement.

     Controls  provide  reasonable  assurance that removals of accounts from the
     Trust are authorized in accordance with the Agreement.

     Controls provide reasonable assurance that Trust principal collections used
     to amortize  investor's  certificates are calculated in accordance with the
     Agreement.

     Controls provide  reasonable  assurance that Monthly Statements and Payment
     Instructions  provided to the Trustee are reviewed by  management  prior to
     delivery.

     Controls provide  reasonable  assurance that Monthly Statements and Payment
     Instructions contain information required by the Agreement.

                                                  /s/ Ernst & Young LLP
 March 7, 2002