METRIS RECEIVABLES INC
Not Applicable.
Not Applicable.
None.
Not Applicable.
The Servicer is not aware of any material pending legal proceedings involving either the Registrant, the Trustee, the Transferor or the Servicer with respect to the Securities or the Registrant's property.
No vote or consent of the holders of the Securities (the "Securityholders") was solicited for any purpose during the year ended December 31, 2005.      PART II
To the best knowledge of the Servicer, there is no established public trading market for the Securities.  Each class of the Issuer's Securities that is publicly offered in the United States is represented by one or more notes registered in the name of Cede & Co. ("Cede"), the nominee of The Depository Trust Company ("DTC").
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
None.
Not Applicable.    PART III
Not Applicable.
Not Applicable.
Each class of the Issuer's Securities that is publicly offered in the United States is represented by one or more certificate registered in the name of Cede, the nominee of DTC, and an investor holding an interest in such classes of securities is not entitled to receive a certificate representing such interest except in limited circumstances set forth in the indenture.  Accordingly, Cede is the sole holder of record of such securities, which it holds on behalf of brokers, dealers, banks and other direct participants in the DTC system.  Such direct participants may hold securities for their own accounts or for the accounts of their customers.  The name and address of Cede is Cede & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York  10041. The Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Securities.
Not Applicable.
Not Applicable.      PART IV
(a) (1)  All financial statements.      Not Applicable.      (a) (2) Financial statement schedules.  Not Applicable.      (a) (3)  The Servicer is obligated to prepare an Annual Statement to Securityholders for the year ended December 31, 2005, and Independent Registered Public Accountants are required to prepare an Annual Servicing Report pertaining to the compliance of the Servicer with its servicing obligations pursuant to the Agreement.  Copies of said documents are filed as exhibits to this Form 10-K.       (b)  The exhibits required by Item 601 of Regulation S-K (Section 229.601):      Exhibit 99(a)   Annual Statement to Securityholders for the year ended December 31, 2005 for Series 1999-2, Series 2001-2, Series 2002-4, Series 2004-1, Series 2004-2, Series 2005-1 and Series 2005-2 Asset Backed Securities.    Exhibit 99(b)  Independent Registered Public Accountants' Report dated March 1, 2006 for Series 1999-2, Series 2001-2, Series 2002-4, Series 2004-1, Series 2004-2, Series 2005-1 and Series 2005-2 Asset Backed Securities.    Exhibit 99(c)  Annual Servicer's Certificate dated March 1, 2006.        (c)  The financial statement schedules required by Regulation S-X (17 CFR 210) which are excluded from the annual report to the shareholders by Rule 14a-3(b).  Not Applicable.             SIGNATURES      Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Servicer has duly caused this report to be signed on behalf of the Metris Master Trust by the undersigned, thereunto duly authorized.       HSBC FINANCE CORPORATION,  as Servicer of and on behalf of the METRIS MASTER TRUST   (Registrant)       By: /s/ Dennis J. Mickey    Dennis J. Mickey Vice President and Assistant Treasurer   Dated:  March 29, 2006           Certification  I, Dennis J. Mickey, certify that:   I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Metris Master Trust; Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement for inclusion in these reports is included in these reports; I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement,  and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent registered public accounting firm, after conducting a review of such standards performed in accordance with certain agreed upon procedures as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.  In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank National Association and The Depository Trust Company.   Date:  March 29, 2006   /s/ Dennis J. Mickey Dennis J. Mickey Vice President and Assistant Treasurer         Exhibit Index      Exhibit No.   Exhibit   Exhibit 99(a)   Annual Statement to Securityholders for the year ended December 31, 2005 for Series 1999-2, Series 2001-2, Series 2002-4, Series 2004-1, Series 2004-2, Series 2005-1 and Series 2005-2 Asset Backed Securities.    Exhibit 99(b)  Independent Registered Public Accountants' Report dated March 1, 2006 for Series 1999-2, Series 2001-2, Series 2002-4, Series 2004-1, Series 2004-2, Series 2005-1 and Series 2005-2 Asset Backed Securities.    Exhibit 99(c)  Annual Servicer's Certificate dated March 1, 2006.        EX-99 2 x99a.htm          Exhibit 99(a)   Metris Master Trust     Metris Receivables, Inc., Series 1999-2         Original Principal Class A  500,000,000    Number of Class A Notes (000's)  500,000          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   19,820,570.15           Metris Master Trust     Metris Receivables, Inc., Series 2001-2         Original Principal Class A  559,392,000    Number of Class A Notes (000's)  559,392    Original Principal Class B  99,448,000    Number of Class B Notes (000's)  99,448          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   21,040,614.07       CLASS B     Class B  Principal Distribution   0.00   Class B  Interest Distribution   4,506,875.76           Metris Master Trust     Metris Receivables, Inc., Series 2002-4         Original Principal Class A  600,000,000    Number of Class A Notes (000's)  600,000          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   22,933,017.50           Metris Master Trust     Metris Receivables, Inc., Series 2004-1         Original Principal Class A  200,000,000    Number of Class A Notes (000's)  200,000          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   7,441,561.40           Metris