The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
e 1 L.4.1 CONFIDENTIAL (FR) March 1, 1976 SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSIT AT LARGE WEEKLY REPORTING BANKS as of January 28, 1976 NOTE: Sales since the previous survey and comparisons with previous data reflect revisions in the December report whereby $23.1 million in outstanding negotiable CD's have been added to the series. Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TABLE 1 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT WEEKLY REPORTING BANKS AS OF 28 JAN 1976 CD'S MATURING IN JANUARY 29 - 31 AMOUNT (MILLIONS OF DOLLARS) PERCENTAGE DISTRIBUTION CUMULATIVE PERCENTAGE SALES SINCE PREVIOUS MONTH 2/ (MILLIONS OF DOLLARS) 3,600.6 4.7 4.7 .0 FEBRUARY 24,125.8 31.6 36.3 8,932.6 MARCH 15,640.4 20.5 56.8 3,513.6 APRIL 11,364.2 14.9 71.7 4,516.3 5,072.9 6*6 78.3 737.6 MAY JUNE 5,130.6 6.7 CO JULY 3,495.0 4.6 89.6 AUGUST 1,148.5 1.5 91.1 120.4 926.5 1.2 92.3 129.4 o (A SEPTEMBER 458.9 2,271.4 . 1,221.9 1.6 93.9 2 59.4 NOVEMBER 748.3 1.0 94.9 63.8 DECEMBER 1,033.0 1.4 96.3 241.8 893.6 1.2 97.5 975.4 3/ 1,892.7 2.5 100.0 XXX 76,294.0 100.0 XXX 22,225.6 OCTOBER JANUARY OVER 12 MONTHS TOTAL (MEMORANDUMS MARCH 10 MARCH 15 APRIL 15 775.1 2,204.9 1,166.4 TAX AND DIVIDEND MATURITIES) 1.0 2.9 1.5 XXX XXX XXX 134.4 450 .0 556.8 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX A . 3/ SALES OF CD'S MATURING AFTER 11 MONTHS. TABLE 2A 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 28 JAN 1976 (IN MILLIONS OF DOLLARS) CD'S MATURING IN AMOUNT ALL OTHER WEEKLY REPORTING BANKS CHICAGO NEW YORK CITY SALES SINCE PREVIOUS MONTH 2/ AMOUNT SALES SINCE PREVIOUS MONTH 2/ AMOUNT SALES SINCE PREVIOUS MONTH 2/ JAN 29 - JAN 31 1,253.9 .0 535.4 .0 1,611.3 .0 FEBRUARY 6,942.9 1,672.7 2,861.6 1,011.2 14,321.3 6,248 .8 MARCH 5,176.5 775.9 1,271.6 360.7 9,192.1 2 ,361.7 APRIL 4,508.9 1,749.1 864.0 360.0 5,991.3 2,407.1 MAY 1,764.4 218.7 462.5 31.2 2,846.0 487.8 JUNE 1,790.5 33.7 547.4 13.5 2,792.7 411.7 JULY 1,353.4 994.2 277.0 168.8 1,864.5 1,108.4 280.2 43.8 108.2 1.7 760.0 74.8 .4 559.2 104.1 173.3 AUGUST SEPTEMBER 239.7 24.9 127.6 OCTOBER 257.5 63.2 193.7 22.9 770.7 .4 576.4 57.3 55.2 569.2 147.0 NOVEMBER 77.4 6.1 94.6 DECEMBER 257.9 39.6 205.9 JANUARY 173.8 556.9 635.4 OVER 12 MONTHS 482.5 XXX 156.5 XXX 1,253.7 XXX 24,559.5 5,784.4 7,868.9 2,203.5 43,865.3 14,237.4 TOTAL $ kt- OR TING BANKS 162.5 /3 APRIL I* 177.5 /3 217 11 (MEMORANDUM: wtRCH in MARC* 1% 162.9 294.3 658.3 345.7 22.7 78.5 120.8 TAX AND DIVIDEND MATURITIES) 48.0 222.6 123.9 7.6 38.2 19.2 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATION OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX A. V <At.ES OF CD'S MATURING AFTER 11 MONTHS. * TOTALS MAY NOT ADD DUE TO ROUNDING. 432.8 1,324.0 696.9 104.0 333.3 418.8 TABLE 28 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 28 JAN 1976 AND 31 DEC 1976 (PERCENTAGE DISTRIBUTION) NEW YORK CITY 28 JAN CHICAGO 31 DEC 28 JAN ALL OTHER 31 DEC 28 JAN 31 DEC 5.1 .0 6.8 .0 4.1 .0 01 MONTHS 3/ 28. 3 35.0 36.4 42.0 32.6 39.2 02 MONTHS 21.1 19.5 16.2 20.9 21.0 17.6 03 MONTHS 18.4 16.3 11.0 10.3 13.7 14.9 0—6 DAYS 2/ 04 MONTHS 7.2 10.2 5.9 5.7 6.5 7.8 06 MONTHS 7.3 5.7 7.0 4.9 6.4 5.2 06 MONTHS 5.5 6.5 3.5 6.0 4.3 5.2 1.2 1.7 1.7 1.2 1.3 1.5 07 MONTHS 1.1 1.3 1.4 08 MONTHS 1.0 .9 1.6 09 MONTHS 1.0 .8 2.5 1.4 1.8 1.0 10 MONTHS .3 .7 1.2 1.9 1.3 1.3 11 MONTHS 1.1 .3 2.6 1.1 1.3 1.1 12 MONTHS .7 .8 2.1 1.7 1.3 .9 OVER 12 MONTHS TOTAL * 2.0 1.8 2.0 1.6 2.9 2.6 100.0 100.0 100.0 100.0 100.0 100.0 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ NUMBER OF DAYS REMAINING IN SURVEY MONTH. THIS PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH. 