PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1993-1
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 36
Monthly Period Ended May 31, 1996
Distribution Date June 17, 1996
Determination Date June 10, 1996
1. Trust Activity Series 1993-1
Beginning of Month - Aggregate Principal Receivables 1,422,154,686.50 (1)
Principal Collections on the Receivables 166,343,979.97
Finance Charge Receivables 25,190,357.84
Receivables in Defaulted Accounts 8,312,432.51
End of Month - Aggregate Principal Receivables 1,737,430,488.58
Investor Interest Series 1993-1 100,000,000.00
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 637,430,488.58
Investor Percentage with respect to...
Finance Charges 5.7556259%
Charged-Off Accounts 5.7556259%
Principal Receivables 11.5112519%
Seller Percentage with respect to ...
Finance Charges 36.6881146%
Charged-Off Accounts 36.6881146%
Principal Receivables 30.9324886%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 2,066,494.67
Available Principal Collections 23,393,233.04
Investor Default Amount 681,911.61
Aggregate Collections Allocated to Certificateholders 25,459,727.71
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 466,666.67
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal" #4) 16,666,666.67
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 7,408,477.98
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 714,357.37
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Inv 0.00
Monthly Investor Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 194,444.44
Monthly Certificate Insurer Fee 9,114.58
Excess Servicing (Shortfall) (dollars) 714,357.37
Excess Servicing (Shortfall) (percentage of Investor Interest) 7.35%(1)
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amount) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 17,133,333.34
Total Distribution to Investors per $1,000 Invested 85.67
3. Calculation of Certificate Interest
Certificate Rate 4.80%
This Month Certificate Interest 466,666.67
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 466,666.67
Total Certificate Interest Distributable per $1,000 of Original
Investment 2.33
4. Calculation of Monthly Principal
Beginning Investor Interest 116,666,666.67
Available Principal Collections 23,393,233.04
Investor Default Amount 681,911.61
Total Investor Monthly Principal 24,075,144.65
Investor Monthly Principal Reinvested in Receivables 7,408,477.98
Controlled Amortization Amount 16,666,666.67
Maximum Monthly Principal to Certificateholders 16,666,666.67
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 16,666,666.67
Monthly Principal Payable per $1,000 of Original Investment 83.33
Ending Investor Interest 100,000,000.00
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial
Principal Amount to 7 decimal places) 0.5000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 116,666,666.67
Monthly Servicing Fee 194,444.44
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 12,000,000.00
Stated Surety Bond Amount 10,500,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 10,500,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 4,666,666.67
Required Cash Collateral Account Amount 4,083,333.33
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 21,097.22
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 4,083,333.33
Available Cash Collateral Amount (Percentage) 3.50%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 97,548,253.05
Percent Dollars 5.61%
Number of Accts 36,317
Percent Number of Accts 2.91%
31-60 days past due Dollars 21,958,963.73
Percent Dollars 1.26%
Number of Accts 7,966
Percent Number of Accts 0.64%
61-90 days past due Dollars 14,730,485.51
Percent Dollars 0.85%
Number of Accts 4,842
Percent Number of Accts 0.39%
91-120 days past due Dollars 11,197,283.55
Percent Dollars 0.64%
Number of Accts 3,466
Percent Number of Accts 0.28%
121-150 days past due Dollars 9,746,345.49
Percent Dollars 0.56%
Number of Accts 2,818
Percent Number of Accts 0.23%
151-180 days past due Dollars 7,397,603.39
Percent Dollars 0.43%
Number of Accts 2,207
Percent Number of Accts 0.18%
181 + days past due Dollars 12,108,376.13
Percent Dollars 0.70%
Number of Accts 3,446
Percent Number of Accts 0.28%
10. Base Rate Calculation
Base Rate 6.90%
Portfolio Yield (net of losses) 14.24%(1)
Excess of Portfolio Yield over Base Rate 7.34%
11. Number of Accounts in the Trust
Number of Additional Accounts 180,335
Number of Removed Accounts 0
Number of Automatic Additional Accounts 5,034
Ending Number of Accounts 1,245,938
Note (1): Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the May Servicer's Report does not include
the receivables arising under the addition of accounts to the Trust on
May 1, 1996. However, Principal Collections on the Receivables, Finance Charge
