Exhibit No. 99.1

                           Annual Summary Statement


       NEWCOURT RECEIVABLES ASSET TRUST
       SUMMARY OF PERFORMANCE TO DECEMBER 31,1996



  i)   OUTSTANDING BALANCES,
       PRINCIPAL AND INTEREST
       PAID
<TABLE>
<CAPTION>

       ------------------------------------------------------------------------------------------------------------------
       CLASS A NOTES

                                   Opening           Mar-96           Apr-96            May-96            Jun-96         

       Outstanding Balances

<S>                              <C>              <C>               <C>               <C>              <C>               
       Series 1996-1             119,656,814.00   117,058,069.45    114,067,111.96    109,618,786.94   105,486,274.38    
       Series 1996-2                       0.00             0.00              0.00              0.00             0.00    
       Series 1996-3                       0.00             0.00              0.00              0.00             0.00    

       Total                     119,656,814.00   117,058,069.45    114,067,111.96    109,618,786.94   105,486,274.38    


       Principal Paid

       Series 1996-1                                2,598,744.55      2,990,957.49      4,448,325.02     4,132,512.56    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                                        2,598,744.55      2,990,957.49      4,448,325.02     4,132,512.56    


       Interest Paid

       Series 1996-1                                  677,058.14        662,353.58        645,429.74       620,259.64    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                                          677,058.14        662,353.58        645,429.74       620,259.64    


       ---------------------------------------------------------------------------------------------------------------------------

       CLASS A NOTES                                                                                                              
                                                                                                                                  
                                 Jul-96            Aug-96           Sep-96          Oct-96            Nov-96          Dec-96      
                                                                                                                                  
       Outstanding Balances                                                                                                       
                                                                                                                                  
<S>                            <C>               <C>               <C>             <C>               <C>             <C>          
       Series 1996-1           101,897,526.11    98,973,086.43     95,352,731.61   91,142,688.14     87,913,535.83   85,632,689.93
       Series 1996-2                     0.00   166,284,468.18    163,045,052.34  159,104,291.62    155,445,092.94  150,516,984.31
       Series 1996-3                     0.00             0.00              0.00            0.00    183,416,224.44  178,196,827.44
                                                                                                                                  
       Total                   101,897,526.11   265,257,554.61    258,397,783.95  250,246,979.76    426,774,853.21  414,346,501.68
                                                                                                                                  
                                                                                                                                  
       Principal Paid                                                                                                             
                                                                                                                                  
       Series 1996-1             3,588,748.27     2,924,439.68      3,620,354.82    4,210,043.47      3,229,152.31    2,280,845.90
       Series 1996-2                     0.00     3,526,393.82      3,239,415.84    3,940,760.72      3,659,198.68    4,928,108.63
       Series 1996-3                     0.00             0.00              0.00            0.00      4,756,648.56    5,219,397.00
                                                                                                                                  
       Total                     3,588,748.27     6,450,833.50      6,859,770.66    8,150,804.19     11,644,999.55   12,428,351.53
                                                                                                                                  
                                                                                                                                  
       Interest Paid                                                                                                              
                                                                                                                                  
       Series 1996-1               596,876.50       576,570.17        560,022.71      539,537.54        515,715.71      497,444.09
       Series 1996-2                     0.00       972,167.18        951,978.58      933,432.92        910,872.07      889,923.16
       Series 1996-3                     0.00             0.00              0.00            0.00        978,498.94      953,764.37
                                                                                                                                  
       Total                       596,876.50     1,548,737.35      1,512,001.29    1,472,970.46      2,405,086.72    2,341,131.62
                                                                                                                                  
       ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
       CLASS B NOTES

                                   Opening           Mar-96           Apr-96            May-96            Jun-96         

       Outstanding Balances

<S>                              <C>              <C>               <C>               <C>              <C>               
       Series 1996-1               5,202,470.00     5,202,470.00      5,202,470.00      4,922,304.56     4,797,281.23    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                       5,202,470.00     5,202,470.00      5,202,470.00      4,922,304.56     4,797,281.23    


