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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8 - K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 17, 1998
CAPITAL ONE MASTER TRUST
CAPITAL ONE BANK
(Exact name of registrant as specified in its charter)
Virginia 0 - 25762 54 - 1719855
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
11013 West Broad Street Road, Glen Allen, Virginia 23060
(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 January 1998 monthly Certificateholders Statements to
investors were distributed February 17, 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. January Performance Summary
2. Series 1993 - 1 Class A and Class B Certificateholder's
Statements for the month of January 1998.
3. Series 1993 - 4 Class A and Class B Certificateholder's
Statements for the month of January 1998.
4. Series 1994 - 3 Class A and Class B Certificateholder's
Statements for the month of January 1998.
5. Series 1994-A Certificateholders' Statement for the month of
January 1998.
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6. Series 1995-1 Class A and Class B Certificateholder's
Statements for the month of January 1998.
7. Series 1995-2 Class A and Class B Certificateholder's
Statements for the month of January 1998.
8. Series 1995-3 Class A and Class B Certificateholder's
Statements for the month of January 1998.
9. Series 1995-4 Class A and Class B Certificateholder's
Statements for the month of January 1998.
10. Series 1996-1 Class A and Class B Certificateholder's
Statements for the month of January 1998.
11. Series 1996-2 Class A and Class B Certificateholder's
Statements for the month of January 1998.
12. Series 1996-3 Class A and Class B Certificateholder's
Statements for the month of January 1998.
13. Series 1997-1 Class A and Class B Certificateholder's
Statements for the month of January 1998.
14. Series 1997-2 Class A and Class B Certificateholder's
Statements for the month of January 1998.
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 thereunto 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: February 17, 1998
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBITS PAGE
- ------ -------- ----
1 January Performance Summary 07
2 Series 1993 - 1 Class A and Class B Certificate-
holder's Statements for the month of January 1998 09
3 Series 1993 - 4 Class A and Class B Certificate-
holder's Statements for the month of January 1998 11
4 Series 1994 - 3 Class A and Class B Certificate-
holder's Statements for the month of January 1998 13
5 Series 1994-A Certificateholder's Statement for
the month of January 1998 15
6 Series 1995-1 Class A and Class B Certificate-
holder's Statements for the month of January 1998 16
7 Series 1995-2 Class A and Class B Certificate-
holder's Statements for the month of January 1998 18
8 Series 1995-3 Class A and Class B Certificate-
holder's Statements for the month of January 1998 20
9 Series 1995-4 Class A and Class B Certificate-
holder's Statements for the month of January 1998 22
10 Series 1996-1 Class A and Class B Certificate-
holder's Statements for the month of January 1998 24
11 Series 1996-2 Class A and Class B Certificate-
holder's Statements for the month of January 1998 26
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12 Series 1996-3 Class A and Class B Certificate-
holder's Statements for the month of January 1998 28
13 Series 1997-1 Class A and Class B Certificate-
holder's Statements for the month of January 1998 30
14 Series 1997-2 Class A and Class B Certificate-
holder's Statements for the month of January 1998 32
15 Trust Excess Spread Analysis 35
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