MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
The undersigned, a duly authorized representative of People's Bank, as
Servicer pursuant to the Amended and Restated Pooling and Servicing Agreement
dated as of March 18, 1997, (as heretofore amended, supplemented or otherwise
modified, the "Pooling and Servicing Agreement") by and between People's Bank
and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective meanings
set forth in the Pooling and Servicing Agreement; provided, that the
"preceding Monthly Period" shall mean the Monthly Period immediately
preceding the calendar month in which this Certificate is delivered.
This Certificate is delivered pursuant to subsection 3.4 (b) of the
Pooling and Servicing Agreement. References herein to certain sections
and subsections are references to the respective sections and subsections
of the Pooling and Servicing Agreement, as amended by the applicable
Series Supplement.
2. People's Bank is Servicer under the Pooling and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. The date of this Certificate is November 10, 1999, which is a
Determination Date under the Pooling and Servicing Agreement.
5. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 5(a) plus 5(b)) was equal to...$ 404,163,486.14
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was equal to...............$ 40,802,221.59
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 363,361,264.55
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 3,019,241,321.10
7. Attached hereto is a true and correct copy of the statements required to
be delivered by the Servicer on the date of this Certificate to the
Paying Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any Receivables
in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to............$ 266,502,832.96
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of November 1999.
PEOPLE'S BANK
Servicer
By : /s/Lisa Brooks
Name: Lisa Brooks
Title: Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1995-1
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 56,503,271.54
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1995-1 was equal
to......................................................$ 4,998,607.90
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1995-1 was equal to...$ 51,504,663.64
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1995-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1995-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 32,141,465.04
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period
and allocated to Series 1995-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 27,142,857.14
(b) The aggregate amount of funds which will be on deposit in the Principal
Account on the Transfer Date following this Determination Date, will
be.......................................................$ 27,142,857.14
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1995-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1995-1 on the next succeeding Transfer
Date is equal to........................................$ 199,742.08
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next succeeding
Transfer Date is equal to...............................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1995-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 27,142,857.14
Payable in respect of interest.........................$ 1,572,419.64
Total..................................................$ 28,715,276.78
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 99,135.42
Total..................................................$ 95,135.42
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1996-1
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 57,288,176.92
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1996-1 was equal
to......................................................$ 5,783,513.28
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1996-1 was equal to....$ 51,504,663.64
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1996-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1996-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 5,783,513.28
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1996-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1996-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1996-1 on the next succeeding Transfer
Date is equal to........................................$ 231,106.60
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1996-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 1,813,343.92
Total..................................................$ 1,813,343.92
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 103,188.02
Total..................................................$ 103,188.02
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1997-1
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 71,610,221.13
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1997-1 was equal
to......................................................$ 7,229,391.58
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1997-1 was equal to....$ 64,380,829.55
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1997-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1997-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 7,229,391.58
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1997-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1997-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1997-1 on the next succeeding Transfer
Date is equal to........................................$ 288,883.21
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1997-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 2,022,453.99
Total..................................................$ 2,022,453.99
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 166,419.14
Total..................................................$ 166,419.14
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 147,216.36
Total..................................................$ 147,216.36
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1997-2
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 71,610,221.13
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1997-2 was equal
to......................................................$ 7,229,391.58
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1997-2 was equal to....$ 64,380,829.55
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1997-2 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1997-2 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 7,229,391.58
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1997-2, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1997-2 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1997-2 on the next succeeding Transfer
Date is equal to........................................$ 288,883.21
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1997-2 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 2,026,113.72
Total..................................................$ 2,026,113.72
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 166,709.77
Total..................................................$ 166,709.77
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 158,666.45
Total..................................................$ 158,666.45
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1998-1
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 57,288,176.87
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1998-1 was equal
to......................................................$ 5,783,513.24
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1998-1 was equal to....$ 51,504,663.64
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1998-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1998-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 5,783,513.24
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1998-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1998-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1998-1 on the next succeeding Transfer
Date is equal to........................................$ 231,106.60
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1998-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 1,638,146.56
Total..................................................$ 1,638,146.56
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 133,600.31
Total..................................................$ 133,600.31
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 101,718.75
Total..................................................$ 101,718.75
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1999-1
For the November 10, 1999 Determination Date
For the October 1999 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 57,288,176.92
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1999-1 was equal
to......................................................$ 5,783,513.28
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1999-1 was equal to....$ 51,504,663.64
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1999-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1999-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 5,783,513.28
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1999-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1999-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1999-1 on the next succeeding Transfer
Date is equal to........................................$ 231,106.60
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1999-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 1,657,925.21
Total..................................................$ 1,657,925.21
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 149,489.97
Total..................................................$ 149,489.97
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 112,170.06
Total..................................................$ 112,170.06
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 56
Monthly Period Ended October 31, 1999
Distribution Date November 15, 1999
Determination Date November 10, 1999
Number of Days in Period 31
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 2,821,967,867.65(1)
Principal Collections on the Receivables 363,361,264.55
Finance Charge Collections on the Receivables 40,802,221.59
Receivables in Defaulted Accounts 14,681,533.59
End of Month - Aggregate Principal Receivables 3,019,241,321.10
Investor Interest Series 1995-1 318,571,428.58
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 400,000,000.00
Seller Principal Receivables 500,669,892.52
Total Investor Percentage with respect to...
Finance Charges 10.5513735%
Charged-Off Accounts 10.5513735%
Principal Receivables 13.2483613%
Class A Percentage with respect to...
Finance Charges 9.8889554%
Charged-Off Accounts 9.8889554%
Principal Receivables 12.5859433%
Class B Percentage with respect to...
