EXHIBIT 25.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
_________________________________________________

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(b)(2)
__________________________________________________

THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)

NEW YORK 13-5160382
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)

1 WALL STREET 10286
NEW YORK, NEW YORK (Zip Code)
(Address of principal executive offices)
Michael Shepherd
General Counsel
One Wall Street
15th Floor
New York, New York 10286
Tel: 212 635-6748
(Name, address and telephone number of agent for service)
______________________________________________
GRACECHURCH CARD FUNDING (NO.3) PLC
(Exact name of obligor as specified in its charter)
ENGLAND AND WALES NONE
(State or other jurisdiction of incorporation or organization) (I.R.S. employer
identification No.)
54 LOMBARD STREET N/A
LONDON EC3P 3AH (Zip Code)
UNITED KINGDOM
(Address of principal executive offices)
_________________________________________
$900,000,000 Class A Floating Rate Asset-Backed Notes
$50,000,000 Class B Floating Rate Asset-Backed Notes
$50,000,000 Class C Floating Rate Asset-Backed Notes
(Title of the indenture securities)
_________________________________________

BARCLAYCARD FUNDING PLC
(Exact name of obligor as specified in its charter)
ENGLAND AND WALES NONE
(State or other jurisdiction of incorporation or organization) (I.R.S. employer
identification No.)
54 LOMBARD STREET N/A
LONDON EC3P 3AH (Zip Code)
UNITED KINGDOM
(Address of principal executive offices)
_________________________________________
(POUND) 622,500,000* Series 03-1 Floating Rate Medium Term
Note Certificate Due 2010
(Title of the indenture securities)
_________________________________________
* This amount is the sterling equivalent of $1,000,000,000 converted using the exchange rate referred to under the "U.S. Dollar
Presentation" section of the Prospectus. The actual sterling principal amount of the series 03-1 medium term note certificate will
be the sterling equivalent of $1,000,000,000 using the fixed exchange rate in the swap agreements.
_________________________________________

GENERAL

ITEM 1. GENERAL INFORMATION.

Furnish the following information as to the trustee:

(a) Name and address of each examining or supervising authority to which it
is subject.

Superintendent of Banks of the State of New York, 2 Rector Street, New
York, New York 10006 and Albany, New York, 12203.

Board of Governors of the Federal Reserve System, Washington, D.C.,
20551.

Federal Reserve Bank of New York, District No. 2, 33 Liberty Plaza, New
York, New York, 10045.

Federal Deposit Insurance Corporation, Washington, D.C., 20429.

(b) Whether it is authorized to exercise corporate trust powers.

Yes.

ITEM 2. AFFILIATIONS WITH THE OBLIGOR.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

ITEM 16. LIST OF EXHIBITS

Exhibits identified in parentheses below, on file with the Commission, are
incorporated by reference as an exhibit hereto, pursuant to Rule 7a-29 under
the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).

1. A copy of the Organization Certificate of the Trustee (The Bank of New
York, formerly Irving Trust Company) as now in effect, which contains the
authority to commence business and a grant of powers to exercise
corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed
with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1
filed with Registration Statement No. 33-21672 and Exhibit 1 to Form T-1
filed with Registration Statement No. 33-29637.)

2. None; Certificate of Authority being contained in the documents
identified above as Exhibit 1.

3. None; authorization to exercise corporate trust powers being contained in
the documents identified above as Exhibit 1.

4. A copy of the existing By-Laws of the Trustee. (Exhibit 4 to Form T-1
filed with Registration Statement No. 33-31019.)

5. Not applicable.

6. The consent of the Trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration Statement No. 34-44051.)

7. A copy of the latest report of condition of the Trustee, published
pursuant to law or the requirements of its supervising or examining
authority.

8. Not applicable.

9. Not applicable.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee,
The Bank of New York, a corporation organized and existing under the laws of
the State of New York, has duly caused this statement of eligibility to be
signed on its behalf by the undersigned, thereunto duly authorized in the City
of London in the United Kingdom, on the 26th day of March, 2003.

THE BANK OF NEW YORK

By: /s/ Kate Russell
Name: Kate Russell
Assistant Vice President

EXHIBIT 7 TO FORM T-1

Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31,
2002, published in accordance with a call made by the Federal Reserve Bank of
this District pursuant to the provisions of the Federal Reserve Act.

ASSETS Dollar Amounts In
Thousands

Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin................ $3,765,462
Interest-bearing balances......................................... 3,835,061
Securities:
Held-to-maturity securities....................................... 1,232,736
Available-for-sale securities..................................... 10,522,833
Federal funds sold and Securities purchased under agreements to resell 1,456,635
Loans and lease financing receivables:
Loans and leases held for sale.................................... 801,505
Loans and leases, net of unearned income.......................... 46,206,72
LESS: Allowance for loan and lease losses......................... 607,11
Loans and leases, net of unearned income and allowance. 35,249,695
Trading Assets.................................................... 8,132,696
Premises and fixed assets (including capitalized leases) 898,980
Other real estate owned.............................................. 911
Investments in unconsolidated subsidiaries and associated companies 220,609
Customers' liability to this bank on acceptances outstanding 574,020
Intangible assets....................................................
Goodwill.......................................................... 1,714,761
Other intangible assets........................................... 49,213
Other assets......................................................... 5,001,308
Total assets......................................................... $73,954,859
LIABILITIES
Deposits:
In domestic offices............................................... $29,175,631
Noninterest-bearing............................................... 11,070,277
Interest-bearing.................................................. 18,105,354
In foreign offices, Edge and Agreement subsidiaries, and IBFs 24,596,600
Noninterest-bearing............................................... 321,299
Interest-bearing 24,275,301
Federal funds purchased and securities sold under agreements to repurchase 1,922,197
Trading liabilities.................................................. 1,970,040
Other borrowed money:

(includes mortgage indebtedness and obligations under capitalized leases) 1,577,518
Bank's liability on acceptances executed and outstanding............. 575,362
Subordinated notes and debentures.................................... 1,940,000
Other liabilities.................................................... 5,317,831
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Total liabilities.................................................... $67,075,179
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EQUITY CAPITAL
Common stock......................................................... 1,135,284
Surplus.............................................................. 1,055,508
Retained earnings.................................................... 4,227,287
Accumulated other comprehensive income............................... (38,602)
Other equity capital components...................................... 0
Total equity capital................................................. 6,379,477
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Total liabilities and equity capital................................. $73,954,859
-------------

I, Thomas J. Mastro, Senior Vice President and Comptroller of the above named
bank do hereby declare that this Report of Condition has been prepared in
conformance with the instructions issued by the Board of Governors of the
Federal Reserve System and is true to the best of my knowledge and belief.

Thomas J. Mastro,
Senior Vice President and Comptroller

We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us and to the best of our
knowledge and belief has been prepared in conformance with the instructions
issued by the Board of Governors of the Federal Reserve System and is true and
correct.

Thomas A. Renyi
Gerald L. Hassell Directors
Alan R. Griffith