Receivables and Receivables in Defaulted Accounts arising under such Additional
Accounts to the Trust were included in the May Servicer's Report, in accordance
with the standard methodology. Were the Principal Receivables arising under
the May 1st addition included in the Aggregate Principal Receivables, the
percentages would be calculated as set forth below:
Portfolio Yield (net of losses): 11.43%
Receivables in Defaulted Accounts: 5.63%
Excess Spread:
Series 1993-1: 4.55%
Series 1994-1: 4.25%
Series 1994-2: 3.24%
Series 1995-1: 3.19%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 28
Monthly Period Ended May 31, 1996
Distribution Date June 17, 1996
Determination Date June 10, 1996
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 1,422,154,686.50 (1)
Principal Collections on the Receivables 166,343,979.97
Finance Charge Receivables 25,190,357.84
Receivables in Defaulted Accounts 8,312,432.51
End of Month - Aggregate Principal Receivables 1,737,430,488.58
Investor Interest Series 1993-1 100,000,000.00
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 637,430,488.58
Investor Percentage with respect to...
Finance Charges 11.5112519%
Charged-Off Accounts 11.5112519%
Principal Receivables 11.5112519%
Seller Percentage with respect to ...
Finance Charges 36.6881146%
Charged-Off Accounts 36.6881146%
Principal Receivables 30.9324886%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 3,542,562.29
Available Principal Collections 23,393,233.04
Investor Default Amount 1,168,991.33
Aggregate Collections Allocated to Certificateholders 26,935,795.33
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 850,000.00
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 24,562,224.37
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 1,174,612.63
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Investment 0.00
Monthly Investor Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 333,333.33
Monthly Certificate Insurer Fee 15,625.00
Excess Servicing (Shortfall) (dollars) 1,174,612.63
Excess Servicing (Shortfall) (percentage of Investor Interest) 7.05%(1)
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amounts) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 850,000.00
Total Distribution to Investors per $1,000 Invested 4.25
3. Calculation of Certificate Interest
Certificate Rate 5.10%
This Month Certificate Interest 850,000.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 850,000.00
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.25
4. Calculation of Monthly Principal
Beginning Investor Interest 200,000,000.00
Available Principal Collections 23,393,233.04
Investor Default Amount 1,168,991.33
Total Investor Monthly Principal 24,562,224.37
Investor Monthly Principal Reinvested in Receivables 24,562,224.37
Controlled Amortization Amount 0.00
Maximum Monthly Principal to Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 0.00
Monthly Principal Payable per $1,000 of Original Investment 0.00
Ending Investor Interest 200,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 200,000,000.00
Monthly Servicing Fee 333,333.33
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 18,000,000.00
Stated Surety Bond Amount 18,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 18,000,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 7,000,000.00
Required Cash Collateral Account Amount 7,000,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 31,645.83
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 7,000,000.00
Available Cash Collateral Amount (Percentage) 3.50%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 97,548,253.05
Percent Dollars 5.61%
Number of Accts 36,317
Percent Number of Accts 2.91%
31-60 days past due Dollars 21,958,963.73
Percent Dollars 1.26%
Number of Accts 7,966
Percent Number of Accts 0.64%
61-90 days past due Dollars 14,730,485.51
Percent Dollars 0.85%
Number of Accts 4,842
Percent Number of Accts 0.39%
91-120 days past due Dollars 11,197,283.55
Percent Dollars 0.64%
Number of Accts 3,466
Percent Number of Accts 0.28%
121-150 days past due Dollars 9,746,345.49
Percent Dollars 0.56%
Number of Accts 2,818
Percent Number of Accts 0.23%
151-180 days past due Dollars 7,397,603.39
Percent Dollars 0.43%
Number of Accts 2,207
Percent Number of Accts 0.18%
181 + days past due Dollars 12,108,376.13
Percent Dollars 0.70%
Number of Accts 3,446
Percent Number of Accts 0.28%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 14.24%(1)
Excess of Portfolio Yield over Base Rate 7.04%
11. Number of Accounts in the Trust
Number of Additional Accounts 180,335
Number of Removed Accounts 0
Number of Automatic Additional Accounts 5,034
Ending Number of Accounts 1,245,938
Note (1): Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on May 1, 1996.