Finance Charges 0.6624181%
Charged-Off Accounts 0.6624181%
Principal Receivables 0.6624181%
Seller Percentage with respect to ...
Finance Charges 16.5826391%
Charged-Off Accounts 16.5826391%
Principal Receivables 13.8856513%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 4,709,432.24
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,572,419.64
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 542,857.14
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,694,556.94
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Finance Charge
Collections 899,598.52
Class A Required Amount 0.00
Class B Available Finance Charge Collections 289,175.66
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 99,135.42
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 104,051.74
Unpaid Class B Investor Default Amound 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Finance Charge
Collections 52,655.17
Class B Required Amount 0.00
Total Excess Spread 952,253.69
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class B
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B
Investor Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
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 remaining unpaid
Class A Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Principal Collections used to satisfy remaining
Class A Required Amount 0.00
Class B Reallocated Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Class B Reallocated Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Class B Reallocated Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Class B Reallocated Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Investor Interest used to satisfy remaining
Class A Required Amount 0.00
Class B Reallocated Investor Interest used to satisfy remaining
unpaid Class A Monthly Cap Interest 0.00
Class B Reallocated Investor Interest used to satisfy remaining
unpaid Class A Monthly Servicing Fee 0.00
Class B Reallocated Investor Interest used to satisfy remaining
unpaid Class A Investor Default Amount 0.00
Class B Reallocated Investor Interest used to satisfy remaining
unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class B
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class B
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class B
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
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 remaining unpaid
Class B Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy unpaid 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 Investor
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 952,253.69
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Spread after Funding Spread Account
(Shortfall) (dollars) 940,643.90
Remaining Excess Spread after Funding Spread Account
(Shortfall) (percentage of Investor Interest) 3.27%
Class A Investor Certificate Interest Shortfall (Deficiency Amounts) 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 51,504,663.52
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 27,142,857.14
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) 26,160,415.06
(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 2,442,857.15
Class B Investor Certificate Interest Shortfall (Deficiency Amounts) 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 28,715,276.78
Total Distribution to Class A Investors per $1,000 Invested 75.57
Total Distribution to Class B Investors 99,135.42
Total Distribution to Class B Investors per $1,000 Invested 4.96
3. Calculation of Certificate Interest
Class A Certificate Rate 5.60625%
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 1,572,419.64
Expected Class A Principal 325,714,285.72
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,572,419.64
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.14
Class B Certificate Rate 5.75625%
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 99,135.42
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 99,135.42
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.96
Total Certificate Interest Distributable to
Certificateholders 1,671,555.06
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.18
4. Calculation of Monthly Principal
Beginning Investor Interest 345,714,285.72
Beginning Class A Interest 325,714,285.72
Class A Available Principal Collections 48,929,430.34
Class A Monthly unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 50,623,987.28
Class A Monthly Principal Reinvested in Receivables 23,481,130.14
Class A Controlled Amortization Amount 27,142,857.14
Maximum Monthly Principal to Class A Certificateholders 27,142,857.14
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 27,142,857.14
Class A Monthly Principal Payable per $1,000 of Original
Investment 71.43
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 2,575,233.18
Class B Monthly unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,679,284.92
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal Collections 0.00
Class B Reallocated Investor Interest 0.00
Prior Month's Cumulative Class B Reallocated Investor Interest 0.00
Class B Monthly Principal Reinvested in Receivables 2,679,284.92
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 318,571,428.58
Ending Class A Interest 298,571,428.58
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) 0.7964286
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 325,714,285.72
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 345,714,285.72
Class A Monthly Servicing Fee 542,857.14
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 576,190.48
7. Cash Collateral Account Activity
Beginning of Month Balance 33,557,142.86
Required Cash Collateral Account Amount 31,114,285.71
Excess Spread used to satisfy payments per Loan Agreement 952,253.69
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 67,022.22
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 31,114,285.71
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 128,438,970.61
Percent Dollars 4.25%
Number of Accts 37,055
Percent Number of Accts 1.69%
31-60 days past due Dollars 35,964,942.11
Percent Dollars 1.19%
Number of Accts 8,572
Percent Number of Accts 0.39%
61-90 days past due Dollars 23,099,446.94
Percent Dollars 0.77%
Number of Accts 5,013
Percent Number of Accts 0.23%
91-120 days past due Dollars 20,125,847.51
Percent Dollars 0.67%
Number of Accts 4,100
Percent Number of Accts 0.19%
121-150 days past due Dollars 15,640,039.42
Percent Dollars 0.52%
Number of Accts 3,077
Percent Number of Accts 0.14%
151-180 days past due Dollars 12,215,059.85
Percent Dollars 0.40%
Number of Accts 2,400
Percent Number of Accts 0.11%
9. Base Rate Calculation
Gross Yield 17.35% (1)
Percentage on Default Accounts 6.24% (1)(2)
Portfolio Yield (net of losses) 11.11% (1)(2)
Base Rate 7.61%
Excess of Portfolio Yield over Base Rate 3.49% (1)(2)
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 47,946
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 83,258
Ending Number of Accounts 2,194,916
(1) Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the October Servicer's Report does not
include the receivables arising under the automatic addition of accounts to
the Trust on October 11, 1999. However, Principal Collections on the
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts
arising under such Automatic Additional Accounts to the Trust were included in
the October's Servicer Report, in accordance with the standard methodology.