3/ NUMBER OF MONTHS FOLLOWING THE SURVEY MONTH. • TOTALS MAY NOT ADD DUE TO ROUNDING. TABLE 2C 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 28 JAN 1976 AND 31 DEC 1976 (CUMULATIVE DISTRIBUTION) )«S MATURING IN 0-6 DAYS 2/ 01 MONTHS 3/ NEW YORK CITY 28 JAN ALL OTHER CHICAGO 31 DEC 28 JAN 31 DEC 28 JAN 31 DE( 5.1 .0 6.8 .0 4.1 .0 33.4 35.0 43.2 42.0 36.7 39.2 02 MONTHS 54.5 54.5 59.4 62.9 57.7 56.8 03 MONTHS 72.9 70.8 70.4 73.2 71.4 71.7 04 MONTHS 80.1 81.0 76.3 78.9 77.9 79.5 05 MONTHS 87.4 86.7 83.3 83.8 84.3 84.7 06 MONTHS 92.9 93.2 86.8 89.8 88.6 89.9 07 MONTHS 94.0 94.5 88.2 91.0 90.3 91.6 08 MONTHS 95.0 95.4 89.8 92.2 91.6 93.1 09 MONTHS 96.0 96.2 92.3 93.6 93.4 94.1 10 MONTHS 96.3 96.9 93.5 95.5 94.7 95.4 11 MONTHS 97.4 97.2 96.1 96.6 96.0 96.5 12 MONTHS OVER 12 MONTHS 98.1 98.0 98.2 98.3 97.3 97.4 100.0 100.0 100.0 100.0 100.0 100.0 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ NUMBER OF DAYS REMAINING IN SURVEY MONTH. THIS PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH. 3/ NUMBER OF MONTHS FOLLOWING THE SURVEY MONTH. MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/ AS OF 28 JAN 1976 (AMOUNTS IN MILLIONS OF DOLLARS) TABLE 3A 1/ $5 & 1L LI ON AND OVkk CD'S MATURING IN $500 MILLION AND UNDER TOTAL $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 3,600.5 153.9 300.0 857.6 2,289.0 1 ,226.0 1 ,063.0 24.125.8 1,160.8 2,085.0 7,330.1 13,549.9 6,755.2 6,794.7 MARCH 15,640.4 735.8 1,224.0 4,863.9 8,816.7 5,072.2 3,744.5 APRIL 11,364.2 523.1 849.1 3,157.0 6,835.0 4*460.6 2,374.4 ]°7fc JAN 29-31 FEBRUARY MAY 5,072.8 215.0 356.7 1,405.1 3,096.0 1 ,731.7 1,364.3 JUNE 5,130.5 212.8 310.5 1,387.4 3,219.8 I ,782.5 1 ,437.3 JULY 3,495.1 116.2 217.1 916.6 2 ,245.2 1,350.6 694.6 1,146.5 38.5 82.9 324.5 702.6 275.8 426.8 926.4 41.0 67.7 331.3 486.4 233.5 2 52.9 AUGUST SEPTEMBER 1,221.9 42.9 72.8 457.0 649.2 250.3 398.9 NOVEMBER 748.3 30.1 66.6 231.4 420.0 73.4 346 .6 DECEMBER 1,033.0 35.5 53.8 2 93.5 650.2 257.7 392.5 693.6 44.6 76.6 212.7 559.7 173.1 386.6 1,8°2.6 45.5 94.9 581.4 1,170.8 482.5 688.3 76,293.6 3,395.7 5,857.9 22,349.5 44,690.5 24,125.1 20,565.4 294.0 185.4 OCTOBER 1977 JANUARY FEBRUARY OR LATER TOTAL * • —— 1 ritnUKAWUUH • 1 PA PNU U 1V lUciNU HA IUK1 11 to / w * MARCH 10 775.2 24.7 36.8 232.3 479.4 MARCH 15 2,205.0 108.3 112.4 729.5 1,254.6 646.1 608 .7 APRIL 15 1,166.3 75.9 54.1 262.0 774.3 339.8 434.5 17 7 10 (MEMORANDUM: 241 80 62 k i m cK nc nAMI*C I — iid INLfflDCd Ur oANIvo 1 — 82 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100 ,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. * TOTALS MAY NOT ADD DUE TO ROUNDING. 4 TABLE 3B $5 BILLION AND OVER CD'S MATURING IN TOTAL $500 MILLION AND UNDER S500 MILLION TO SI BILLION $1 BILLION TO S5 BILLION NEW YORK CITY L*?6 J A N TOTAL OUTSIDE NEW YORK CITY 29-31 FEBRUARY 8,932.6 564.2 1,108.3 3,525.3 3,735.0 1,571.3 2,163.7 MARCH 3,518.5 219.9 358.2 1,521.9 1,416.5 744.0 674.5 APRIL 4,516.3 258.7 433.9 1,380.5 2,443.2 1,734.5 708.7 MAY 737.5 55.0 74.3 291.6 316.6 215.7 100.9 JUNE 458.7 29.9 55.4 251.4 122.0 32.4 89.6 JULY 2,271.6 71.5 139.4 530.7 1,530.0 992.8 537.2 120.5 5.9 6.7 37.6 70.3 41.8 28.5 SEPTEMBER 129.2 4.0 3.8 58.8 62.6 21.7 40.9 OCTOBER 259.4 7.0 18.1 101.9 132.4 62.0 70.4 NOVEMBER 63.7 1.5 0.4 39.4 22.4 6.1 16.3 DECEMBER 241.9 1.7 5.7 66.8 167.7 39.4 128.3 975.3 33.3 78.0 306.0 558.0 161.8 396.2 22,225.4 1,252.6 2,282.2 8,111.9 10,576.7 5,623.5 4,955.2 22.7 10.0 AUGUST 197? JANUARY OR LATER TOTAL $ T4V M A R C H 10 134.6 8.9 M A R C H 15 450.1 APRIL 15 558.6 Akin UW W*V i v / b l l v 8.7 84.3 32.6 29.3 195.3 192.9 72.7 120.2 31.3 31.3 123.9 372.1 119.9 252.2 17 7 10 M l