People's Credit Card Master Trust

       Independent Accountants' Report on Management's Assertion Concerning
              Internal Control Over Financial Reporting for the
               Credit Card Services Division of People's Bank


                         Independent Accountants' Report

People's Bank
850 Main Street
Bridgeport, Connecticut 06604

Bankers Trust Company
Four Albany Street, 10th Floor
New York, New York 10006


We have examined the assertion made by the management of People's Bank
("People's") that its Credit Card Services division (which includes the
accounts transferred to and serviced for the People's Bank Credit Card Master
Trust) maintained effective internal control over financial reporting as of
December 31, 2000 that was sufficient for the prevention and detection of
misstatements due to errors or fraud in amounts that would be material to
People's consolidated financial statements.  This assertion is included in the
accompanying Management Report on Internal Control Over Financial Reporting
for the Credit Card Services Division of People's Bank, dated March 15, 2001.
Management is responsible for maintaining effective internal control over
financial reporting.  Our responsibility is to express an opinion on
management's assertion based on our examination.

Our examination was conducted in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of the internal control over financial
reporting, testing and evaluating the design and operating effectiveness of
the internal control, 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 the inherent limitations in any internal control, misstatements due
to errors or fraud may occur and not be detected.  Also, projections of any
evaluation of internal control over financial reporting to future periods
are subject to the risk that the internal control may become inadequate because
of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.

In our opinion, management's assertion that the Credit Card Services division
of People's maintained effective internal control over financial reporting as
of December 31, 2000 that was sufficient for the prevention and detection
of misstatements due to errors or fraud in amounts that would be material to
People's consolidated financial statements is fairly stated, in all material
respects, based upon criteria described in Internal Control - Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission.

/s/ KPMG LLP


Stamford, Connecticut
March 15, 2001