As part of a larger trend, MBNA Europe is building an international counterpart to its de-linked issuance program, importing the structure from the U.S. to the shores of Europe. The bank recently established a European-based vehicle.

While MBNA has issued euro-denominated de-linked notes in the past, these have been issued from its U.S. trust and backed by U.S. credit cards. The new vehicle will not only be based in Europe, but will fund credit cards originated and used in Europe.

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