SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
              PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
                              EXCHANGE ACT OF 1934

                                December 14, 1998
                        (Date of Earliest Event Reported)

   AIRPLANES LIMITED                                    AIRPLANES U.S. TRUST
  (Exact Name of Registrants as Specified in Memorandum of Association or Trust
                                   Agreement)

   Jersey, Channel Islands                              Delaware
         (State or Other Jurisdiction of Incorporation or Organization)

     33-99970-01                                        13-3521640
(Commission File Number)                   (IRS Employer Identification No.)

Airplanes Limited                                  Airplanes U.S. Trust
22 Grenville Street                                1100 North Market Street
St. Helier                                         Rodney Square North
Jersey, JE4 8PX                                    Wilmington, Delaware
Channel Islands                                    19890-0001
(011 44 1534 609 000)                              (1-302-651-1000)

           (Addresses and Telephone Numbers, Including Area Codes, of
                    Registrants' Principal Executive Offices)






Item 5.           Other Events

                  Attached hereto as Exhibit A is a copy of a Report to
Certificateholders dated December 14, 1998, sent to each holder of a Pass
Through Certificate issued by Airplanes Pass Through Trust.

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                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934, each of the registrants has duly caused this report to be signed on its
behalf by the undersigned hereto duly authorized.

                                                 AIRPLANES LIMITED

Date: December 14, 1998                          /s/ Roy M. Dantzic*
                                                 -------------------
                                                 Director and Officer

Date: December 14, 1998                          AIRPLANES U.S. TRUST


                                                 /s/ Roy M. Dantzic*
                                                 -------------------
                                                 Controlling Trustee
                                                 and Officer

                                                 *By: /s/ Patrick H. Blaney
                                                 --------------------------
                                                      Attorney-in-Fact

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                                  EXHIBIT INDEX

Exhibit 99.A            -        Report to Certificateholders
Exhibit 99.B            -        Power of Attorney for Airplanes Limited
Exhibit 99.C            -        Power of Attorney for Airplanes U.S. Trust








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