Abstract. A generalized two-dimensional periodic Dirac operator is considered, with L ∞ -matrix-valued coefficients of the first-order derivatives and with complex matrix-valued potential. It is proved that if the matrix-valued potential has zero bound relative to the free Dirac operator, then the spectrum of the operator in question contains no eigenvalues. §0. Introduction Let M 2 be the space of complex (2 × 2)-matrices, I ∈ M 2 the unit matrix, andthe Pauli matrices. Consider the generalized Dirac operatorare assumed to be periodic with a (common) period lattice Λ ⊂ R 2 , and 0 < ε ≤ h 11 (x)h 22 (x) − h 12 (x)h 21 (x) for a.e. x ∈ R 2 . We denote by L Λ (R 2 ) the set of all Λ-periodic functions W ∈ L 2 loc (R 2 ; C) such that W ϕ ∈ L 2 (R 2 ) for any ϕ ∈ H 1 (R 2 ), and for every ε > 0 there exists a numberThe following theorem is the main result of this paper.Theorem 0.1. Let h jl ∈ L ∞ (R 2 ; R), j, l = 1, 2, be periodic functions with period lattice Λ ⊂ R 2 . Suppose that there exists ε > 0 such that ε ≤ h 11 (x)h 22 (x) − h 12 (x)h 21 (x) for a.e. x ∈ R 2 . If V (l) ∈ L Λ (R 2 ), l = 0, 1, 2, 3, then the operator (0.1) has no eigenvalues.2000 Mathematics Subject Classification. Primary 35P05.