Were the Principal Receivables arising under the October 11th automatic
addition included in the Aggregate Principal Receivables, the percentages
would be calculated as set forth below:
Gross Yield: 15.90%
Receivables in Defaulted Accounts: 5.70%
Portfolio Yield (net of losses): 10.20%
Excess of Portfolio Yield over Base Rate:
Series 1995-1: 2.58%
Series 1996-1: 2.63%
Series 1997-1: 2.77%
Series 1997-2: 2.74%
Series 1998-1: 2.76%
Series 1999-1: 2.63%
(2) As a result of recent changes in regulatory guidelines, the Bank has
adopted a new methodology for charging off bankruptcies. The new policy is
being phased-in over the balance of the calendar year and during that period
will generally have the effect of lowering the reported Default Amount and
Default Percentage, compared to the method previously used. For the October
1999 Monthly Period, the reductions in the Default Amount and Default
Percentage due to the change in policy are approximately $240,000.00 and
0.10%, respectively, based on a pro-rata allocation of charge-offs to
Receivables in the People's Bank Credit Card Master Trust.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 40
Monthly Period Ended October 31, 1999
Distribution Date November 15, 1999
Determination Date November 10, 1999
Number of Days in Period 31
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 2,821,967,867.65(1)
Principal Collections on the Receivables 363,361,264.55
Finance Charge Collections on the Receivables 40,802,221.59
Receivables in Defaulted Accounts 14,681,533.59
End of Month - Aggregate Principal Receivables 3,019,241,321.10
Investor Interest Series 1995-1 318,571,428.58
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 400,000,000.00
Seller Principal Receivables 500,669,892.52
Total Investor Percentage with respect to...
Finance Charges 13.2483613%
Charged-Off Accounts 13.2483613%
Principal Receivables 13.2483613%
Class A Percentage with respect to...
Finance Charges 12.5528224%
Charged-Off Accounts 12.5528224%
Principal Receivables 12.5528224%
Class B Percentage with respect to...
Finance Charges 0.6955390%
Charged-Off Accounts 0.6955390%
Principal Receivables 0.6955390%
Seller Percentage with respect to ...
Finance Charges 16.5826391%
Charged-Off Accounts 16.5826391%
Principal Receivables 13.8856513%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,479,878.83
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,813,343.92
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 631,666.67
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,971,780.51
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Finance Charge
Collections 1,063,087.73
Class A Required Amount 0.00
Class B Available Finance Charge Collections 303,634.45
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 103,188.02
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 35,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 109,254.33
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Finance Charge
Collections 56,192.10
Class B Required Amount 0.00
Total Excess Spread 1,119,279.83
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class B
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B
Investor Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid
Class A Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class A Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class A Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
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 remaining unpaid
Class A Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy remaining
Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy remaining
Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
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 remaining unpaid
Class B Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Class B
unpaid Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
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
Investor 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 1,119,279.83
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Spread after Funding Spread Account
(Shortfall) (dollars) 1,101,009.83
Remaining Excess Spread after Funding Spread Account
(Shortfall) (percentage of Investor Interest) 3.30%
Class A Investor Certificate Interest Shortfall (Deficiency Amounts) 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 51,504,663.64
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) 53,585,698.48
(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
Class B Investor Certificate Interest Shortfall
(Deficiency Amounts) 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 1,813,343.92
Total Distribution to Class A Investors per $1,000 Invested 4.78
Total Distribution to Class B Investors 103,188.02
Total Distribution to Class B Investors per $1,000 Invested 4.91
3. Calculation of Certificate Interest
Class A Certificate Rate 5.55625%
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 1,813,343.92
Expected Class A Principal 379,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,813,343.92
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.78
Class B Certificate Rate 5.70625%
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 103,188.02
Expected Class B Principal 21,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 103,188.02
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.91
Total Certificate Interest Distributable to
Certificateholders 1,916,531.94
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.79
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 379,000,000.00
Class A Available Principal Collections 48,800,668.80
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 50,772,449.31
Class A Monthly Principal Reinvested in Receivables 50,772,449.31
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 21,000,000.00
Class B Available Principal Collections 2,703,994.84
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,813,249.17
Class B Reallocated Principal Collections 0.00
Prior Month's Cumulative Class B Reallocated Principal Collections 0.00
Class B Reallocated Investor Interest 0.00
Prior Month's Cumulative Class B Reallocated Investor Interest 0.00
Class B Monthly Principal Reinvested in Receivables 2,813,249.17
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 379,000,000.00
Ending Class B Interest 21,000,000.00
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 379,000,000.00
Beginning Class B Investor Interest 21,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 631,666.67
Class B Monthly Servicing Fee 35,000.00
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 1,119,279.83
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 76,125.00
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 128,438,970.61
Percent Dollars 4.25%
Number of Accts 37,055
Percent Number of Accts 1.69%
31-60 days past due Dollars 35,964,942.11
Percent Dollars 1.19%
Number of Accts 8,572
Percent Number of Accts 0.39%
61-90 days past due Dollars 23,099,446.94
Percent Dollars 0.77%
Number of Accts 5,013
Percent Number of Accts 0.23%
91-120 days past due Dollars 20,125,847.51
Percent Dollars 0.67%
Number of Accts 4,100
Percent Number of Accts 0.19%
121-150 days past due Dollars 15,640,039.42
Percent Dollars 0.52%
Number of Accts 3,077
Percent Number of Accts 0.14%
151-180 days past due Dollars 12,215,059.85
Percent Dollars 0.40%
Number of Accts 2,400
Percent Number of Accts 0.11%
9. Base Rate Calculation
Gross Yield 17.35% (1)
Percentage on Defaulted Accounts 6.24% (1)(2)
Portfolio Yield (net of losses) 11.11% (1)(2)
Base Rate 7.56%
Excess of Portfolio Yield over Base Rate 3.54% (1)(2)
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 47,946
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 83,258
Ending Number of Accounts 2,194,916
(1) Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the October Servicer's Report does not
include the receivables arising under the automatic addition of accounts to
the Trust on October 11, 1999. However, Principal Collections on the
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts
arising under such Automatic Additional Accounts to the Trust were included in
the October's Servicer Report, in accordance with the standard methodology.
