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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: April 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 March 1998 monthly Certificateholders Statements to
investors were distributed April 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 $18,249,552 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. March Performance Summary
2. Series 1993-1 Class A and Class B Certificateholder's
Statements for the month of March 1998.
3. Series 1993-4 Class A and Class B Certificateholder's
Statements for the month of March 1998.
4. Series 1994-3 Class A and Class B Certificateholder's
Statements for the month of March 1998.
5. Series 1994-A Certificateholders' Statement for the
month of March 1998.
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6. Series 1995-1 Class A and Class B Certificateholder's
Statements for the month of March 1998.
7. Series 1995-2 Class A and Class B Certificateholder's
Statements for the month of March 1998.
8. Series 1995-3 Class A and Class B Certificateholder's
Statements for the month of March 1998.
9. Series 1995-4 Class A and Class B Certificateholder's
Statements for the month of March 1998.
10. Series 1996-1 Class A and Class B Certificateholder's
Statements for the month of March 1998.
11. Series 1996-2 Class A and Class B Certificateholder's
Statements for the month of March 1998.
12. Series 1996-3 Class A and Class B Certificateholder's
Statements for the month of March 1998.
13. Series 1997-1 Class A and Class B Certificateholder's
Statements for the month of March 1998.
14. Series 1997-2 Class A and Class B Certificateholder's
Statements for the month of March 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 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
Senior Vice President
and Treasurer
Date: April 15, 1998
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBITS PAGE
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1 March Performance Summary 07
2 Series 1993-1 Class A and Class B Certificate-
holder's Statements for the month of March 1998 09
3 Series 1993-4 Class A and Class B Certificate-
holder's Statements for the month of March 1998 11
4 Series 1994-3 Class A and Class B Certificate-
holder's Statements for the month of March 1998 13
5 Series 1994-A Certificateholder's Statement for
the month of March 1998 15
6 Series 1995-1 Class A and Class B Certificate-
holder's Statements for the month of March 1998 16
7 Series 1995-2 Class A and Class B Certificate-
holder's Statements for the month of March 1998 18
8 Series 1995-3 Class A and Class B Certificate-
holder's Statements for the month of March 1998 20
9 Series 1995-4 Class A and Class B Certificate-
holder's Statements for the month of March 1998 22
10 Series 1996-1 Class A and Class B Certificate-
holder's Statements for the month of March 1998 24
11 Series 1996-2 Class A and Class B Certificate-
holder's Statements for the month of March 1998 26
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12 Series 1996-3 Class A and Class B Certificate-
holder's Statements for the month of March 1998 28
13 Series 1997-1 Class A and Class B Certificate-
holder's Statements for the month of March 1998 30
14 Series 1997-2 Class A and Class B Certificate-
holder's Statements for the month of March 1998 32
15 Trust Excess Spread Analysis 35
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