ANNUAL CERTIFICATEHOLDERS' STATEMENT
_____________________________________________
PROVIDIAN MASTER TRUST
SERIES 1995-1
_____________________________________________
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1995-1 Supplement dated as of June 1, 1995 (as amended and supplemented, the
"Series Supplement"), among Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB as Servicer is required to prepare certain information each year
regarding current distributions to Senior Certificateholders and the Collateral
Interest Holder and the performance of the Providian Master Trust (the "Trust")
during the previous year. The information which is required to be prepared for
the Series 1995-1 Certificates with respect to the year ended December 31, 1998,
and with respect to the performance of the Trust during 1998 is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Investor Certificate. Certain other information is
presented based on the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Certificate have their respective meanings set forth in the
Agreement or Series Supplement, as applicable.
A) Information Regarding the 1998 Distribution for the Series 1995-1 Senior
Certificates (stated on the basis of $1,000 original certificate principal
amount)
(1) The total amount distributed to Senior Certificateholders per $1,000
original certificate principal amount.......................$58.906060
(2) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to interest per $1,000 original
certificate principal amount................................$58.906060
(3) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to principal per $1,000 original
certificate principal amount.................................$0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1995-1
Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during 1998.....................................$1,415,446,763.72
(b) The aggregate amount of Interchange collected and allocated to
the Trust during 1998..............................$34,020,710.48
(c) The aggregate amount of Principal Receivables collected during
1998............................................$6,124,617,322.41
(d) The weighted average Floating Allocation Percentage with respect
to the Series 1995-1 Certificates for 1998.............14.976716%
(e) The weighted average Principal Allocation Percentage with respect
to the Series 1995-1 Certificates for 1998.............14.940341%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1995-1 Certificates for
1998..............................................$217,082,630.01
(g) The Principal Receivables collected and allocated to the Series
1995-1 Certificates for 1998......................$915,038,706.59
(2) Available Finance Charge Collections and Reallocated Principal
Collections for Series 1995-1 for 1998
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1995-1 Certificates.......$217,082,630.01
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1995-1 Certificates..$807,422.89
(c) Principal Funding Account Investment Proceeds...............$0.00
(d) Prefunding Account Investment Proceeds......................$0.00
(e) Reserve Account withdrawals, if applicable..................$0.00
(f) Additional Finance Charges from other Series allocated to the
Series 1995-1 Certificates..................................$0.00
(g) Payments, if any, on deposit as of the Determination Date
received from any Interest Rate Protection Agreements.......$0.00
(h) Reallocated Principal Collections...........................$0.00
(i) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1995-1 (total of (a), (b), (c),
(d), (e), (f), (g) and (h) above).................$217,890,052.90
(3) Available Principal Collections for Series 1995-1 for 1998
(a) The Principal Receivables collected and allocated to the Series
1995-1 Certificates...............................$915,038,706.59
(b) Shared Principal Collections from other Series allocated to the
Series 1995-1 Certificates..................................$0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement......$75,188,538.31
(d) Reallocated Principal Collections...........................$0.00
(e) Available Principal Collections for Series 1995-1 (total of (a),
(b) and (c) minus (d) above)......................$990,227,244.90
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of 1998.
(a) 31-60 days $110,795,574
(b) 61-90 days 65,578,659
(c) 91 or more days 119,495,895
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(d) Total Delinquencies $295,870,128
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for 1998....................................$583,870,682.31
(b) The aggregate amount of Recoveries of Defaulted Receivables
processed during 1998..............................$82,284,725.02
(c) The Defaulted Amount for 1998 [Defaulted Receivables minus
Recoveries].......................................$501,585,957.29
(d) The Defaulted Amount for 1998 allocable to the Series 1995-1
Certificates (the "Series 1995-1 Defaulted
Amount")...........................................$75,188,538.31
(e) The Senior Defaulted Amount for 1998...............$59,398,945.26
(6) Senior Charge-Offs
(a) The excess, if any, of the Senior Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such
Senior Defaulted Amount, (ii) Reallocated Principal Collections
and (iii) the amount by which the Collateral Invested Amount has
been reduced in respect of such Senior Defaulted Amount (a
"Senior Charge-Off")........................................$0.00
(b) The amount of the Senior Charge-Off set forth in item 6(a) above,
per $1,000 original certificate principal amount (which will have
the effect of reducing, pro rata, the amount of each Senior
Certificateholder's investment).........................$0.000000
(c) The total amount reimbursed on the Distribution Date in respect
of Senior Charge-Offs for 1997..............................$0.00
(d) The amount set forth in item 6(c) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Senior
Certificateholder's investment).........................$0.000000
(e) The amount, if any, by which the outstanding principal balance of
the Senior Certificates exceeds the Senior Invested Amount and
the Senior Initial Percentage of the Prefunding Account Balance,