Were the Principal Receivables arising under the October 11th automatic
addition included in the Aggregate Principal Receivables, the percentages
would be calculated as set forth below:
Gross Yield: 15.90%
Receivables in Defaulted Accounts: 5.70%
Portfolio Yield (net of losses): 10.20%
Excess of Portfolio Yield over Base Rate:
Series 1995-1: 2.58%
Series 1996-1: 2.63%
Series 1997-1: 2.77%
Series 1997-2: 2.74%
Series 1998-1: 2.76%
Series 1999-1: 2.63%
(2) As a result of recent changes in regulatory guidelines, the Bank has
adopted a new methodology for charging off bankruptcies. The new policy is
being phased-in over the balance of the calendar year and during that period
will generally have the effect of lowering the reported Default Amount and
Default Percentage, compared to the method previously used. For the October
1999 Monthly Period, the reductions in the Default Amount and Default
Percentage due to the change in policy are approximately $240,000.00 and
0.10%, respectively, based on a pro-rata allocation of charge-offs to
Receivables in the People's Bank Credit Card Master Trust.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 32
Monthly Period Ended October 31, 1999
Distribution Date November 15, 1999
Determination Date November 10, 1999
Number of Days in Period 31
1. Trust Activity Series 1997-1
Beginning of Month - Aggregate Principal Receivables 2,821,967,867.65(1)
Principal Collections on the Receivables 363,361,264.55
Finance Charge Collections on the Receivables 40,802,221.59
Receivables in Defaulted Accounts 14,681,533.59
End of Month - Aggregate Principal Receivables 3,019,241,321.10
Investor Interest Series 1995-1 318,571,428.58
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 400,000,000.00
Seller Principal Receivables 500,669,892.52
Adjusted Investor Interest Series 1997-1 500,000,000.00
Class A Adjusted Investor Interest 425,000,000.00
Class B Investor Interest 33,750,000.00
Collateral Interest 41,250,000.00
Total Investor Percentage with respect to...
Finance Charges 16.5604517%
Charged-Off Accounts 16.5604517%
Principal Receivables 16.5604517%
Class A Percentage with respect to...
Finance Charges 14.0763839%
Charged-Off Accounts 14.0763839%
Principal Receivables 14.0763839%
Class B Percentage with respect to...
Finance Charges 1.1178305%
Charged-Off Accounts 1.1178305%
Principal Receivables 1.1178305%
Collateral Interest Percentage with respect to...
Finance Charges 1.3662373%
Charged-Off Accounts 1.3662373%
Principal Receivables 1.3662373%
Seller Percentage with respect to...
Finance Charges 16.5826391%
Charged-Off Accounts 16.5826391%
Principal Receivables 13.8856513%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,144,982.84
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 2,022,453.99
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 708,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,211,099.51
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,203,096.01
Class A Required Amount 0.00
Class B Available Finance Charge Collections 487,983.95
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 166,419.14
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7)" 56,250.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 175,587.31
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 89,727.50
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 596,424.79
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 68,750.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 527,674.79
Total Excess Spread 1,820,498.30
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid 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" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 147,216.36
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 214,606.72
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,458,675.22
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 3.50%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 66,982,123.09
Available Investor Principal Collections plus Draws from
Shared Principal Collections 66,982,123.09
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 66,982,123.09
(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
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 2,022,453.99
Total Distribution to Class A Investors per $1,000
Invested 4.76
Total Distribution to Class B Investors 166,419.14
Total Distribution to Class B Investors per $1,000
Invested 4.93
Total Distribution to Collateral Interest Holders 147,216.36
Total Distribution to Collateral Interest Holders per
$1,000 Invested 3.57
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Funding Date N/A
Starting Month to Fund Reserve Account N/A
Required Reserve Account Amount 0.00
Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 0.00
Percent Reserve Account to Total Initial Class A Interest 0.00%
Percent Required Reserve Account to Total Initial Class A Interest 0.00%
4. Calculation of Certificate Interest
Class A Certificate Rate 5.52625%
Class A Cap Rate 10.12000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 2,022,453.99
Class A Monthly Interest 2,022,453.99
Expected Class A Principal 425,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 2,022,453.99
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.76
Class B Certificate Rate 5.72625%
Class B Cap Rate 10.32000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 166,419.14
Class B Monthly Interest 166,419.14
Expected Class B Principal 33,750,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 166,419.14
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.93
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 2,188,873.13
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B Certificateholders 4.77
5. Calculation of Monthly Principal
Beginning Investor Interest 500,000,000.00
Beginning Class A Investor Interest 425,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 425,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 33,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 33,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 66,982,123.09
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
Ending Investor Interest 500,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 425,000,000.00
Beginning Class B Investor Interest 33,750,000.00
Beginning Collateral Investor Interest 41,250,000.00
Class A Monthly Servicing Fee 708,333.33
Class B Monthly Servicing Fee 56,250.00
Collateral Interest Monthly Servicing Fee 68,750.00
Total Monthly Servicing Fee 833,333.33
8. Collateral Interest Amount Activity
Beginning Collateral Interest 41,250,000.00
Required Collateral Interest Amount 41,250,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 147,216.36
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 3.57
Ending Collateral Interest 41,250,000.00
Collateral Default Amount this period 214,606.72
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 41,250,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 8.25%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 128,438,970.61
Percent Dollars 4.25%
Number of Accts 37,055
Percent Number of Accts 1.69%
31-60 days past due Dollars 35,964,942.11
Percent Dollars 1.19%
Number of Accts 8,572
Percent Number of Accts 0.39%
61-90 days past due Dollars 23,099,446.94
Percent Dollars 0.77%
Number of Accts 5,013
Percent Number of Accts 0.23%
91-120 days past due Dollars 20,125,847.51
Percent Dollars 0.67%
Number of Accts 4,100
Percent Number of Accts 0.19%
121-150 days past due Dollars 15,640,039.42
Percent Dollars 0.52%
Number of Accts 3,077
Percent Number of Accts 0.14%
151-180 days past due Dollars 12,215,059.85
Percent Dollars 0.40%
Number of Accts 2,400
Percent Number of Accts 0.11%
10. Base Rate Calculation
Gross Yield 17.35% (1)
Percentage on Defaulted Accounts 6.24% (1)(2)
Portfolio Yield (net of losses) 11.11% (1)(2)
Base Rate 7.43%
Excess of Portfolio Yield over Base Rate 3.68% (1)(2)
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 47,946
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 83,258
Ending Number of Accounts 2,194,916
(1) Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the October Servicer's Report does not
include the receivables arising under the automatic addition of accounts to
the Trust on October 11, 1999. However, Principal Collections on the
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts
arising under such Automatic Additional Accounts to the Trust were included in
the October's Servicer Report, in accordance with the standard methodology.
