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EXHIBIT 12: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(dollars in thousands)

<TABLE>
<CAPTION>
                                                                                       Year Ended December 31,
                                                                -------------------------------------------------------------
                                                                 1996 (b)          1995       1994        1993 (c)      1992
                                                                -------------------------------------------------------------
INCLUDING INTEREST ON DEPOSITS
<S>                                                             <C>            <C>           <C>         <C>         <C>     
EARNINGS:
Income before income taxes .....................................$  731,294     $  584,601    $441,101    $190,624    $272,019
Fixed charges ..................................................   755,884        609,742     316,647     183,148     250,027
Interest capitalized during period, net of
  amortization of previously capitalized interest ..............    (2,370)        (3,409)       (683)     (1,146)       (440)
                                                                -------------------------------------------------------------
Earnings, for computation purposes .............................$1,484,808     $1,190,934    $757,065    $372,626    $521,606
                                                                =============================================================

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Interest on deposits, short-term borrowings,
 and long-term debt and bank notes,
 expensed or capitalized .......................................$  746,008     $  600,047    $308,242    $179,647    $237,287
Portion of rents representative of the interest factor .........     9,876          9,695       8,405       3,501      12,740
                                                                -------------------------------------------------------------
Fixed charges ..................................................   755,884        609,742     316,647     183,148     250,027
Preferred stock dividend requirements (a) ......................    23,269          2,432        --          --          --
                                                                -------------------------------------------------------------
Fixed charges and preferred stock dividends,
 including interest on deposits, for computation purposes ......$  779,153     $  612,174    $316,647    $183,148    $250,027
                                                                =============================================================

Ratio of earnings to combined fixed charges and preferred stock 
  dividends including interest on deposits  ....................      1.91           1.95        2.39        2.03        2.09
                                            

EXCLUDING INTEREST ON DEPOSITS

EARNINGS:
Income before income taxes .....................................$  731,294     $  584,601    $441,101    $190,624    $272,019
Fixed charges ..................................................   227,999        171,585      94,495      38,100      18,526
Interest capitalized during period net of
  amortization of previously capitalized interest ..............    (2,391)        (3,430)       --          (760)       --
                                                                -------------------------------------------------------------
Earnings, for computation purposes .............................$  956,902     $  752,756    $535,596    $227,964    $290,545
                                                                =============================================================

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Interest on short-term borrowings,
  and long-term debt and bank notes,
 expensed or capitalized .......................................$  218,123     $  161,890    $ 86,090    $ 34,599    $  5,786
Portion of rents representative of the interest factor .........     9,876          9,695       8,405       3,501      12,740
                                                                -------------------------------------------------------------
Fixed charges ..................................................   227,999        171,585      94,495      38,100      18,526
Preferred stock dividend requirements (a) ......................    23,269          2,432        --          --          --
                                                                -------------------------------------------------------------
Fixed charges and preferred stock dividends,
 excluding interest on deposits, for computation purposes ......$  251,268     $  174,017    $ 94,495    $ 38,100    $ 18,526
                                                                =============================================================

Ratio of earnings to combined fixed charges and preferred stock 
  dividends excluding interest on deposits .....................      3.81           4.33        5.67        5.98       15.68
</TABLE>


(a)  Preferred stock dividend requirements are adjusted to represent a pretax
     earnings basis.
(b)  Income before income taxes for the year ended December 31, 1996, includes a
     charge of $54.3 million related to the launch of the MBNA Platinum Plus
     Visa and MasterCard program. Without the charge, the ratio of earnings to
     combined fixed charges dividend requirements, including and excluding
     interest on deposits, would have been 1.98 and 4.02, respectively.
(c)  Income before income taxes for 1993 includes a charge of $150.0 million for
     the termination of a marketing agreement with an independent third-party
     marketing organization. Without the charge, the ratio of of earnings to
     combined fixed charges and preferred stock dividend requirements, including
     and excluding interest on deposits, would have each been 2.85 and 9.92,
     respectively.

The ratio of earnings to combined fixed charges and preferred stock
dividend requirements is computed by dividing (i) income before income taxes
and fixed charges less interest capitalized during such period, net of
amortization of previously capitalized interest, by (ii) fixed charges and
preferred stock dividend requirements. Fixed charges consist of interest
expense on borrowings, including capitalized interest (including or excluding
deposits, as the case may be), and the portion of rental expense which is
deemed representative of interest. The preferred stock dividend requirements
represent the pre-tax earnings which would have been required to cover such
dividend requirements on the Corporation's preferred stock outstanding. The
Corporation did not have any preferred stock outstanding during the periods
prior to 1995 presented above and accordingly there were no preferred stock
dividend requirements during such periods.