l ln otC rD niU il C x 241 1/ 2/ 3/ » UtTIID H M I V O l 1 jt* CC 1 l 80 62 n r Uc 32.7 RiKltf C 1 dANI\j 1 82 SEE TECHNICAL APPENDIX A. INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. TOTALS MAY NOT ADD DUE TO ROUNDING. TABLE 31 MAlllMTY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2 / AS OF 28 JAN 1976 PERCENTAGE DISTRIBUTION 1/ $5 BILLION AND OVER CD'S M A T U R I N G 1*3 TOTAL SSOO PILLION AND UNDER $500 M I L L I O N TO $1 BILLION SI BILLION TO $5 BILLION TOTAL NEW YORK CITY lv7» JAN 4.7 4.5 5.1 OUTSIDE NEW YORK CITY 5.1 5.1 5.2 ff^RVAKV JL.FC 34.2 35.6 32.8 30.3 28.0 33.0 MARCH 20.5 21.7 20.4 21.6 19.7 21.0 18.2 A I It P* 14.4 15.4 14.5 14.1 15.3 18.5 11.5 MAY 6.6 6.3 6.1 6.3 6.9 7.2 0 . fc JUNE 6.7 6.3 5.3 6.2 7.2 7.4 7.0 3.7 4.1 5.0 5.6 4.4 JULY 4.6 3.4 AUGUST 1.5 1.1 1.4 SEPTEMBER 1.2 1.2 1.5 1.6 1.1 2.1 1.5 1.1 1.0 1. 2 1 .9 OCTOBER 1.6 1.3 1.2 1.2 1.0 1,0 0.9 1.1 2.0 1.0 1.5 NOVEMBER 0.9 0.3 1.7 DECEMBER 1.4 1.0 0.9 1.3 1.5 1.1 1 .9 1.2 1.3 1.3 10 . 1.2 0.7 1 .9 2.5 1.3 1.6 2.6 2.6 2.0 3.3 100.0 100^0 1977 J A N U A R Y FEBRUARY O R LATER TOTAL * 100.0 100.0 100.0 IMEMORANDUMS MARCH 10 1.0 M A T C M IS 2.9 APRIL 1 5 1.5 100.0 100.0 TAX AND DIVIDEND M A T U R I T I E S ) 0.7 1.0 1.1 1.2 0.9 3.2 1.9 3.3 2.FA 2.7 3.0 2.2 0.9 1.2 1.7 1.4 2.1 0.7 1/ INCLUDES C E R T I F I C A T E S IN D E N O M I N A T I O N S OF S100,000 OR MORE ISSUED BY WEEKLY REPORTING B A N K S . 2 / TOTAL ASSETS AS R E P O R T E D IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. * T O T A L S M A Y NOT ADO DUE TO R O U N D I N G . TABLE SO M A T U R I T Y D I S T R I B U T I O N OF O U T S T A N D I N G NEGOTIABLE TINE CERTIFICATES OF DEPOSIT 1/ AT W E E K L Y R E P O R T I N G BANKS BY SIZE OF BANKS 2 / A S OF 28 JAN 1976 C U M U L A T I V E PERCENTAGE $5 BILLION AND OVER C D ' S M A T U R I N G IN TOTAL $500 MILLION A N D UNDER *500 M I L L I O N TO SI B I L L I O N $1 BILLION TO S5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 4.7 4.5 5.1 3.8 5.1 5.1 FEBRUARY 36.3 38.7 40.7 36.6 35.4 33.1 MARCH 56.8 60.4 61.6 58. U 55.1 54.1 56.4 APRIL 71.7 75.8 76.1 72.5 70.4 72.6 67;. 9 79.8 74.5 1976 J A N 29-31 5.2 38 . 2 NAY 78.3 82.1 82.2 78.8 77.3 JUNE 85.0 88.4 87.5 85.0 84.5 87.2 81.5 JULY 89.6 91.8 91.2 89.1 89.5 92.8 85.9 91.1 93.9 88.0 AUGUST 91.1 92.9 92.6 90.6 SEPTEMBER 92.3 94.1 93.8 92.1 92.2 94.9 89.2 OCTOBER 93.9 95.4 95.0 94.1 93.7 95.9 91.1 92.8 NOVEMBER 1 W 94.9 96.3 96.1 95.1 94.6 96.2 DECEMBER 96.3 97.3 97.0 96.4 96.1 97.3 94.7 JANUARY 97.5 98.6 96.3 97.4 97.4 98 .0 96 .6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 FEBRUARY O R LATER 1 / I N C L U D E S C E R T I F I C A T E S IN D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR M O R E ISSUED B Y W E E K L Y R E P O R T I N G B A N K S . 1 / TOTAL ASSETS A S R E P O R T E D IN THE C A L L R E P O R T O F CONDITION O N J U N E 3 0 , 1975. # T O T A L S M A Y N O T ADD DUE TO R O U N D I N G . SALES /I/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 28 JAN 1976 PERCENTAGE DISTRIBUTION TABLE 3E $5 BILLION AND OVER CD'S MATURING IN TOTAL $500 MILLION ANO UNDER $500 MILLION TO SI BILLION $1 BILLION TO $5 BILLION NEW YORK CITY 1976 JAN TOTAL OUTSIDE NEW YORK CITY 27.9 43.7 29-31 FEBRUARY 40.2 48.6 45.0 43.5 35.3 MARCH 15.8 17.6 15.7 18.8 13.4 13.2 13.6 APRIL 20.3 20.7 19.0 17.0 23.1 30.8 14.3 MAY 3.3 4.4 3.3 3.6 3.0 3.8 2.0 JUNE 2.1 2.4 2.4 3.1 1.2 0.6 1.8 JULY 10.2 5.7 6.1 6.5 14.5 17.7 10.8 AUGUST 0.5 0.5 0.3 0.5 0.7 0.7 0.6 0.7 0.6 0.4 0.8 1.3 1.3 1.1 1.4 0.5 0.2 0.1 0.3 0.8 1.6 0.7 2.6 SEPTEMBER 06 . 0.3 OCTOBER 1.2 0.6 NOVEMBER 0.3 0.1 0.2 0.8 0.0 DECEMBER 1.1 0.1 0.2 1977 JANUARY OR LATER TOTAL * 4.4 2.7 3.4 3.8 5.3 2.9 8.