Were the Principal Receivables arising under the October 11th automatic
addition included in the Aggregate Principal Receivables, the percentages
would be calculated as set forth below:
Gross Yield: 15.90%
Receivables in Defaulted Accounts: 5.70%
Portfolio Yield (net of losses): 10.20%
Excess of Portfolio Yield over Base Rate:
Series 1995-1: 2.58%
Series 1996-1: 2.63%
Series 1997-1: 2.77%
Series 1997-2: 2.74%
Series 1998-1: 2.76%
Series 1999-1: 2.63%
(2) As a result of recent changes in regulatory guidelines, the Bank has
adopted a new methodology for charging off bankruptcies. The new policy is
being phased-in over the balance of the calendar year and during that period
will generally have the effect of lowering the reported Default Amount and
Default Percentage, compared to the method previously used. For the October
1999 Monthly Period, the reductions in the Default Amount and Default
Percentage due to the change in policy are approximately $240,000.00
and 0.10%, respectively, based on a pro-rata allocation of charge-offs to
Receivables in the People's Bank Credit Card Master Trust.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 26
Monthly Period Ended October 31, 1999
Distribution Date November 15, 1999
Determination Date November 10, 1999
Number of Days in Period 31
1. Trust Activity Series 1997-2
Beginning of Month - Aggregate Principal Receivables 2,821,967,867.65(1)
Principal Collections on the Receivables 363,361,264.55
Finance Charge Collections 40,802,221.59
Receivables in Defaulted Accounts 14,681,533.59
End of Month - Aggregate Principal Receivables 3,019,241,321.10
Investor Interest Series 1995-1 318,571,428.58
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 400,000,000.00
Seller Principal Receivables 500,669,892.52
Adjusted Investor Interest Series 1997-2 500,000,000.00
Class A Adjusted Investor Interest 425,000,000.00
Class B Investor Interest 33,750,000.00
Collateral Interest 41,250,000.00
Total Investor Percentage with respect to...
Finance Charges 16.5604517%
Charged-Off Accounts 16.5604517%
Principal Receivables 16.5604517%
Class A Percentage with respect to...
Finance Charges 14.0763839%
Charged-Off Accounts 14.0763839%
Principal Receivables 14.0763839%
Class B Percentage with respect to...
Finance Charges 1.1178305%
Charged-Off Accounts 1.1178305%
Principal Receivables 1.1178305%
Collateral Interest Percentage with respect to...
Finance Charges 1.3662373%
Charged-Off Accounts 1.3662373%
Principal Receivables 1.3662373%
Seller Percentage with respect to...
Finance Charges 16.5826391%
Charged-Off Accounts 16.5826391%
Principal Receivables 13.8856513%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,144,982.84
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 2,026,113.72
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 708,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,211,099.51
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,199,436.28
Class A Required Amount 0.00
Class B Available Finance Charge Collections 487,983.95
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 166,709.77
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 56,250.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 175,587.31
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 89,436.87
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 596,424.79
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 68,750.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 527,674.79
Total Excess Spread 1,816,547.94
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid 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" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 158,666.45
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 214,606.72
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,443,274.77
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 3.46%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 66,982,123.09
Available Investor Principal Collections plus Draws from
Shared Principal Collections 66,982,123.09
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 66,982,123.09
(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
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 2,026,113.72
Total Distribution to Class A Investors per $1,000
Invested 4.77
Total Distribution to Class B Investors 166,709.77
Total Distribution to Class B Investors per $1,000
Invested 4.94
Total Distribution to Collateral Interest Holders 158,666.45
Total Distribution to Collateral Interest Holders per
$1,000 Invested 3.85
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Funding Date N/A
Starting Month to Fund Reserve Account N/A
Required Reserve Account Amount 0.00
Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 0.00
Percent Reserve Account to Total Initial Class A Interest 0.00%
Percent Required Reserve Account to Total Initial Class A Interest 0.00%
4. Calculation of Certificate Interest
Class A Certificate Rate 5.53625%
Class A Cap Rate 10.13000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 2,026,113.72
Class A Monthly Interest 2,026,113.72
Expected Class A Principal 425,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 2,026,113.72
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.77
Class B Certificate Rate 5.73625%
Class B Cap Rate 10.33000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 166,709.77
Class B Monthly Interest 166,709.77
Expected Class B Principal 33,750,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 166,709.77
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.94
