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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 15, 1998
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CAPITAL ONE MASTER TRUST
CAPITAL ONE BANK
(Exact name of registrant as specified in its charter)
Virginia 0-25762 54-1719855
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
11013 West Broad Street Road, Glen Allen, Virginia 23060
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(804) 967-1000
(Former name or former address, if changed since last report):
Not Applicable
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ITEM 5. OTHER EVENTS.
The December 1997 monthly Certificateholders Statements to
investors were distributed January 15, 1998.
During the fourth quarter of 1997 Capital One Bank ("Bank")
modified its methodology as to the timing of charge-offs of
credit card loans. The Bank now charges off credit card loans at
180 days past-due versus the prior practice of charging off loans
during the next billing cycle after becoming 180 days past-due.
For the Capital One Master Trust (the "Trust"), this new
methodology will be implemented during the months of December
1997 with respect to Principal Receivables and January 1998 with
respect to Finance Charge Receivables. For the December monthly
period, this change in methodology resulted in an additional
increase of $40,961,451 in the Defaulted Amount and
correspondingly an additional increase of 4.88% in the annualized
default rate for the Capital One Master Trust. This increase
reflects the charge-off of Principal Receivables in December
under the new methodology. In addition, for each Series, Excess
Spread will be reduced proportionately as a result of the
increased Defaulted Amount. In January 1998, this new methodology
will result in a decrease of approximately $18,858,897 in the
amount of Finance Charge Receivables, reflecting the reversal of
finance charges and fees previously accrued for these Defaulted
Accounts. Excess Spread for January will also be reduced
proportionately as a result of the decrease in Finance Charge
Receivables.
ITEM 7(c). EXHIBITS
The following are filed as exhibits to this Report under
Exhibit 20:
1. December Performance Summary
2. Series 1993-1 Class A and Class B Certificateholder's
Statements for the month of December 1997.
3. Series 1993-4 Class A and Class B Certificateholder's
Statements for the month of December 1997.
4. Series 1994-3 Class A and Class B Certificateholder's
Statements for the month of December 1997.
5. Series 1994-A Certificateholders' Statement for the month of
December 1997.
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6. Series 1995-1 Class A and Class B Certificateholder's
Statements for the month of December 1997.
7. Series 1995-2 Class A and Class B Certificateholder's
Statements for the month of December 1997.
8. Series 1995-3 Class A and Class B Certificateholder's
Statements for the month of December 1997.
9. Series 1995-4 Class A and Class B Certificateholder's
Statements for the month of December 1997.
10. Series 1996-1 Class A and Class B Certificateholder's
Statements for the month of December 1997.
11. Series 1996-2 Class A and Class B Certificateholder's
Statements for the month of December 1997.
12. Series 1996-3 Class A and Class B Certificateholder's
Statements for the month of December 1997.
13. Series 1997-1 Class A and Class B Certificateholder's
Statements for the month of December 1997.
14. Series 1997-2 Class A and Class B Certificateholder's
Statements for the month of December 1997.
15. Trust Excess Spread Analysis
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned there-unto duly authorized.
CAPITAL ONE MASTER TRUST
By: CAPITAL ONE BANK
Servicer
By: /s/ David M. Willey
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David M. Willey
Vice President
Date: January 15, 1998
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBITS PAGE
- ------ -------- ----
1 December Performance Summary 07
2 Series 1993-1 Class A and Class B Certificate-
holder's Statements for the month of December 1997 09
3 Series 1993-4 Class A and Class B Certificate-
holder's Statements for the month of December 1997 11
4 Series 1994-3 Class A and Class B Certificate-
holder's Statements for the month of December 1997 13
5 Series 1994-A Certificateholder's Statement for
the month of December 1997 15
6 Series 1995-1 Class A and Class B Certificate-
holder's Statements for the month of December 1997 16
7 Series 1995-2 Class A and Class B Certificate-
holder's Statements for the month of December 1997 18
8 Series 1995-3 Class A and Class B Certificate-
holder's Statements for the month of December 1997 20
9 Series 1995-4 Class A and Class B Certificate-
holder's Statements for the month of December 1997 22
10 Series 1996-1 Class A and Class B Certificate-
holder's Statements for the month of December 1997 24
11 Series 1996-2 Class A and Class B Certificate-
holder's Statements for the month of December 1997 26
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12 Series 1996-3 Class A and Class B Certificate-
holder's Statements for the month of December 1997 28
13 Series 1997-1 Class A and Class B Certificate-
holder's Statements for the month of December 1997 30
14 Series 1997-2 Class A and Class B Certificate-
holder's Statements for the month of December 1997 32
15 Trust Excess Spread Analysis 35
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