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 — TAX AND DIVIDEND MATURITIES) (MEMORANDUM MARCH 10 0.6 0.7 0.4 1.0 0.3 0.4 0.2 MARCH 15 2.0 2.6 1.3 2.4 1.8 1.3 2.4 APRIL 15 2.5 2.5 1.5 3.5 2.1 5.1 1.4 -— 241 1/ 2/ 3/ * 80 (MEMORANDUMS 62 NUMBER OF BANKS) 82 17 SEE TECHNICAL APPENDIX A . INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. TOTALS MAY NOT ADD DUE TO ROUNDING. 1 10 TABLE 4A AVERAGE MATURITY OF O U T S T A N D I N G N E G O T I A B L E TIME C E R T I F I C A T E S OF D E P O S I T 1/ AT WEEKLY REPORTING BANKS A T V A R I O U S SURVEY DATES (IN M O N T H S ) DATE OF SURVEY 28 JAN 1976 31 DEC 1975 26 NOV 1975 (BY L O C A T I O N ) ALL R E P O R T I N G BANKS ISSUING C D ' S 2.7 2.6 2.7 NEW YORK CITY 2.6 2.5 2.6 CHICAGO 2.8 2.5 2.9 OTHER 2.8 2.6 2.7 (BY SIZE OF BANK) 2 / UNDER $ 5 0 0 M I L L I O N 2.5 2.4 2.4 $500—$!FOOO M I L L I O N 2.4 2.3 2.3 $ 1 T O O O — $ 5 » 0 0 0 MILLION 2.7 2.6 2.6 OVER $5 B I L L I O N 2.8 2.6 2.8 IN NEW YORK CITY 2.6 2.5 2.6 OUTSIDE NEW YORK CITY 3.0 2.7 3.0 1/ INCLUDES CERTIFICATES IN D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING B A N K S . 2/ TOTAL ASSETS AS R E P O R T E D IN THE CALL R E P O R T OF CONDITION ON JUNE 3 0 , 1975. TABLE 4B AVERAGE MATURITY OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ SOLD BY WEEKLY REPORTING BANKS DURING THE MONTH OF VARIOUS SURVEYS (IN MONTHS) BANK CLASSIFICATION DATE OF SURVEY 28 JAN 1976 31 DEC 1975 26 NOV 1975 (BY LOCATION) ALL REPORTING BANKS ISSUING CD'S 2.6 2.3 2.4 NEW YORK CITY 2.9 2.7 2.5 CHICAGO 2.8 2.1 2.3 OTHER 2.5 2.1 2.4 (BY SIZE OF BANK) 2/ UNDER $500 MILLION 2.1 2.0 2.0 $500-$ltOOO MILLION 2.1 1.9 2.1 $1«000—$5*000 MILLION 2.4 2.2 2.3 OVER $5 BILLION 3.0 2.4 2.6 IN NEW YORK CITY 2.9 2.7 2.5 OUTSIDE NEW YORK CITY 3.1 2.0 2.7 If INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30* 1975. N O T E — S E E TECHNICAL APPENDIX B. TABLE 5A RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AT VARIOUS SURVEY DATES (PER CENT) DATE OF SURVEY TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) 28 JAN 1976 31 DEC 1975 26 NOV 1975 ALL BANKS ISSUING CD'S 21.4 21.5 22.8 UNDER 500 15.3 14.3 15.6 500 - 1000 16.0 15.2 16.4 1000 ~ 5000 18.0 17.5 18.5 OVER 5000 25.7 26.4 27.8 IN NEW YORK CITY 29.3 29.0 31.6 OUTSIDE NEW YORK CITY 22.4 24.0 24.4 If INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. DEPOSITS IN THE DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U.S. GOVERNMENT DEPOSITS. TABLE 5B R A T I O OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AS OF 28 JAN 1976 (NUMBER OF BANKS! TOTAL ASSETS 2/ I IN MILLIONS OF DOLLARS I OR LESS 10 $ TO 10S 20 15 TO TO 151 20* ALL BANES ISSUING CD'S 3* 21 45 UNDER SOD 14 12 $00 - 1000 12 1000 - SOOO 13 TO 2 5% 2 5% CR MORE AVERAGE CD TO DEPOSIT RATIO (PER CENT) 40 38 52 21.4 22 9 10 13 15.3 8 12 9 10 11 16.0 7 10 18 16 18 18.0 0 0 1 4 2 10 25.7 IN NEW YORK CITY 0 0 0 0 1 6 29.2 OUTSIDE NEW YORK CITY 0 0 1 4 1 4 22.4 OVER SOOO 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF 1100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. DEPOSITS IN THE DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK A N D U . S . GOVERNMENT DEPOSITS. TABLE 50 PER CIHT CHANCE IN OUTSTANDING NEGOTIABLE TINE CERTIFICATE OF DEPOSIT /I SI DEC 1975 TO 28 JAN 1976 INUMBER OF BANKS 1 TOTAL ASSETS 2 / I IN MILLIONS OF DOLLARS I DECLINES OF REDUCEO - * * • • • - » * 5 TO 51 OR CO*S TO lot OR ZERO MORE lot LESS . — — NO CHANGE — — . 