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 2,192,823.49
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 4.78
5. Calculation of Monthly Principal
Beginning Investor Interest 500,000,000.00
Beginning Class A Investor Interest 425,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 425,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 33,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 33,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 66,982,123.09
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
Ending Investor Interest 500,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 425,000,000.00
Beginning Class B Investor Interest 33,750,000.00
Beginning Collateral Investor Interest 41,250,000.00
Class A Monthly Servicing Fee 708,333.33
Class B Monthly Servicing Fee 56,250.00
Collateral Interest Monthly Servicing Fee 68,750.00
Total Monthly Servicing Fee 833,333.33
8. Collateral Interest Amount Activity
Beginning Collateral Interest 41,250,000.00
Required Collateral Interest Amount 41,250,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 158,666.45
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 3.85
Ending Collateral Interest 41,250,000.00
Collateral Default Amount this period 214,606.72
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 41,250,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 8.25%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 128,438,970.61
Percent Dollars 4.25%
Number of Accts 37,055
Percent Number of Accts 1.69%
31-60 days past due Dollars 35,964,942.11
Percent Dollars 1.19%
Number of Accts 8,572
Percent Number of Accts 0.39%
61-90 days past due Dollars 23,099,446.94
Percent Dollars 0.77%
Number of Accts 5,013
Percent Number of Accts 0.23%
91-120 days past due Dollars 20,125,847.51
Percent Dollars 0.67%
Number of Accts 4,100
Percent Number of Accts 0.19%
121-150 days past due Dollars 15,640,039.42
Percent Dollars 0.52%
Number of Accts 3,077
Percent Number of Accts 0.14%
151-180 days past due Dollars 12,215,059.85
Percent Dollars 0.40%
Number of Accts 2,400
Percent Number of Accts 0.11%
10. Base Rate Calculation
Gross Yield 17.35% (1)
Percentage on Defaulted Accounts 6.24% (1)(2)
Portfolio Yield (net of losses) 11.11% (1)(2)
Base Rate 7.46%
Excess of Portfolio over Base Rate 3.65% (1)(2)
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 47,946
Number of Removed Accounts 0
Number of Automatic Additional Accounts 83,258
Ending Number of Accounts 2,194,916
(1) Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the October Servicer's Report does not
include the receivables arising under the automatic addition of accounts to
the Trust on October 11, 1999. However, Principal Collections on the
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts
arising under such Automatic Additional Accounts to the Trust were included in
the October's Servicer Report, in accordance with the standard methodology.
Were the Principal Receivables arising under the October 11th automatic
addition included in the Aggregate Principal Receivables, the percentages
would be calculated as set forth below:
Gross Yield: 15.90%
Receivables in Defaulted Accounts: 5.70%
Portfolio Yield (net of losses): 10.20%
Excess of Portfolio Yield over Base Rate:
Series 1995-1: 2.58%
Series 1996-1: 2.63%
Series 1997-1: 2.77%
Series 1997-2: 2.74%
Series 1998-1: 2.76%
Series 1999-1: 2.63%
(2) As a result of recent changes in regulatory guidelines, the Bank has
adopted a new methodology for charging off bankruptcies. The new policy is
being phased-in over the balance of the calendar year and during that period
will generally have the effect of lowering the reported Default Amount and
Default Percentage, compared to the method previously used. For the October
1999 Monthly Period, the reductions in the Default Amount and Default
Percentage due to the change in policy are approximately $240,000.00 and
0.10%, respectively, based on a pro-rata allocation of charge-offs to
Receivables in the People's Bank Credit Card Master Trust.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1998-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 19
Monthly Period Ended October 31, 1999
Distribution Date November 15, 1999
Determination Date November 10, 1999
Number of Days in Period 31
1. Trust Activity Series 1998-1
Beginning of Month - Aggregate Principal Receivables 2,821,967,867.65(1)
Principal Collections on the Receivables 363,361,264.55
Finance Charge Collections 40,802,221.59
Receivables in Defaulted Accounts 14,681,533.59
End of Month - Aggregate Principal Receivables 3,019,241,321.10
Investor Interest Series 1995-1 318,571,428.58
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 400,000,000.00
Seller Principal Receivables 500,669,892.52
Adjusted Investor Interest Series 1998-1 400,000,000.00
Class A Adjusted Investor Interest 343,000,000.00
Class B Investor Interest 27,000,000.00
Collateral Interest 30,000,000.00
Total Investor Percentage with respect to...
Finance Charges 13.2483613%
Charged-Off Accounts 13.2483613%
Principal Receivables 13.2483613%
Class A Percentage with respect to...
Finance Charges 11.3604699%
Charged-Off Accounts 11.3604699%
Principal Receivables 11.3604699%
Class B Percentage with respect to...
Finance Charges 0.8942644%
Charged-Off Accounts 0.8942644%
Principal Receivables 0.8942644%
Collateral Interest Percentage with respect to...
Finance Charges 0.9936271%
Charged-Off Accounts 0.9936271%
Principal Receivables 0.9936271%
Seller Percentage with respect to...
