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                                                                    EXHIBIT 99.2

                                                 [LETTERHEAD OF ARTHUR ANDERSEN]

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS



We have examined management's assertion about First USA Bank, N.A.'s (the
"Servicer") compliance with the Pooling and Servicing Agreement dated as of
August 1, 1997 between the Servicer and The Bank of New York, as Trustee for the
various Certficateholders and Enhancement Providers of First NBC Credit Card
Master Trust (the "Agreement") and the Series 1997-1 and 1998-1 Supplements
thereto (the "Supplements"), as amended (together, the "Agreements"), during the
twelve months ended December 31, 1999. Management is responsible for the
Servicer's compliance with the Agreements. Our responsibility is to express an
opinion on management's assertion about the Servicer's compliance based on our
examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Servicer's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances.  We believe that our examination provides a reasonable basis
for our opinion.

As discussed in management's assertion, management, in providing its assertion
on compliance, assumed the accuracy of the reports prepared by the Servicer's
third party credit card processor and did not extend its assessment to the
relevant aspects of the Servicer's compliance that are the responsibility of the
third party credit card processor.  Accordingly, our examination did not extend
to these aspects of the Servicer's compliance that are the responsibility of the
third party credit card processor, and we do not express an opinion or any other
form of assurance on these compliance aspects.

As discussed in management's assertion, during the twelve months ended December
31, 1999, the Servicer experienced delays in the timely posting of payments to
customer accounts due to backlogs that occurred at a third party processor.  The
Servicer's relationship with this processor has since been terminated and as of
December 31, 1999, payments are being processed internally and in accordance
with Bank policy and usual and customary servicing procedures.
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In our opinion, management's assertion that except for the matter discussed in
the preceding paragragh, the Servicer complied with the covenants and conditions
of the Agreements referred to in the first paragraph during the twelve months
ended December 31, 1999, is fairly stated, in all material respects.


                                         /s/ Arthur Andersen LLP



Chicago, Illinois
March 08, 2000
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                       ASSERTION BY FIRST USA BANK, N.A.



The management of First USA Bank, N.A. (the "Servicer") is responsible for
complying with the Pooling and Servicing Agreement dated as of August 1, 1997
between the Servicer and The Bank of New York (the "Agreement") and the Series
1997-1 and Series 1998-1 Supplements thereto (the "Supplements"), as amended
(together, the "Agreements").

During the twelve months ended December 31, 1999, the Servicer experienced
delays in the timely posting of payments to customer accounts due to backlogs
that occurred at a third party processor.  The relationship with this processor
has since been terminated and as of December 31, 1999, payments are being
processed internally and in accordance with Bank policy and usual and customary
servicing procedures.  Management is working diligently to reimburse in full,
cardholders affected by the above delays for any and all fees and finance
charges incurred as a result of the delays.

Management has performed an evaluation of the Servicer's compliance with the
Agreements and based on this evaluation management believes that except for the
matter discussed in the preceding paragraph, the Servicer has complied with the
covenants and conditions of the Agreements referred to above during the twelve
months ended December 31, 1999.

In providing this assertion on compliance, we have assumed the accuracy of the
reports prepared by the Servicer's third party credit card processor and did not
extend our assessment to the relevant aspects of the Servicer's compliance that
are the responsibility of the third party credit card processor.  Accordingly,
our assessment does not extend to these aspects of the Servicer's compliance
that are the responsibility of the third party credit card processor, and we do
not express any form of assurance on these compliance aspects.


/s/ Michael Looney                           /s/ Tracie H. Klein
__________________________________           _________________________________
Michael Looney                               Tracie H. Klein
Executive Vice President - Operations        First Vice President

/s/ Jeffrey Rigg
_________________________________
Jeffrey Rigg
Senior Vice President - Accounting