5% OR LESS INCREASES OF . . — — — — 5 TO 10% OR 10* MORE ISSUED CD 1 S BUT HAD NONE OUTSTANDING ON BASE DATE ALL •AUKS ISSUING CO'S 7 55 45 46 12 31 21 32 UNO** 500 4 16 13 13 6 9 11 12 5 0 0 * 1000 1 13 10 10 3 10 5 10 1 20 3 12 5 10 0 3 0 0 0 0 0 0 1000 - 5000 2 IB 14 OVER 5000 0 6 8 IN tfftf YORK CITY 0 3 3 1 0 0 0 0 0 OUTSIDE NEW YORK CITY D 3 5 2 0 0 0 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF 1100,•000 OR MORE ISSUED BY WEEKLY REPORTING B A N K S . 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE IN HOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING CD'S ON THE LAST SURVEY REDUCED THEIR OUTSTANDINGS TO ZERO ON THIS SURVEY. TABLE 50 PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 29 OCT 1975 TO 28 JAN 1976 (NUMBER OF BANKS! TOTAL DEPOSITS Z2 U N MILLIONS OF DOLLARS! REDUCED —«—>—• CD'S 251 TO OR ZERO MORE INCREASE OF DECLINES OF 20 TO 25% 15 TO 20% TO 10% 5% OR LESS 26 29 33 10 TO 15% NO CHANGE 5% OR LESS 5 TO 10% 10 TO 15* 20 TO 25% 15 TO 20% 25% OR MORE ISSUED CD'S BUT HAD NONE OUTSTANDING ON BASE DATE ALL BANKS ISSUING CD'S 5 19 14 UNDER 500 3 10 6 6 5 11 8 5 9 5 3 2 5 1 500 - 1000 1 1 4 6 9 3 6 9 7 6 2 1 5 1 1000 - 5000 1 7 4 5 8 10 16 9 8 5 1 3 4 1 OVER 5000 0 1 0 3 4 5 3 0 0 0 1 0 0 0 20 24 14 16 IN NEW YORK CITY 0 1 0 1 4 1 0 0 0 0 0 0 0 0 OUTSIDE NEW YORK CITY 0 0 0 2 0 4 3 0 0 0 1 0 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE IN MOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING CD'S ON THE SURVEY THREE MONTHS PRIOR TO THE CURRENT SURVEY, REDUCED THEIR OUTSTANDINGS TO ZERO. TABLE 5E CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER THE MONTH AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 31 DEC 1975 TO 28 JAN 1976 (NUMBER OF BANKS) TOTAL ASSETS 2/ IIN MILLIONS OF DOLLARS! ALL BANKS ISSUING CD'S DECLINES OF 3% AND OVER 2 TO 3% I TO 2% NO CHANGE 1% AND LESS 1 TO 2% 2 TO 3% 3% AND OVER 73 12 45 19 12 7 8 25 6 16 9 4 3 3 10 19 3 10 7 6 2 8 7 25 3 19 3 2 3 1 5 4 0 0 0 0 0 19 UNDER 500 2 500 - 1000 I 12 7 1000 - 5000 It AND LESS 30 22 OVER 5000 INCREASES OF 8 IN NEW YORK CITY 3 1 2 1 0 0 0 0 0 OUTSIDE NEW YORK CITY 4 0 3 3 0 0 0 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3D, 1975. DEPOSITS IN THE DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U.S. GOVERNMENT DEPOSITS. TABLE 5F CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER THE LAST THREE MONTHS AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 29 OCT 1975 TO 28 JAN 1976 (NUMBER OF BANKS) DECLINES INCREASES OF °i TOTAL ASSETS 2/ 1 1 1 IN MILLIONS OF DOLLARS) ALL BANKS ISSUING CD'S 5t AND OVER 4 TO 5% 3 TO 4% 2 TO 3% 1 TO 2% 1% AND LESS NO CHANGE 17 7 15 18 37 49 7 U C t- 500 ' 5 2 2 8 13 16 500 - 1000 2 1 3 3 8 13 If '% ( 7 3 3 7 12 1 7 0 4 5000 OVER ' 000 3 1% AND UNDER 1 TO 2% 3 TO 4% 2 70 3% 5% AND OVER 4 TO 5% 5 6 6 3 1 3 4 8 3 1 1 27 25 19 4 5 13 2 8 8 19 1 14 4 8 1 1 1 1 0 0 0 0 0 1 0 IN NEW YORK CITY 2 1 4 0 0 0 0 0 0 0 0 0 0 OUTSIDE NEW YORK CITY 1 0 3 0 4 1 0 0 0 0 0 1 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100 ,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT 1 CONDITION ON JUNE 30 , 1975. OF DEPOSITS IN THE DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U.S. GOVERNMENT DEPOSITS. TABLE 6A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 28 JAN 1976 (AMOUNTS IN MILLIONS OF DOLLARS) CD'S MATURING IN ALL DISTRICTS BOSTON 1976 JAN 29 -JAN 31 3600.4 110.5 FEB 24125.8 MAR 15640.3 APR MAY NEW YORK PHILADELPHIA CLEVELAND 1379.5 66.1 130.9 1128.4 8357.3 1075.3 887.1 5936.6 731.9 11364.3 474.0 4944.3 440.5 5072.8 178.3 1908.6 216.0 RICHMOND ATLANTA CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 39.6 21.7 80.7 190.2 708.7 95.9 150.5 626.1 1003.9 631.6 961.0 3765.3 279.0 153.5 540.1 1521.0 4709.4 804.6 439.2 554.5 1962.3 209.0 91.0 371.7 899.1 2753.1 497.4 342.2 439.4 1465.5 137.8 56.8 220.2 710.7 1635.5 231.3 209.3 194.3 668.7 