       Principal Paid

       Series 1996-1                                        0.00              0.00        280,165.44       125,023.33    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                                                0.00              0.00        280,165.44       125,023.33    


       Interest Paid

       Series 1996-1                                   32,645.50         32,645.50         32,645.50        30,887.46    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                                           32,645.50         32,645.50         32,645.50        30,887.46    

       ---------------------------------------------------------------------------------------------------------------------------
       CLASS B NOTES                                                                                                              
                                                                                                                                  
                                 Jul-96            Aug-96           Sep-96          Oct-96            Nov-96          Dec-96      
                                                                                                                                  
       Outstanding Balances                                                                                                       
                                                                                                                                  
<S>                            <C>               <C>               <C>             <C>               <C>             <C>          
       Series 1996-1             4,684,747.79     4,589,290.08      4,467,414.48    4,331,812.36      4,220,216.48    4,162,261.24
       Series 1996-2                     0.00     7,276,464.23      7,191,066.09    7,098,087.07      6,988,547.91    6,842,357.15
       Series 1996-3                     0.00             0.00              0.00            0.00      8,027,678.26    7,878,205.85
                                                                                                                                  
       Total                     4,684,747.79    11,865,754.31     11,658,480.57   11,429,899.43     19,236,442.65   18,882,824.24
                                                                                                                                  
                                                                                                                                  
       Principal Paid                                                                                                             
                                                                                                                                  
       Series 1996-1               112,533.44        95,457.71        121,875.60      135,602.12        111,595.88       57,955.24
       Series 1996-2                     0.00       106,616.77         85,398.14       92,979.02        109,539.16      146,190.76
       Series 1996-3                     0.00             0.00              0.00            0.00        153,750.74      149,472.41
                                                                                                                                  
       Total                       112,533.44       202,074.48        207,273.74      228,581.14        374,885.78      353,618.41
                                                                                                                                  
                                                                                                                                  
       Interest Paid                                                                                                              
                                                                                                                                  
       Series 1996-1                30,102.94        29,396.79         28,797.80       28,033.03         27,182.12       26,481.86
       Series 1996-2                     0.00        46,390.36         45,720.45       45,183.87         44,599.65       43,911.38
       Series 1996-3                     0.00             0.00              0.00            0.00         47,111.40       46,226.05
                                                                                                                                  
       Total                        30,102.94        75,787.15         74,518.25       73,216.90        118,893.17      116,619.29
                                                                                                                                  
       ---------------------------------------------------------------------------------------------------------------------------
       CLASS C NOTES

                                   Opening           Mar-96           Apr-96            May-96            Jun-96         

       Outstanding Balances

<S>                              <C>              <C>               <C>               <C>              <C>               
       Series 1996-1               5,202,470.00     5,202,470.00      5,202,470.00      4,922,304.56     4,797,281.23    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                       5,202,470.00     5,202,470.00      5,202,470.00      4,922,304.56     4,797,281.23    


       Principal Paid

       Series 1996-1                                        0.00              0.00        280,165.44       125,023.33    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                                                0.00              0.00        280,165.44       125,023.33    


       Interest Paid

       Series 1996-1                                   24,436.45              0.00         93,846.94        37,122.38    
       Series 1996-2                                        0.00              0.00              0.00             0.00    
       Series 1996-3                                        0.00              0.00              0.00             0.00    

       Total                                           24,436.45              0.00         93,846.94        37,122.38    

       ---------------------------------------------------------------------------------------------------------------------------
       CLASS C NOTES                                                                                                              
                                                                                                                                  
                                 Jul-96            Aug-96           Sep-96          Oct-96            Nov-96          Dec-96      
                                                                                                                                  