Finance Charges 16.5826391%
Charged-Off Accounts 16.5826391%
Principal Receivables 13.8856513%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 4,959,362.62
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 1,638,146.56
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 571,666.67
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,784,487.37
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 965,062.02
Class A Required Amount 0.00
Class B Available Finance Charge Collections 390,387.13
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 133,600.31
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 45,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 140,469.85
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 71,316.97
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 433,763.49
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 50,000.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 383,763.49
Total Excess Spread 1,420,142.48
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid 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" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 101,718.75
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 156,077.61
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,162,346.12
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 3.49%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 53,585,698.47
Available Investor Principal Collections plus Draws from
Shared Principal Collections 53,585,698.47
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 53,585,698.47
(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
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 1,638,146.56
Total Distribution to Class A Investors per $1,000
Invested 4.78
Total Distribution to Class B Investors 133,600.31
Total Distribution to Class B Investors per $1,000
Invested 4.95
Total Distribution to Collateral Interest Holders 101,718.75
Total Distribution to Collateral Interest Holders per
$1,000 Invested 3.39
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Funding Date N/A
Starting Month to Fund Reserve Account N/A
Required Reserve Account Amount 0.00
Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 0.00
Percent Reserve Account to Total Initial Class A Interest 0.00%
Percent Required Reserve Account to Total Initial Class A Interest 0.00%
4. Calculation of Certificate Interest
Class A Certificate Rate 5.54625%
Class A Cap Rate 9.14000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 1,638,146.56
Class A Monthly Interest 1,638,146.56
Expected Class A Principal 343,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,638,146.56
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.78
Class B Certificate Rate 5.74625%
Class B Cap Rate 9.34000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 133,600.31
Class B Monthly Interest 133,600.31
Expected Class B Principal 27,000,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 133,600.31
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.95
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 1,771,746.87
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 4.79
5. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Investor Interest 343,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 343,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 27,000,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 27,000,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 53,585,698.47
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
Ending Investor Interest 400,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 343,000,000.00
Beginning Class B Investor Interest 27,000,000.00
Beginning Collateral Investor Interest 30,000,000.00
Class A Monthly Servicing Fee 571,666.67
Class B Monthly Servicing Fee 45,000.00
Collateral Interest Monthly Servicing Fee 50,000.00
Total Monthly Servicing Fee 666,666.67
8. Collateral Interest Amount Activity
Beginning Collateral Interest 30,000,000.00
Required Collateral Interest Amount 30,000,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 101,718.75
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 3.39
Ending Collateral Interest 30,000,000.00
Collateral Default Amount this period 156,077.61
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 30,000,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 7.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 128,438,970.61
Percent Dollars 4.25%
Number of Accts 37,055
Percent Number of Accts 1.69%
31-60 days past due Dollars 35,964,942.11
Percent Dollars 1.19%
Number of Accts 8,572
Percent Number of Accts 0.39%
61-90 days past due Dollars 23,099,446.94
Percent Dollars 0.77%
Number of Accts 5,013
Percent Number of Accts 0.23%
91-120 days past due Dollars 20,125,847.51
Percent Dollars 0.67%
Number of Accts 4,100
Percent Number of Accts 0.19%
121-150 days past due Dollars 15,640,039.42
Percent Dollars 0.52%
Number of Accts 3,077
Percent Number of Accts 0.14%
151-180 days past due Dollars 12,215,059.85
Percent Dollars 0.40%
Number of Accts 2,400
Percent Number of Accts 0.11%
10. Base Rate Calculation
Gross Yield 17.35% (1)
Percentage on Defaulted Accounts 6.24% (1)(2)
Portfolio Yield (net of losses) 11.11% (1)(2)
Base Rate 7.44%
Excess of Portfolio over Base Rate 3.67% (1)(2)
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 47,946
Number of Removed Accounts 0
Number of Automatic Additional Accounts 83,258
Ending Number of Accounts 2,194,916
(1) Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the October Servicer's Report does not
include the receivables arising under the automatic addition of accounts to
the Trust on October 11, 1999. However, Principal Collections on the
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts
arising under such Automatic Additional Accounts to the Trust were included in
the October's Servicer Report, in accordance with the standard methodology.
Were the Principal Receivables arising under the October 11th automatic
addition included in the Aggregate Principal Receivables, the percentages
would be calculated as set forth below:
Gross Yield: 15.90%
Receivables in Defaulted Accounts: 5.70%
Portfolio Yield (net of losses): 10.20%
Excess of Portfolio Yield over Base Rate:
Series 1995-1: 2.58%
Series 1996-1: 2.63%
Series 1997-1: 2.77%
Series 1997-2: 2.74%
Series 1998-1: 2.76%
Series 1999-1: 2.63%
(2) As a result of recent changes in regulatory guidelines, the Bank has
adopted a new methodology for charging off bankruptcies. The new policy is
being phased-in over the balance of the calendar year and during that period
will generally have the effect of lowering the reported Default Amount and
Default Percentage, compared to the method previously used. For the October
1999 Monthly Period, the reductions in the Default Amount and Default
Percentage due to the change in policy are approximately $240,000.00 and
0.10%, respectively, based on a pro-rata allocation of charge-offs to
Receivables in the People's Bank Credit Card Master Trust.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1999-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 2
Monthly Period Ended October 31, 1999
Distribution Date November 15, 1999
Determination Date November 10, 1999
Number of Days in Period 31
1. Trust Activity Series 1999-1
Beginning of Month - Aggregate Principal Receivables 2,821,967,867.65(1)
Principal Collections on the Receivables 363,361,264.55
Finance Charge Collections 40,802,221.59
Receivables in Defaulted Accounts 14,681,533.59
End of Month - Aggregate Principal Receivables 3,019,241,321.10
Investor Interest Series 1995-1 318,571,428.58
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 400,000,000.00
Seller Principal Receivables 500,669,892.52
Adjusted Investor Interest Series 1999-1 400,000,000.00
Class A Adjusted Investor Interest 338,000,000.00
Class B Investor Interest 29,000,000.00
Collateral Interest 33,000,000.00
Total Investor Percentage with respect to...
Finance Charges 13.2483613%
Charged-Off Accounts 13.2483613%
Principal Receivables 13.2483613%
Class A Percentage with respect to...
Finance Charges 11.1948653%
Charged-Off Accounts 11.1948653%
Principal Receivables 11.1948653%
Class B Percentage with respect to...