59.3 36.8 110.6 346.6 913.0 JUN 5130.6 202.9 1944.4 257.6 245.1 173.7 213.1 745.6 57.7 30.3 85.6 285.6 889.0 JUL 3495.1 87.8 1434.9 148.4 147.6 136.1 144.7 448.8 56.1 31.0 56.2 235.0 568.5 AUG 1148.5 73.9 294.5 56.6 91.8 27.6 42.4 139.7 14.8 7.6 25.2 76.7 297.7 SEP 926.4 74.1 278.4 57.8 56.9 26.0 47.5 156.4 19.1 5.4 20.4 40.4 144.0 238.2 OCT 1221.9 128.8 275.5 70.6 103.8 31.8 44.9 219.4 20.0 6.4 27.3 55.2 NOV 748.2 40.1 89.8 27.3 60.6 31.2 32.4 126.2 15.7 2.0 27.9 52.1 242.9 DEC 1033.1 78.1 285.2 33.7 38.7 28.6 28.2 225.0 12.4 5.6 20.1 75.1 202.4 1977 JAN 893.6 43.0 186.9 7.8 35.9 16.6 36.6 167.8 11.7 2.7 20. 1 91.0 251. > 137.7 534.9 92.5 347.0 43.2 58.7 176.5 34.3 9.6 20.7 120.1 3644.7 278 51.0 3282.1 ?795. r 2233.0 9( > - 5 460.4 • 1626.8 FEB OR LATER TOTAL * 1892.8 76293.8 AVERAGE MATURITY IN MONTHS 2/ NUMBER OF REPORTING BANKS 2948.2 10913.3 3.0 240 2.5 2.7 3.6 2.8 2.6 16 35 10 16 18 24 3.0 36 2.6 11 5 1/ INCLUDES. ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX B. * DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. 4698.8 13873.5 2.8 17 311 2.7 TABLE 68 1/ 2/ SALES OF NEGOTIABLE TINE CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 26 JAN 1976 I AMOUNTS IN MILLIONS OF DOLLARS) CD'S MATURING IN ALL DISTRICTS BOSTON FEB 8932.6 483.3 MAR 3518.5 201.8 PHILADELPHIA CLEVELAND 2660.4 414.1 466.2 272.1 1252.4 177.2 222.9 129.3 NEW YORK CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 369.6 1427.4 125.3 40.1 273.7 826.7 1553.7 161.4 535.6 54.8 5.4 117.6 220.9 439.2 RICHATLANTA MOND APR 4416.4 162.1 2074.5 140.1 200.3 135.4 219.5 599.5 54.7 14.9 99.7 343.7 472.0 MAY 737.7 31.5 302.4 33.6 21.4 50.0 16.1 73.7 14.2 2.9 23.4 58.6 109.9 JUN 458.7 19.9 112.4 14.3 43.2 56.9 24.5 44.8 9.8 1.9 12.0 33.9 85.1 JUL 2271.3 45.2 1060.5 82.8 41.2 90.1 110.7 294.3 31.9 15.6 33.8 105.3 359.9 AUG 120.4 2.6 51.9 10.3 6.5 4.5 5.9 6.3 2.5 0.0 0.6 9.9 19.4 SEP 129.5 1.7 54.8 18.7 13.9 3.2 0.9 5.2 3.2 0.0 0.6 3.1 24.2 OCT 259.3 8.6 68.9 3.2 53.4 12.5 5.4 27.4 4.4 0.6 2.9 10.0 62.0 6.3 1.9 ii. e 0.9 1.8 0.0 0.1 0.0 12.9 11.9 2.7 5.2 12.8 3.7 60.6 1.1 0.5 1.4 28.4 77.8 NOV 63.9 6.0 8.3 DEC 249.3 0.8 54.3 JAN OR LATER TOTAL $ 975.5 61.0 209.6 11.2 42.9 17.4 36.5 201.9 11.8 2.6 21. 1 89.4 270. 1 22233.1 1024.5 7930.4 916.5 1119.0 796.0 955.1 3278.5 313.7 84.6 586. 8 1742.8 3485.2 2.6 2.3 2.6 2.2 2.5 2.8 2.5 2.6 2.5 2.5 2.0 2.4 3.0 AVERAGE MATURITY IN MONTHS 3 / 1/ SfF TECHNICAL APPENDIX A. 2/ INCLUDES ONLY CERTIFICATES 1SSUEL IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. 3/ SEE TECHNICAL APPENDIX Be • Of TAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. TABLE 6C MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 28 JAN 1976 (PERCENTAGE DISTRIBUTION) CD'S WATURIIS IN Ait DISTRICTS BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND ATLANTA CHICAGO ST. LOUIS 4.7 5.0 5.0 2.0 3.4 4.3 5.1 5.7 31.6 31.0 30.0 32.8 26.4 28.3 32.6 34.5 28.9 20.5 24.3 21.3 22.3 21.2 19.7 18.8 18.0 14* 13.0 17.8 13.4 13.1 15.3 14.9 13.4 NAY 6.6 4.9 6.9 6.6 6.1 9.4 6.6 6.1 JUN 6.7 5.6 7.0 7.8 6.5 7.8 7.2 6.8 JUL 4.6 2.4 5.2 4.5 3.9 6.1 4.9 AUG 1.6 2.0 1.1 1.7 2.4 1.2 1.4 SEP 1.2 2.0 1.0 1.8 1.5 1.2 1.6 OCT 1.6 3.5 1.0 2.2 2.7 1.4 1.5 1976 JAN 29-JAN 31 FEB APR MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 4.7 5.0 4.0 33.3 33.2 32.4 21.6 19.8 22.8 19.1 19.8 14.3 12.3 13.5 15.1 11.8 6.1 8.0 6.6 7.4 b» 6 6.0 6.6 5.3 6.1 6.4 4.1 5.8 6.7 3.5 5.0 4.1 1.3 1.5 1.7 1.5 1.6 2.1 1.4 2.0 1.2 1.3 0.9 1.0 2.0 2.1 1.4 1.7 1.2 1.7 4. 1 5. 1 33.9 NOV 1.0 1.1 0.3 0.8 1.6 1.4 1.1 1.2 1.6 0.4 1.7 1.1 1.8 DEC 1.4 2.1 1.0 1.0 1.0 1.3 1.0 2.1 1.3 1.2 1.2 1.6 1. 5 1977 JAN FEB m 1.2 LATER TOTAL * 1.2 0.7 0.2 0.9 0.7 1.2 1.7 1.2 0.6 1.2 1.9 1.8 2.5 3.8 1.9 2.8 9.1 1.9 2.0 1.6 3.5 2.1 1.3 2.6 2.