Abridged from the debut issue of Barclays European Credit Card Performance Indicators, by Kevin Flaherty of Barclays Capital. The BECC Indicators include over EURO8 billion in receivables held in trusts or vehicles of publicly rated credit card ABS. The various performance indicators are calculated on a weighted average based on publicly rated notes outstanding. Barclays Capital will publish the BECC Indicators on a monthly basis.

Many concerns have been raised regarding the slowdown in the U.S. economy and any possible contagion effects that may be carried over into Europe. However, charge-offs are down 6.14% and excess spread is up 4.71% from one-year ago figures indicating that both cardholders and issuers remain financially healthy. Complete performance indicators are shown in Exhibit 1.

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