However, Principal Collections on the Receivables, Finance Charge Receivables
and Receivables in Defaulted Accounts arising under such Additional Accounts to
the Trust were included in the May Servicer's Report, in accordance with the
standard methodology. Were the Principal Receivables arising under the May 1st
addition included in the Aggregate Principal Receivables, the percentages would
be calculated as set forth below:
Portfolio Yield (net of losses): 11.43%
Receivables in Defaulted Accounts: 5.63%
Excess Spread:
Series 1993-1: 4.55%
Series 1994-1: 4.25%
Series 1994-2: 3.24%
Series 1995-1: 3.19%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 20
Monthly Period Ended May 31, 1996
Distribution Date June 17, 1996
Determination Date June 10, 1996
Number of Days in Period 33
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 1,422,154,686.50 (1)
Principal Collections on the Receivables 166,343,979.97
Finance Charge Receivables 25,190,357.84
Receivables in Defaulted Accounts 8,312,432.51
End of Month - Aggregate Principal Receivables 1,737,430,488.58
Investor Interest Series 1993-1 100,000,000.00
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 637,430,488.58
Total Investor Percentage with respect to...
Finance Charges 23.0225038%
Charged-Off Accounts 23.0225038%
Principal Receivables 23.0225038%
Class A Percentage with respect to...
Finance Charges 21.8713786%
Charged-Off Accounts 21.8713786%
Principal Receivables 21.8713786%
Class B Percentage with respect to...
Finance Charges 1.1511252%
Charged-Off Accounts 1.1511252%
Principal Receivables 1.1511252%
Seller Percentage with respect to ...
Finance Charges 36.6881146%
Charged-Off Accounts 36.6881146%
Principal Receivables 30.9324886%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,730,868.36
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,943,592.02
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 633,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,221,083.53
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,932,859.48
Class A Required Amount 0.00
Class B Available Finance Charge Collections 354,256.23
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 106,877.65
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 116,899.13
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 97,146.12
Class B Required Amount 0.00
Total Excess Spread 2,030,005.60
Excess Spread and Shared Finance Charges used to Satisfy Class
A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor
Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A
Required Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed
Class A Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash
Collateral Account 0.00
Excess Spread used to satisfy shortfalls of the Class A
Interest Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B
Interest Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 2,030,005.60
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (Shortfall) (dollars) 2,013,472.27
Remaining Excess Servicing (Shortfall) (percentage of
Investor Interest) 6.04%(1)
Class A Investor Certificate Interest Shortfall 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 46,786,466.07
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 49,124,448.73
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,943,592.02
Total Distribution to Class A Investors per $1,000 Invested 5.11
Total Distribution to Class B Investors 106,877.65
Total Distribution to Class B Investors per $1,000 Invested 5.34
3. Calculation of Certificate Interest
Class A Certificate Rate 5.57969%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on Deficiency Amount 0.00
This Month Class A Certificate Interest 1,943,592.02
Expected Class A Principal 380,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A Certificateholders
1,943,592.02
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.11
Class B Certificate Rate 5.82969%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency Amount 0.00
This Month Class B Certificate Interest 106,877.65
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B Certificateholders