       Outstanding Balances                                                                                                       
                                                                                                                                  
<S>                            <C>               <C>               <C>             <C>               <C>             <C>          
       Series 1996-1             4,684,747.79     4,589,290.08      4,467,414.48    4,331,812.36      4,220,216.48    4,162,261.24
       Series 1996-2                     0.00     7,276,464.23      7,191,066.09    7,098,087.07      6,988,547.91    6,842,357.15
       Series 1996-3                     0.00             0.00              0.00            0.00      8,027,678.26    7,878,205.85
                                                                                                                                  
       Total                     4,684,747.79    11,865,754.31     11,658,480.57   11,429,899.43     19,236,442.65   18,882,824.24
                                                                                                                                  
                                                                                                                                  
       Principal Paid                                                                                                             
                                                                                                                                  
       Series 1996-1               112,533.44        95,457.71        121,875.60      135,602.12        111,595.88       57,955.24
       Series 1996-2                     0.00       106,616.77         85,398.14       92,979.02        109,539.16      146,190.76
       Series 1996-3                     0.00             0.00              0.00            0.00        153,750.74      149,472.41
                                                                                                                                  
       Total                       112,533.44       202,074.48        207,273.74      228,581.14        374,885.78      353,618.41
                                                                                                                                  
                                                                                                                                  
       Interest Paid                                                                                                              
                                                                                                                                  
       Series 1996-1                36,179.50        35,330.81         34,610.90       33,691.75         32,669.08       31,827.47
       Series 1996-2                     0.00        56,726.67         55,907.50       55,251.36         54,536.97       53,695.34
       Series 1996-3                     0.00             0.00              0.00            0.00         59,042.65       57,933.08
                                                                                                                                  
       Total                        36,179.50        92,057.48         90,518.40       88,943.11        146,248.70      143,455.89
                                                                                                                                  
       ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  

 ii)   PORTFOLIO PERFORMANCE

       ------------------------------------------------------------------------------------------------------------------
                                                     Mar-96           Apr-96            May-96            Jun-96         

       Delinquency

<S>                                                    <C>               <C>               <C>              <C>          
       31-60 days past due                             5,963,751         5,335,288         5,567,100        5,429,413    
       61-90 days past due                               998,846           841,986           740,468          708,654    
       over 90 days past due                             214,687           443,094           724,549          543,102    


       Losses

       Gross Charge-Offs                                 214,687           188,037           632,132          429,472    
       Recoveries                                        180,000           138,000           624,792          372,639    
       Net Charge-Offs                                    34,687            50,037             7,340           56,833    

       ------------------------------------------------------------------------------------------------------------------
                                 Jul-96            Aug-96           Sep-96          Oct-96            Nov-96          Dec-96      
                                                                                                                                  
       Delinquency                                                                                                                
                                                                                                                                  
<S>                                 <C>             <C>               <C>             <C>               <C>             <C>       
       31-60 days past due          4,984,964       11,535,809        11,533,731      11,498,540        19,265,159      19,340,875
       61-90 days past due            636,137        1,495,513         1,978,633       1,988,977         3,367,053       3,359,164
       over 90 days past due          374,889          460,084           788,411         939,431         1,092,315       1,079,062
                                                                                                                                  
                                                                                                                                  
       Losses                                                                                                                     
                                                                                                                                  
       Gross Charge-Offs              189,272          165,884           452,195         308,381           297,294         257,953
       Recoveries                     162,200          132,000           327,081         196,321           271,600         115,811
       Net Charge-Offs                 27,072           33,884           125,114         112,060            25,694         142,142
                                                                                                                                  
       ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
       NOTE:  The Gross                                                                                                           
       Charge-Off amount in                                                                                                       
       the Losses section                                                                                                         
       identified in the                                                                                                          
       respective month is                                                                                                        
       included in the                                                                                                            
       balance of "over 90                                                                                                        
       days past due"                                                                                                             
       reported in the                                                                                                            
       Delinquency section                                                                                                        
                                                                                                                                  