Finance Charges 0.9605062%
Charged-Off Accounts 0.9605062%
Principal Receivables 0.9605062%
Collateral Interest Percentage with respect to...
Finance Charges 1.0929898%
Charged-Off Accounts 1.0929898%
Principal Receivables 1.0929898%
Seller Percentage with respect to...
Finance Charges 16.5826391%
Charged-Off Accounts 16.5826391%
Principal Receivables 13.8856513%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 4,887,068.72
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 1,657,925.21
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 563,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,758,474.44
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 907,335.74
Class A Required Amount 0.00
Class B Available Finance Charge Collections 419,304.71
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 149,489.97
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 48,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 150,875.03
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 70,606.38
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 477,139.85
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 55,000.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 422,139.85
Total Excess Spread 1,400,081.97
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid 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 remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid 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" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 112,170.06
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 171,685.37
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,116,226.54
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 3.35%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap Rate (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 53,585,698.48
Available Investor Principal Collections plus Draws from
Shared Principal Collections 53,585,698.48
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 53,585,698.48
(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
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 1,657,925.21
Total Distribution to Class A Investors per $1,000
Invested 4.91
Total Distribution to Class B Investors 149,489.97
Total Distribution to Class B Investors per $1,000
Invested 5.15
Total Distribution to Collateral Interest Holders 112,170.06
Total Distribution to Collateral Interest Holders per
$1,000 Invested 3.40
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Funding Date N/A
Starting Month to Fund Reserve Account N/A
Required Reserve Account Amount 0.00
Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 0.00
Percent Reserve Account to Total Initial Class A Interest 0.00%
Percent Required Reserve Account to Total Initial Class A Interest 0.00%
4. Calculation of Certificate Interest
Class A Certificate Rate 5.69625%
Class A Cap Rate 10.29000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 1,657,925.21
Class A Monthly Interest 1,657,925.21
Expected Class A Principal 338,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,657,925.21
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.91
Class B Certificate Rate 5.98625%
Class B Cap Rate 10.58000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 149,489.97
Class B Monthly Interest 149,489.97
Expected Class B Principal 29,000,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 149,489.97
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.15
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 1,807,415.18
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 4.92
5. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Investor Interest 338,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 338,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 29,000,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 29,000,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 53,585,698.48
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
Ending Investor Interest 400,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 338,000,000.00
Beginning Class B Investor Interest 29,000,000.00
Beginning Collateral Investor Interest 33,000,000.00
Class A Monthly Servicing Fee 563,333.33
Class B Monthly Servicing Fee 48,333.33
Collateral Interest Monthly Servicing Fee 55,000.00
Total Monthly Servicing Fee 666,666.67
8. Collateral Interest Amount Activity
Beginning Collateral Interest 33,000,000.00
Required Collateral Interest Amount 33,000,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 112,170.06
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 3.40
Ending Collateral Interest 33,000,000.00
Collateral Default Amount this period 171,685.37
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 33,000,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 8.25%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 128,438,970.61
Percent Dollars 4.25%
Number of Accts 37,055
Percent Number of Accts 1.69%
31-60 days past due Dollars 35,964,942.11
Percent Dollars 1.19%
Number of Accts 8,572
Percent Number of Accts 0.39%
61-90 days past due Dollars 23,099,446.94
Percent Dollars 0.77%
Number of Accts 5,013
Percent Number of Accts 0.23%
91-120 days past due Dollars 20,125,847.51
Percent Dollars 0.67%
Number of Accts 4,100
Percent Number of Accts 0.19%
121-150 days past due Dollars 15,640,039.42
Percent Dollars 0.52%
Number of Accts 3,077
Percent Number of Accts 0.14%
151-180 days past due Dollars 12,215,059.85
Percent Dollars 0.40%
Number of Accts 2,400
Percent Number of Accts 0.11%
10. Base Rate Calculation
Gross Yield 17.35% (1)
Percentage on Defaulted Accounts 6.24% (1)(2)
Portfolio Yield (net of losses) 11.11% (1)(2)
Base Rate 7.57%
Excess of Portfolio over Base Rate 3.53% (1)(2)
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 47,946
Number of Removed Accounts 0
Number of Automatic Additional Accounts 83,258
Ending Number of Accounts 2,194,916
(1) Consistent with the Servicer's standard methodology, the Aggregate
Principal Receivables reported in the October Servicer's Report does not
include the receivables arising under the automatic addition of accounts to
the Trust on October 11, 1999. However, Principal Collections on the
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts
arising under such Automatic Additional Accounts to the Trust were included in
the October's Servicer Report, in accordance with the standard methodology.
Were the Principal Receivables arising under the October 11th automatic
addition included in the Aggregate Principal Receivables, the percentages
would be calculated as set forth below:
Gross Yield: 15.90%
Receivables in Defaulted Accounts: 5.70%
Portfolio Yield (net of losses): 10.20%
Excess of Portfolio Yield over Base Rate:
Series 1995-1: 2.58%
Series 1996-1: 2.63%
Series 1997-1: 2.77%
Series 1997-2: 2.74%
Series 1998-1: 2.76%
Series 1999-1: 2.63%
(2) As a result of recent changes in regulatory guidelines, the Bank has
adopted a new methodology for charging off bankruptcies. The new policy is
being phased-in over the balance of the calendar year and during that period
will generally have the effect of lowering the reported Default Amount and
Default Percentage, compared to the method previously used. For the October
1999 Monthly Period, the reductions in the Default Amount and Default
Percentage due to the change in policy are approximately $240,000.00 and
0.10%, respectively, based on a pro-rata allocation of charge-offs to
Receivables in the People's Bank Credit Card Master Trust.