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. TABLE 6 0 MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 28 JAN 1976 ICUMULATIVE PERCENTAGE) CD'S MATURING IN 1976 JAN 29-JAN 31 FEB All DISTRICTS BOSTON 4.7 3.0 36.3 34.0 NEW YORK RICHMOND ATLANTA SAN FRANCISCO PHILADELPHIA CLEVELAND 5.0 2.0 3.4 4.3 5.1 5.7 4.1 4.7 5.0 4.0 5.1 35.0 34.8 29.8 32.6 37.7 40.2 33.0 38.0 38.2 36.4 39.0 CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS MAR 56.B 58.3 56.3 57.1 51.0 52.3 56.5 58.2 54.6 57.8 61.0 55.5 58.8 APR 71.7 71.3 74.1 70.5 64.1 67.6 71.4 71.6 68.9 70.1 74.5 70.6 70.6 MAY 78.3 76.2 81.0 77.1 70.2 77.0 78.0 77.7 75.0 78.1 81.3 78.0 77.2 JUN 85.0 81.8 88.0 84.9 76.7 84.8 85.2 84.5 81.0 84.7 86.6 84.1 83.6 JUL 89.6 84.2 93.2 89.4 80.6 90.9 90.1 88.6 86.8 91.4 90.1 89.1 87.7 AUG 91.1 86.2 94.3 91.1 83.0 92.1 91.5 89.9 88.3 93.1 91.6 90.7 89.8 SEP 92.3 88.2 95.3 92.9 84.5 93.3 93.1 91.3 90.3 94.3 92.9 OCT 93.9 91.7 96.3 95.1 87.2 94.7 94.6 93.3 92.4 95.7 94.6 NOV 94.9 92.8 96.6 95.9 88.8 96.1 95.7 94.5 94.0 96.1 DEC 96.3 94.9 97.6 96.9 89.8 97.4 96.7 96.6 95.3 97.3 1977 JAN 97.5 96.1 98.3 97.1 90.7 98.1 97.9 98.3 96.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 FEB OR LATER 91.6 90.8 92.8 92.b 96.3 93.9 94.3 97.5 95.5 95.8 97.9 98.7 97.4 97.6 100.0 100.0 100.0 100.0 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. " TABLE 6E 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BV FEDERAL RESERVE DISTRICT AS OF 28 JAN 1976 (PERCENTAGE DISTRIBUTION! MATURING IN FEB ALL DISTRICTS BOSTON 40.2 47.2 NEW YORK 33.8 PHILADELPHI A CLEVELAND RICHMOND ATLANTA 45.2 41.7 34.2 CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 47.4 46.6 47.4 44.6 38.7 43.5 39.9 MAR 15.8 19.7 15.8 19.3 19.9 16.2 16.9 16.3 17.5 6.4 20.0 12.7 12.6 APR 20.3 15.6 26.2 15.3 17.9 17.0 23.0 18.3 17.4 17.6 17.0 19.7 13.5 MAY 3.3 3.1 3.8 3.7 1.9 6.3 1.7 2.2 4.5 3.4 4.0 3.4 3.2 JUN 2.1 1.9 1.4 1.6 3.9 7.1 2.6 1.4 3.1 2.2 2.0 1.9 2.4 5.8 6.0 10.3 0.1 0.6 0.6 0.7 JUL 10.2 4.4 13.4 9.0 3.7 11.3 11.6 9.0 10.2 18.4 AUG 0.5 0.3 0.7 1.1 0.6 0.6 0.6 0.2 0.8 0.0 SEP 0.6 0.2 0.7 2.0 1.2 0.4 0.1 0.2 1.0 0.0 O.I 0.2 OCT 1.2 O.B 0.9 0.3 4.8 1.6 0.6 0.8 1.4 0.7 0.5 0.6 1-8 NOV 0.3 0.6 0.1 0.9 0.2 1.5 0.1 0.1 0.0 0.1 0.0 0.7 0.3 DEC 1.1 0.1 0.7 0.3 0.5 1.6 0.4 1.8 0.4 0.6 0.2 1.6 2.2 JAN OR LATER 4.4 6.0 2.6 1.2 3.6 2.2 3.8 6.2 3.8 3.1 3.6 5.1 7.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 . * 1/ SEE TECHNICAL APPENDIX A. Z/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. NOTfe - SALES IN THIS TABLE ARE NOT ADJUSTED FOR CD'S THAT HAVE MATURED, * DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. TECHNICAL APPENDIX A DERIVATION OF GROSS SALES OF CERTIFICATES OF DEPOSIT Sales of CD's between survey dates are derived in the following manner: Outstanding CD's maturing in each month of the previous survey are subtracted from maturities in the same month of the current survey. Those CD's maturing in the remaining portion of the month in which the current survey is taken are ignored. Those CD's maturing after the last Individual month shown in the current survey (i.e. CD's with the longest maturity) are added to those CD's maturing in the last individual month shown on that survey in order to derive an outstanding quantity for a time period com- parable' to the longest maturity CD's shown on the previous survey. The procedure used produces gross sales of CD's between survey dates maturing in each of the eleven full months after the currect survey, and combines sales of CD's maturing in twelve or more months. are also lost by the method described above. Some