106,877.65
Total Class B Interest Distributable per $1,000 of Class B Original
Investment 5.34
Total Certificate Interest Distributable to
Certificateholders 2,050,469.67
Total Certificate Interest Distributable per $1,000 of Original
Investment 5.13
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 380,000,000.00
Class A Available Principal Collections 44,447,142.77
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 46,668,226.30
Class A Monthly Principal Reinvested in Receivables 46,668,226.30
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 2,339,323.30
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,456,222.43
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 2,456,222.43
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 380,000,000.00
Ending Class B Interest 20,000,000.00
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial
Principal Amount to 7 Decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 380,000,000.00
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 633,333.33
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per loan agreement 2,030,005.60
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 54,379.17
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 97,548,253.05
Percent Dollars 5.61%
Number of Accts 36,317
Percent Number of Accts 2.91%
31-60 days past due Dollars 21,958,963.73
Percent Dollars 1.26%
Number of Accts 7,966
Percent Number of Accts 0.64%
61-90 days past due Dollars 14,730,485.51
Percent Dollars 0.85%
Number of Accts 4,842
Percent Number of Accts 0.39%
91-120 days past due Dollars 11,197,283.55
Percent Dollars 0.64%
Number of Accts 3,466
Percent Number of Accts 0.28%
121-150 days past due Dollars 9,746,345.49
Percent Dollars 0.56%
Number of Accts 2,818
Percent Number of Accts 0.23%
151-180 days past due Dollars 7,397,603.39
Percent Dollars 0.43%
Number of Accts 2,207
Percent Number of Accts 0.18%
181 + days past due Dollars 12,108,376.13
Percent Dollars 0.70%
Number of Accts 3,446
Percent Number of Accts 0.28%
9. Base Rate Calculation
Base Rate 7.59%
Portfolio Yield (net of losses) 14.24%(1)
Excess of Portfolio Yield over Base Rate 6.65%
10. Number of Accounts in the Trust
Number of Additional Accounts 180,335
Number of Removed Accounts 0
Number of Automatic Additional Accounts 5,034
Ending Number of Accounts 1,245,938
Note (1): Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on May 1, 1996.
However, Principal Collections on the Receivables, Finance Charge Receivables
and Receivables in Defaulted Accounts arising under such Additional Accounts to
the Trust were included in the May Servicer's Report, in accordance with the
standard methodology. Were the Principal Receivables arising under the May 1st
addition included in the Aggregate Principal Receivables, the percentages would
be calculated as set forth below:
Portfolio Yield (net of losses): 11.43%
Receivables in Defaulted Accounts: 5.63%
Excess Spread:
Series 1993-1: 4.55%
Series 1994-1: 4.25%
Series 1994-2: 3.24%
Series 1995-1: 3.19%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 15
Monthly Period Ended May 31, 1996
Distribution Date June 17, 1996
Determination Date June 10, 1996
Number of Days in Period 33
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 1,422,154,686.50 (1)
Principal Collections on the Receivables 166,343,979.97
Finance Charge Receivables 25,190,357.84
Receivables in Defaulted Accounts 8,312,432.51
End of Month - Aggregate Principal Receivables 1,737,430,488.58
Investor Interest Series 1993-1 100,000,000.00
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 637,430,488.58
Total Investor Percentage with respect to...
Finance Charges 23.0225038%
Charged-Off Accounts 23.0225038%
Principal Receivables 23.0225038%
Class A Percentage with respect to...
Finance Charges 21.8713786%
Charged-Off Accounts 21.8713786%
Principal Receivables 21.8713786%
Class B Percentage with respect to...
Finance Charges 1.1511252%
Charged-Off Accounts 1.1511252%
Principal Receivables 1.1511252%
Seller Percentage with respect to ...