if any, as of the last Distribution Date of 1998, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date...........................................$0.00
(7) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over
Available Finance Charge Collections applied to such Collateral
Defaulted Amount............................................$0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the last Distribution Date of 1998 in respect of
Reallocated Principal Collections...........................$0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the last Distribution Date of 1998 in respect of the
unpaid Required Amount......................................$0.00
(d) The total amount by which the Collateral Invested Amount has been
reduced on the last Distribution Date of 1998 as set forth in
items 7(a), (b) and (c).....................................$0.00
(e) The total amount reimbursed on the last Distribution Date of 1998
in respect of reductions in the Collateral Invested Amount on
prior Distribution Dates....................................$0.00
(f) The amount, if any, by which the outstanding principal balance of
the Collateral Interest exceeds the Collateral Invested Amount
and the Collateral Percentage of the Prefunding Account Balance,
if any, as of the last Distribution Date of 1997, after giving
effect to all deposits, withdrawals and distributions on the last
Distribution Date of 1998...................................$0.00
(8) Investor Monthly Servicing Fee
The amount of the Series 1995-1 Monthly Servicing Fee payable to the
Servicer during 1998....................................$16,625,000.00
(9) Prefunding Account
(a) The Prefunding Account Balance on the last Distribution Date of
1998........................................................$0.00
(b) The Senior Percentage of the Prefunding Account Balance on the
last Distribution Date of 1998..............................$0.00
(c) The Collateral Percentage of the Prefunding Account Balance on
the last Distribution Date of 1998..........................$0.00
(10) Senior Monthly Interest
(a) Senior Monthly Interest payable during 1998........$43,921,410.60
(11) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date.....$0.00
(b) Deposits to the Principal Funding Account are currently scheduled
to commence on the Distribution Date occurring in January, 2000
(The initial funding date for the Principal Funding Account may
be modified in certain circumstances in accordance with the terms
of the Series Supplement.)
(12) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date...........................................$0.00
(13) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account, if funded, on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and the
related Transfer Date.........................................N/A
(b) The Required Reserve Account Amount, if any, selected by the
Servicer......................................................N/A
C) Senior Invested Amount
(1) The Senior Invested Amount and the Senior Percentage of the Prefunding
Account Balance on the date of issuance (the "Senior Initial
Amount")...............................................$750,500,000.00
(2) The Senior Invested Amount and the Senior Percentage of the Prefunding
Account Balance, if any, on the last Distribution Date of 1998, after
giving effect to all deposits, withdrawals and distributions on such
Distribution Date......................................$750,500,000.00
(3) The Pool Factor for the last Distribution Date of 1998 (which
represents the ratio of the Senior Invested Amount and the Senior
Percentage of the Prefunding Account Balance, if any, as of such
Distribution Date, after giving effect to any adjustment in the Senior
Invested Amount on such Distribution Date, to the Senior Initial
Amount). The amount of a Senior Certificateholder's pro rate share of
the Senior Invested Amount and the Prefunding Account Balance, if any,
can be determined by multiplying the original denomination of the
Senior Certificateholder's Certificate by the Pool Factor.....1.000000
D) Collateral Invested Amount
(1) The Collateral Invested Amount and the Collateral Percentage of the
Prefunding Account Balance on the date of issuance.....$199,500,000.00
(2) The Collateral Invested Amount and the Collateral Percentage of the
Prefunding Account Balance, if any, on the last Distribution Date of
1998, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date................$199,500,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the
Collateral Invested Amount and the Senior Invested Amount on such
Distribution Date...............................................21.00%
E) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of 1998...............$6,374,932,335
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of 1998.................$158,475,082
F) Annualized Percentages
(1) The average Gross Yield for 1998 (sum of the monthly Gross Yield
divided by 12)..................................................22.94%
(2) The average Net Loss Rates for 1998 (sum of monthly Net Loss Rates
divided by 12)...................................................7.92%
(3) The average Portfolio Yield for 1998 (the average Gross Yield minus
the average Net Loss Rate for 1998).............................15.02%
(4) The average Base Rate for 1998 (sum of monthly Base Rates divided by
12)..............................................................7.93%
(5) The average Net Spread for 1998 (the average Portfolio Yield minus the
average Base Rate for 1998)......................................7.10%
(6) The average Monthly Payment Rate for 1998 (sum of the monthly Payment
Rates divided by 12).............................................9.75%
G) Series 1995-1 Information for the Last Three Distribution Dates in 1998
1) Gross Yield
a) 12/15/98 24.19%
b) 11/16/98 22.64%
c) 10/15/98 22.55%
2) Net Loss Rate
a) 12/15/98 8.58%
b) 11/16/98 9.36%
c) 10/15/98 7.82%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 12/15/98 8.20%
b) 11/16/98 5.21%
c) 10/15/98 6.88%
Three Month Average 6.76%
4) Monthly Payment Rate
a) 12/15/98 9.01%
b) 11/16/98 8.95%
c) 10/15/98 9.34%
PROVIDIAN NATIONAL BANK,
Servicer
By: /s/ Daniel Sanford
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Name: Daniel Sanford
Title: Senior Vice President and Controller