sales Sales of CD's between the survey dates that mature in the remaining days of the calendar month of the current survey are ignored. However, since the minimum maturity for time deposits under current regulation's is 30 days, the time period between monthly survey dates (28 to 34 days) suggests that very few sales are loet from the series as derived in this manner. Total derived sales will differ from the change in total outstandings between survey dates by (1) the amount of CD's that have matured between surveys and (2) the amount, if any, of sales between survey dates that mature in the remaining days of the calendar month in which the current survey is taken. TECHNICAL NOTE B CALCULATION 0? AVERAGE MATURITIES OF NEGOTIABLE TIME CERL OUTSTANDINGS Average maturities of outstanding negotiable > ime certificates of deposit ere calculated on a weighted average basis. All CD's are assumed to mature in the middle of the month and those CD's maturing in the survey month—after the survey date--are assumed to mature in the middle of the period between the survey date and the end of the calendar month in which the survey is taken. The weights are the quantity of CD s maturing in each month or fraction thereof as a proportion of total CD's outstanding and the starting date for calculations is the survey date. A downward bias in the calculated average maturity develops from the fact that all CD's maturing in more than twelve months after the survey date are lumped together. All of these CD's are assumed to mature in the middle of the twelfth full month after the survey date, regardless of the actual, but unknown, maturity of the CD's maturing in more than twelve full months. SALES Average maturity of negotiable time certificates of deposit sold between survey dates are calculated in exactly the same way. That is, they are weighted averages calculated from the survey date w th the assumption made that all CD's mature in the middle of the month. Any CD's sold between survey dates and maturing in the period between the current survey date and the end of the calendar month in which the current survey was taken (a maximum of 6 days) are ignored. Technical Note B (continued) This procedure assumes all CD's sold between survey dates were issued on the moat recent survey date. While it appears more logical to assume that all CD's were sold at the mid-point between the two surveys, such an assumption"would tend to reduce comparibillty between average maturities of outstandings and of sales as a result of using two different starting dates for the calculations. If the assumption is made that all CD's are sold at the mid-point between surveys, the average maturity of sales would be lengthened relative to the average maturity of outstandings, by, in effect, using an earlier starting date for sales than for outstandings. Sales of CD's maturing in a particular month are often a large and highly variable proportion of total sales while changes in outstandings due in any particular month are a small and rather stable proportion of the level of total outstandings. As a result, the average maturity of sales is much more sensitive to month-to-month variation in the maturity structure of sales than is the case with the outstandings series. Thus, large changes In the calculated average maturity of sales. or situations In which the average maturity of sales differ sharply from the average maturity of outstandings. should be Interpreted with care and referencea should be made to actual dollar sales by month, Formulas for cslculatlon of average maturities are available on requeat from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.