People's Credit Card Master Trust

      Independent Accountants' Report on Management's Assertion Concerning
                  People's Bank's Compliance with Article IV,
               Section 4.2 of the Pooling and Servicing Agreement


                        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, as of December 31, 2000, People's was in compliance
with the requirements of Article IV, Section 4.2 of the Amended and
Restated Pooling and Servicing Agreement dated March 18, 1997 (as heretofore
amended, supplemented or otherwise modified), including the applicable
supplements dated March 1, 1995, July 1, 1996, March 18, 1997, September 1,
1997, April 1, 1998 and September 29, 1999 (collectively, the "Pooling and
Servicing Agreement") between Bankers Trust Company, as trustee, and People's,
as transferor and servicer.  This assertion is included in the accompanying
Management Report on People's Bank Compliance with Article IV, Section 4.2 of
the Pooling and Servicing Agreement, dated March 15, 2001.  Management is
responsible for People's compliance with the aforementioned requirements.
Our responsibility is to express an opinion on management's assertion about
People's compliance based on our examination.

Our examination was conducted in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about People's compliance with the
aforementioned 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 People's compliance with the aforementioned
requirements.

In our opinion, management's assertion that People's was in compliance with
the aforementioned requirements of Article IV, Section 4.2 of the Pooling and
Servicing Agreement as of December 31, 2000 is fairly stated, in all
material respects.

This report is intended solely for the information and use of People's and
Bankers Trust Company.  It is not intended to be, and should not be, used by
anyone other than these specified parties.

/s/ KPMG LLP


Stamford, Connecticut
March 15, 2001