                                                                                                                                  
       ------------------------------------------------------------------------------------------------------------------

 iii)  RESERVE ACCOUNT

       ------------------------------------------------------------------------------------------------------------------
                                                     Mar-96           Apr-96            May-96            Jun-96         


<S>                                                 <C>               <C>               <C>              <C>             
       Beginning Balance                            1,300,617.54      1,275,719.27      1,263,133.05     1,230,576.18    



       Additional Reserve for                               0.00              0.00              0.00             0.00    
       Series 1996-2

       Additional Reserve for                               0.00              0.00              0.00             0.00    
       Series 1996-3

       Interest Earnings                                    0.00            378.46          6,191.77         5,774.89    

       Interest Earnings
       to Newcourt                                          0.00          (378.46)        (6,191.77)       (5,774.89)    


       Reserve Repatriation                          (24,898.27)       (12,586.22)       (32,556.87)      (31,255.83)    


       Ending Balance                               1,275,719.27      1,263,133.05      1,230,576.18     1,199,320.35    


       ---------------------------------------------------------------------------------------------------------------------------
                                 Jul-96            Aug-96           Sep-96          Oct-96            Nov-96          Dec-96      
                                                                                                                                  
                                                                                                                                  
<S>                              <C>              <C>               <C>             <C>               <C>             <C>         
       Beginning Balance         1,199,320.35     1,112,670.22      2,889,890.64    2,817,147.46      2,731,067.79    2,657,761.58
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
       Additional Reserve for            0.00     1,845,770.00              0.00            0.00              0.00            0.00
       Series 1996-2                                                                                                              
                                                                                                                                  
       Additional Reserve for            0.00             0.00              0.00            0.00              0.00    2,045,357.00
       Series 1996-3                                                                                                              
                                                                                                                                  
       Interest Earnings             5,802.63         4,942.43          4,998.77       13,565.83         11,947.47       12,174.51
                                                                                                                                  
       Interest Earnings                                                                                                          
       to Newcourt                 (5,802.63)       (4,942.43)        (4,998.77)     (13,565.83)       (11,947.47)     (12,174.51)
                                                                                                                                  
                                                                                                                                  
       Reserve Repatriation       (86,650.13)      (68,549.58)       (72,743.18)     (86,079.67)       (73,306.21)    (181,997.07)
                                                                                                                                  
                                                                                                                                  
       Ending Balance            1,112,670.22     2,889,890.64      2,817,147.46    2,731,067.79      2,657,761.58    4,521,121.51
                                                                                                                                  
       ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
 iii)  CASH COLLATERAL ACCOUNT

       ---------------------------------------------------------------------------------------------------------------------------
                                                     Mar-96           Apr-96            May-96            Jun-96         

       Beginning Balance                                                                                                 


       Interest Earnings                                                                                                 

       Interest Earnings                                                                                                 
       to Newcourt


       Cash Collateral                                                                                                   
       Repatriation


       Ending Balance                                                                                                    

                                                                                                                                  
       ---------------------------------------------------------------------------------------------------------------------------
                                 Jul-96            Aug-96           Sep-96          Oct-96            Nov-96          Dec-96      
                                                                                                                                  
<S>                                                                                                   <C>             <C>         
       Beginning Balance                                                                              1,640,227.00    1,626,781.26
                                                                                                                                  
                                                                                                                                  
       Interest Earnings                                                                                      0.00            0.00
                                                                                                                                  
       Interest Earnings                                                                                      0.00            0.00
       to Newcourt                                                                                                                
                                                                                                                                  
                                                                                                                                  
       Cash Collateral                                                                                 (13,445.74)     (14,710.93)
       Repatriation                                                                                                               
                                                                                                                                  
                                                                                                                                  
       Ending Balance                                                                                 1,626,781.26    1,612,070.33

</TABLE>