Master Trust     Metris Receivables, Inc., Series 2004-2             Original Principal Class A  335,800,000    Number of Class A Notes (000's)  335,800    Original Principal Class M  75,400,000    Number of Class M Notes (000's)  75,400    Original Principal Class B  83,000,000    Number of Class B Notes (000's)  83,000          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   12,051,778.52       CLASS M     Class M  Principal Distribution   0.00   Class M  Interest Distribution   2,889,560.60       CLASS B     Class B  Principal Distribution   0.00   Class B  Interest Distribution   3,416,443.82           Metris Master Trust     Metris Receivables, Inc., Series 2005-1             Original Principal Class A  278,500,000    Number of Class A Notes (000's)  278,500    Original Principal Class M  63,300,000    Number of Class M Notes (000's)  63,300    Original Principal Class B  75,900,000    Number of Class B Notes (000's)  75,900          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   8,263,871.40       CLASS M     Class M  Principal Distribution   0.00   Class M  Interest Distribution   1,913,858.56       CLASS B     Class B  Principal Distribution   0.00   Class B  Interest Distribution   2,447,143.26           Metris Master Trust     Metris Receivables, Inc., Series 2005-2             Original Principal Class A  297,000,000    Number of Class A Notes (000's)  29,700    Original Principal Class M  54,500,000    Number of Class M Notes (000's)  54,500    Original Principal Class B  69,700,000    Number of Class B Notes (000's)  69,700          2005 Total   CLASS A     Class A  Principal Distribution   0.00   Class A  Interest Distribution   3,231,599.75       CLASS M     Class M  Principal Distribution   0.00   Class M  Interest Distribution   604,267.32       CLASS B     Class B  Principal Distribution   0.00   Class B  Interest Distribution   801,606.26        EX-99 3 x99b.htm      Exhibit 99(b) Independent Accountants' Report  The Board of Directors HSBC Finance Corporation:  We have examined management's assertion, included in the accompanying Management Assertion, that the servicing of credit card receivables owned by the Metris Master Trust has been conducted by HSBC Finance Corporation, as Successor Servicer to Direct Merchants Credit Card Bank, N.A. effective December 1, 2005, in compliance with the terms and conditions as set forth in the Fourth Amended and Restated Pooling and Servicing Agreement (the "Agreement") dated as of December 1, 2005, as of and for the year ended December 31, 2005.  HSBC Finance Corporation's management is responsible for the assertion.  Our responsibility is to express an opinion on management's assertion based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting that the servicing of receivables has been conducted in compliance with the terms and conditions of the Agreement, and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. In our opinion, management's assertion that the servicing of the receivables has been conducted by HSBC Finance Corporation, as Successor Servicer to Direct Merchants Credit Card Bank, N.A. effective December 1, 2005, in compliance with the terms and conditions as set forth in the Fourth Amended and Restated Pooling and Servicing Agreement dated as of December 1, 2005, as of and for the year ended December 31, 2005, is fairly stated, in all material respects. This report is intended solely for the information and use of the addressee and is not intended to be and should not be used by anyone other than this specified party.    /s/   KPMG LLP  March 1, 2006   Management Assertion    As of and for the year ended December 31, 2005, the servicing of credit card receivables owned by the Metris Master Trust has been conducted by HSBC Finance Corporation, as Successor Servicer to Direct Merchants Credit Card Bank, N.A. effective December 1, 2005, in compliance with the terms and conditions as set forth in the Fourth Amended and Restated Pooling and Servicing Agreement dated as of December 1, 2005.          /s/ Dennis Mickey Dennis Mickey Servicing Officer HSBC Finance Corporation   March 1, 2006 Date          /s/ Michael Reeves Michael Reeves Chief Financial Officer HSBC Finance Corporation - Credit Card Services   March 1, 2006 Date            EX-99 4 x99c.htm      Exhibit 99(c) ANNUAL SERVICER'S CERTIFICATE METRIS RECEIVABLES, INC. METRIS MASTER TRUST The undersigned, a duly authorized representative of HSBC Finance Corporation ("HSBC Finance"), as Servicer, pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement dated as of December 1, 2005 (the "Pooling and Servicing Agreement") by and among Metris Receivables, Inc., as Transferor (the "Transferor"), HSBC Finance, as Servicer (the "Servicer"), and U.S. Bank National Association, as trustee (the "Trustee"), does hereby certify that:   1.  HSBC Finance is Servicer under the Pooling and Servicing Agreement.   2.  The undersigned is duly authorized pursuant to the Pooling and Servicing Agreement to execute and deliver this Certificate to the Trustee.   3.  This Certificate is delivered pursuant to Section 3.5 of the Pooling and Servicing Agreement.   4.   A review of the activities of the Servicer for the year ended December 31, 2005 was conducted under our supervision.   5.   Based on such review, the Servicer has, to the best of our knowledge, fully performed all its obligations under the Pooling and Servicing Agreement throughout such period and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 6 below.   6.   The following is a description of each default in the performance of the Servicer's obligations under the provisions of the Pooling and Servicing Agreement, including any Supplement, known to us to have been made during such period which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default:     None    IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 1st day of March, 2006. HSBC FINANCE CORPORATION, as Servicer   By: /s/ Dennis Mickey  Dennis Mickey Servicing Officer      -----END PRIVACY-ENHANCED MESSAGE-----