**Exhibit 99.5**

**Report of Independent Registered Public AccountingFirm**

CapitalOne Bank

Wehave examined management’s assertion included in the accompanying CertificationRegarding Compliance with Applicable Servicing Criteria, that Capital One Bank(the “Company”) complied with the servicing criteria applicable to it and itsaffiliate Capital One Services, Inc. set forth in Item 1122 (d) of theSecurities and Exchange Commission’s Regulation AB for the asset-backedsecurities transactions involving credit card receivables conducted by CapitalOne Master Trust and Capital One Multi-asset Execution Trust where the relatedasset-backed securities were outstanding during the period covered by thisreport for which the Company acted as servicer, as of and for the year****ended December 31, 2006, and except for servicing criteria1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(ii), 1122(d)(2)(iii),1122(d)(2)(v), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(3)(iv) 1122(d)(4)(x),1122(d)(4)(xi), 1122(d)(4)(xii), and 1122(d)(4)(xiii), which the Company hasdetermined are not applicable to the activities performed by them with respectto the servicing  platform covered bythis report. Refer to Appendix A of management’s Certification RegardingCompliance with Applicable Servicing Criteria for the asset-backed securitiescovered by this servicing platform (the “Platform”).  Management is responsible for the Company’scompliance with the applicable servicing criteria.  Our responsibility is to express an opinionon management’s assertion about the Company’s compliance with the applicableservicing criteria based on our examination.

Ourexamination was conducted in accordance with standards established by thePublic Company Accounting Oversight Board (United States) and, accordingly,included examining, on a test basis, evidence about the Company’s compliancewith the applicable servicing criteria and performing such other procedures aswe considered necessary in the circumstances. Our examination included testing of less than all of the individualasset-backed transactions and securities that comprise the platform, testing ofless than all of the servicing activities related to the Platform, anddetermining whether the Company processed those selected transactions and performedthose selected activities in compliance with the servicing criteria.  Furthermore, our procedures were limited tothe selected transactions and servicing activities performed by the Companyduring the period covered by this report. Our procedures were not designed todetermine whether errors may have occurred either prior to or subsequent to ourtests that may have affected the balances or amounts calculated or reported bythe Company during the period covered by this report for the selected transactionsor any other transactions. We believe that our examination provides areasonable basis for our opinion. Our examination does not provide a legaldetermination on the Company’s compliance with the servicing criteria.

Inour opinion, management’s assertion that the Company complied with theaforementioned applicable servicing criteria as of and for the year endedDecember 31, 2006 for the Platform is fairly stated, in all material respects.

/s/Ernst & Young LLP

March 29, 2007

 

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