** **

**Exhibit 99.5**

** **

**Report ofIndependent Registered Public Accounting Firm**

** **

** **

Capital One Bank (USA), NationalAssociation

 

 

We have examined management’s assertionincluded in the accompanying Report on Assessment of Compliance with ServicingCriteria, that Capital One Bank (USA), National Association (the “Company”) andits affiliate Capital One Services, Inc. complied with the servicingcriteria set forth in Item 1122(d) of the Securities and ExchangeCommission’s Regulation AB for the asset-backed securities transactionsinvolving credit card receivables conducted by Capital One Master Trust andCapital One Multi-asset Execution Trust where the related asset-backedsecurities were outstanding during the period covered by this report for whichthe Company acted as servicer, as of and for the year****endedDecember 31, 2007, and except for servicing criteria 1122(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)(i), 1122(d)(4)(x), 1122(d)(4)(xi),1122(d)(4)(xii), and 1122(d)(4)(xiii), which the Company has determined are notapplicable to the activities performed by them with respect to theservicing  platform covered by thisreport. Refer to Appendix A of management’s Report on Assessment of Compliancewith Servicing Criteria for the asset-backed securities covered by thisservicing platform (the “Platform”). Management is responsible for the Company’s compliance with theapplicable servicing criteria.  Ourresponsibility is to express an opinion on management’s assertion about theCompany’s compliance with the applicable servicing criteria based on ourexamination.

 

Our examination was conducted inaccordance with standards established by the American Institute of CertifiedPublic Accountants, as adopted by Public Company Accounting Oversight Board(United States) and, accordingly, included examining, on a test basis, evidenceabout the Company’s compliance with the applicable servicing criteria andperforming such other procedures as we considered necessary in thecircumstances.  Our examination includedtesting of less than all of the individual asset-backed transactions andsecurities that comprise the platform, testing of less than all of theservicing activities related to the Platform, and determining whether theCompany processed those selected transactions and performed those selectedactivities 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 selectedtransactions or any other transactions. We believe that our examinationprovides a reasonable basis for our opinion. Our examination does not provide alegal determination on the Company’s compliance with the servicing criteria.

 

In our opinion, management’s assertionthat the Company complied with the aforementioned applicable servicing criteriaas of and for the year ended December 31, 2007 for the Platform is fairlystated, in all material respects.

 

/s/ Ernst & Young

 

March 25, 2008

 

 

----