UNITED STATES

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 (Date of earliest event reported)	~~June~~May 1431, 2005
MBNA Corporation
(Exact name of registrant as specified in its charter)

Maryland	1-10683	52-1713008
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Wilmington, Delaware		19884-0131
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code

(800) 362-6255

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

OnThe ~~June~~net ~~14,~~credit ~~2005,~~loss ~~MBNA~~and ~~America~~loan ~~Bank,~~delinquency ~~N.A.~~ratios ("for MBNA ~~America"),~~Corporation ~~a wholly owned subsidiary of~~("the ~~MBNA~~ Corporation"), ~~completed~~for ~~the~~its ~~securitization of $600.0 million of credit card~~ loan receivables. ~~MBNA~~and ~~America,~~its ~~through~~managed ~~MBNA~~loans ~~Credit~~for ~~Card~~the ~~Master~~month ended ~~Note~~May 31, ~~Trust~~2005, ~~issued~~ ~~MBNAseries~~are ~~asset~~presented ~~backed~~in ~~notes.~~the table below.

The MBNAseries transaction had one class of publicly traded asset backed notes, Class A (2005-3). Class A (2005-3) consists of $600.0 million five-year 4.10% fixed rate asset backed notes that were priced at 99.88715% to yield 4.161%.

	Net Credit Loss (a)			Delinquency (b)

Loan receivables:		3.64	%		2.57	%
Credit card loan receivables		3.28			2.77
Other consumer loan receivables		4.79			2.68
Commercial loan receivables		2.26			1.54

Managed loans (c):		4.84			3.98
Managed credit card loans		4.77			4.16
Managed other consumer loans		6.00			3.63
Managed commercial loans		2.67			1.79

~~MBNA~~Net ~~America~~credit ~~retained~~loss ~~ownership~~ratios offor ~~the~~May ~~credit~~2005 ~~card~~were ~~accounts,~~adversely ~~which~~impacted ~~generated~~by an increase in U.S. bankruptcy filings in March 2005. The Corporation believes that the increase in ~~receivables~~bankruptcy ~~and~~filings ~~will~~was ~~act~~caused asby ~~servicing~~seasonality ~~agent~~and by consumers filing for bankruptcy ahead of the ~~Class~~new Abankruptcy (law going into effect in October 2005~~-3) notes~~.

The following tables reconcile loan receivables data to managed loans data presented above (dollars in thousands):

	For the Month Ended May 31, 2005							At May 31, 2005
	Net Credit Losses (a)		Average Loans Outstanding		Net Credit Loss Ratio (a)			Delinquent Balances (b)		Ending Loans Outstanding		Delinquency Ratio (b)

Loan receivables:
Credit card	$	44,075	$	16,137,004		3.28	%	$	438,796	$	15,844,262		2.77	%
Other consumer		40,013		10,033,916		4.79			270,058		10,082,629		2.68
Commercial		7,887		4,188,410		2.26			64,014		4,163,708		1.54
Total loan receivables	$	91,975	$	30,359,330		3.64		$	772,868	$	30,090,599		2.57

Securitized loans:
Credit card	$	334,323	$	79,139,245		5.07		$	3,512,603	$	79,197,857		4.44
Other consumer		38,531		5,668,455		8.16			302,267		5,663,843		5.34
Commercial		3,780		1,052,720		4.31			29,961		1,094,133		2.74
Total securitized loans	$	376,634	$	85,860,420		5.26		$	3,844,831	$	85,955,833		4.47

Managed loans:
Credit card	$	378,398	$	95,276,249		4.77		$	3,951,399	$	95,042,119		4.16
Other consumer		78,544		15,702,371		6.00			572,325		15,746,472		3.63
Commercial		11,667		5,241,130		2.67			93,975		5,257,841		1.79
Total managed loans (c)	$	468,609	$	116,219,750		4.84		$	4,617,699	$	116,046,432		3.98

(a) The Corporation’s net credit loss ratio is calculated by dividing annualized net credit losses, which exclude uncollectible accrued interest and fees and

fraud losses, for the period by average loans, which include the estimated collectible billed interest and fees for the corresponding period.

(b) Delinquency represents accruing loans that are 30 days or more past due.

(c) Managed loans include loan receivables and securitized loans. The Corporation allocates resources on a managed basis, and financial data provided to

management reflects the Corporation's results on a managed basis. Managed data assumes the Corporation's securitized loan principal receivables

have not been sold and presents the net credit losses and delinquent balances on the securitized loan principal receivables in the same fashion as the

Corporation's owned loans.

Management, equity and debt analysts, rating agencies and others evaluate the Corporation's operations on a managed basis because the loans that are securitized are subject to underwriting standards comparable to the Corporation's owned loans, and the Corporation services the securitized and owned loans, and the related accounts, together and in the same manner without regard to ownership of the loans. In a securitization, the account relationships are not sold to the trust. The Corporation continues to own and service the accounts that generate the securitized loan principal receivables. The credit performance of the entire managed loan portfolio is important to understand the quality of loan originations and the related credit risks inherent in the owned portfolio and retained interests in securitization transactions.

Cautionary Language: The Corporation’s future net credit losses are by their nature uncertain and changes in economic conditions, bankruptcy laws, regulatory policies, seasonality, and other factors may impact losses.

For a further description of the new bankruptcy law, see “Regulatory and Other Matters -- Bankruptcy Reform Law” on p. 81 of the Corporation’s Quarterly Report on Form 10-Q for the period ended March 31, 2005.

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 hereunto duly authorized.

		MBNA Corporation	~~MBNA Corporation~~
Date: June 14, 2005	By:	/s/	Kenneth A. Vecchione
Date: June 15, 2005	/s/	Kenneth A. Vecchione
		Kenneth A. Vecchione	~~Kenneth A. Vecchione~~
		Chief Financial Officer	~~Chief Financial Officer~~

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