Finance Charges 36.6881146%
Charged-Off Accounts 36.6881146%
Principal Receivables 30.9324886%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,730,868.36
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,961,008.68
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 633,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,221,083.53
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,915,442.81
Class A Required Amount 0.00
Class B Available Finance Charge Collections 354,256.23
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 105,960.98
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 116,899.13
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 98,062.79
Class B Required Amount 0.00
Total Excess Spread 2,013,505.60
Excess Spread and Shared Finance Charges used to Satisfy
Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor
Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A
Required Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed CLass A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B
Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B
Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class B
investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash
Collateral Account 0.00
Excess Spread used to satisfy shortfalls of the Class A Interest
Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B Interest
Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 2,013,505.60
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (dollars) 1,997,833.37
Remaining Excess Servicing (percentage of Investor Interest) 5.99%(1)
Class A Investor Certificate Interest Shortfall 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 46,786,466.07
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 49,124,448.73
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,961,008.68
Total Distribution to Class A Investors per $1,000 Invested 5.16
Total Distribution to Class B Investors 105,960.98
Total Distribution to Class B Investors per $1,000 Invested 5.30
3. Calculation of Certificate Interest
Class A Certificate Rate 5.62969%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class A Certificate Interest 1,961,008.68
Expected Class A Principal 380,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,961,008.68
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.16
Class B Certificate Rate 5.77969%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class B Certificate Interest 105,960.98
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 105,960.98
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.30
Total Certificate Interest Distributable to Certificateholders 2,066,969.66
Total Certificate Interest Distributable per $1,000 of
Original Investment 5.17
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 380,000,000.00
Class A Available Principal Collections 44,447,142.77
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 46,668,226.30
Class A Monthly Principal Reinvested in Receivables 46,668,226.30
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 2,339,323.30
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,456,222.43
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 2,456,222.43
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 380,000,000.00
Ending Class B Interest 20,000,000.00
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial
Principal Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 380,000,000.00
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 633,333.33
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per Loan Agreement 2,013,505.60
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 36,166.67
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 97,548,253.05
Percent Dollars 5.61%
Number of Accts 36,317
Percent Number of Accts 2.91%
31-60 days past due Dollars 21,958,963.73
Percent Dollars 1.26%
Number of Accts 7,966
Percent Number of Accts 0.64%
61-90 days past due Dollars 14,730,485.51
Percent Dollars 0.85%
Number of Accts 4,842
Percent Number of Accts 0.39%
91-120 days past due Dollars 11,197,283.55
Percent Dollars 0.64%
Number of Accts 3,466
Percent Number of Accts 0.28%
121-150 days past due Dollars 9,746,345.49
Percent Dollars 0.56%
Number of Accts 2,818
Percent Number of Accts 0.23%
151-180 days past due Dollars 7,397,603.39
Percent Dollars 0.43%
Number of Accts 2,207
Percent Number of Accts 0.18%
181 + days past due Dollars 12,108,376.13
Percent Dollars 0.70%
Number of Accts 3,446
Percent Number of Accts 0.28%
9. Base Rate Calculation
Base Rate 7.64%
Portfolio Yield (net of losses) 14.24%(1)
Excess of Portfolio Yield over Base Rate 6.60%
10. Number of Accounts in the Trust
Number of Additional Accounts 180,335
Number of Removed Accounts 0
Number of Automatic Additional Accounts 5,034
Ending Number of Accounts 1,245,938
Note (1): Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on May 1, 1996.
However, Principal Collections on the Receivables, Finance Charge Receivables
and Receivables in Defaulted Accounts arising under such Additional Accounts to
the Trust were included in the May Servicer's Report, in accordance with the
standard methodology. Were the Principal Receivables arising under the May 1st
addition included in the Aggregate Principal Receivables, the percentages would
be calculated as set forth below:
Portfolio Yield (net of losses): 11.43%
Receivables in Defaulted Accounts: 5.63%
Excess Spread:
Series 1993-1: 4.55%
Series 1994-1: 4.25%
Series 1994-2: 3.24%
Series 1995-1: 3.19%