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June 17, 1980 1.4.1.(731) NOT FOR PUBLICATION * » 1 0 1 u " " SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE COMMERCIAL BANKS as of May 28, 1980 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TABLE 1 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 A N D SALES O F N E G O T I A B L E T I M E C E R T I F I C A T E S OF D E P O S I T AT L A R G E C O M M E R C I A L B A N K S AS OF MAY 2 8 , i 1980 (AMOUNTS IN M I L L I O N S OF D O L L A R S ) A M O U N T O U T S T A N D I N G I C D ' S M A T U R I N G IN TOTAL 1980 1/ I | | NEW YORK C I T Y | OUTSIDE | NEW YORK C I T Y I J I I _L_ I | | SALES SINCE PREVIOUS : I TOTAL L | | NEW Y O R K C I T Y PERIOD I | OUTSIDE | NEW YORK C I T Y J 463 2,002 JUNE 23,167 5,370 17,798 8,608 1,450 7,157 JULY 17,594 5,102 12,493 2,280 466 1,814 AUGUST 10,928 2,340 8,588 SEPTEMBER-NOVEMBER (4-6 M O N T H S ) 22,722 6,669 16,053 DECEMBER-MAY (7-12 M O N T H S ) 8,307 1,506 6,801 OVER 3,444 863 2,581 88,628 22,312 66,316 19,746 5,036 14,710 AUGUST-NOVEMBER (3-6 M O N T H S ) 33,650 9,009 24,642 7,184 2,855 4,329 BEYOND NOVEMBER (OVER 6 M O N T H S ) 11,752 2,369 9,383 1,675 265 1,411 2,577 645 1,931 3.3 3.3 3.3 3.3 3.9 3.2 12 M O N T H S TOTAL 8,859 2 / 3,120 2/ 5,739 2/ MEMORANDUM: J U N E 16 TAX M A T U R I T Y AVERAGE MATURITY (IN M O N T H S ) 3/ 1/ 2/ 3/ I N C L U D E S N E G O T I A B L E C E R T I F I C A T E S OF D E P O S I T 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 I S S U E D BY B A N K S W I T H D O M E S T I C A S S E T S OF $1 B I L L I O N OR M O R E AS OF DECEMBER 31, 1 9 7 7 . S A L E S WITH M A T U R I T I E S B E Y O N D S E C O N D MONTH. F O R M U L A S FOR C A L C U L A T I O N OF A V E R A G E M A T U R I T I E S A R E A V A I L A B L E ON R E Q U E S T F R O M T H E B A N K I N G S E C T I O N , D I V I S I O N OF R E S E A R C H A N D S T A T I S T I C S , B O A R D OF G O V E R N O R S OF THE F E D E R A L R E S E R V E S Y S T E M . | 1 1 2,464 MAY 29-31 I I 1 I / TABLE 2 . MATURITY DISTRIBUTION OF OUTSTANDING AND SALES OF NEGOTIABLE T I M E CERTIFICATES OF DEPOSIT AT LARGE COMMERCIAL BANKS 1/ AS OF MAY 28, 1980 (PERCENTAGE DISTRIBUTION) A M O . U N T CD'S MATURING IN O U T S T A N D I N G I TOTAL I I OUTSIDE | I NEW YORK CITY | NEW YORK CITY J 1980 MAY 29-31 2.8 2.1 SALES SINCE P R E V I O U S PERIOD I | | I TOTAL 1 I | | NEW YORK CITY | OUTSIDE | NEW YORK C I T Y | | J I 1 - 3.0 JUNE 26.1 24.1 26.8 43.6 28.8 48.7 JULY 19.9 22.9 18.8 1 1.6 9.3 12.3 AUGUST 12.3 10.5 13.0 SEPTEMBER-NOVEMBER (4-6 MONTHS) 25.6 29.9 24.2 DECEMBER-MAY (7-12 MONTHS) 9.4 6.8 OVER 3.9 3.9 3.9 100.0 100.0 100.0 100.0 100.0 100.0 AUGUST-NOVEMBER (3-6 MONTHS) 38.0 40.4 37.2 36.4 56.7 39.4 BEYOND NOVEMBER (OVER 6 MONTHS) 13.3 10.6 14.2 8.5 5.3 9.6 2.9 2.9 2.9 12 MONTHS TOTAL 10.3 44.9 2/ 62.0 2/ 39.0 2 / MEMORANDUM: ^ 1/ 2/ JUNE 16 TAX MATURITY INCLUDES NEGOTIABLE CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF $100,000 OR MOBB ISSUED BY BANKS WITH DOMESTIC ASSETS OF $1 BILLION OR MORE AS O F DECEMBER 31, 1977. SALES WITH M A T U R I T I E S BEYOND SECOND MONTH. TABLE 3 MATURITY DISTRIBUTION OF OUTSTANDING AND SALES OF NEGOTIABLE T I K E C E R T I F I C A T E S OF D E P O S I T AT LARGE C O M M E R C I A L BANKS 1/ AS OF MAY 28, 1980 (AMOUNTS IN MILLIONS OF DOLLARS) I CD'S MATURING IN A M O U N T I | I I I I TOTAL I I I I I | O U T S T A N D I N G BANK SIZE I $1- 5 BILLION I I I (ASSETS) $5 BILLION A N D OVER | I | I | 1 1 SALES SINCE PREVIOUS PERIOD TOTAL | I I I I I (ASSETS) BANK SIZE $1-5 BILLION I | I 1 $5 BILLION AND OVER 2,464 1,398 1,066 JUNE 23,167 11,745 11,423 8,608 4,951 3,657 JULY 17,594 6,629 10,965 2,280 1,493 787 AUGUST 10,928 4,634 6,294 SEPTEMBER-NOVEMBER (4-6 MONTHS) 22,722 8,122 14,600 DECEMBER-MAY (7-12 MONTHS) 8,307 2,781 5,526 8,859 2/ 3,184 2/ OVER 12 MONTHS 3,444 596 2,848 88,628 35,905 52,723 19,746 9,628 10,118 AUGUST-NOVEMBER (3-6 MONTHS) 33,650 12,756 20,894 7,184 2,854 4,330 BEYOND NOVEMBER (OVER 6 MONTHS) 11,752 3,377 8,374 1,675 330 1,345 2,577 1,220 1,356 3.3 2.8 3.7 3.3 2.6 4.0 1980 MAY 29-31 TOTAL 5,675 2 / MEMORANDUM: JUNE 16 TAX MATURITY AVERAGE MATURITY (IN MONTHS) 3/ 1/ INCLUDES N E G O T I A B L E C E R T I F I C A T E S OF DEPOSIT IN DENOMINATIONS OF $100,000 OR MORE I S S U E D BY BANKS WITH DOMESTIC ASSETS OF $1 BILLION OR MORE AS OF DECEMBER 31, 1977. 2/ SALES WITH MATURITIES BEYOND SECOND MONTH. 3/ FORMULAS FOR CALCULATION OF AVERAGE MATURITIES ARE A V A I L A B L E ON REQUEST FROM T H E B A N K I N G S E C T I O N , DIVISION OF RESEARCH AND STATISTICS, BOARD CF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. I I I 1 1 1 ! 1 TABLE 4 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 A N D SALES OF N E G O T I A B L E T I M E C E R T I F I C A T E S OF D E P O S I T AT L A R G E C O M M E R C I A L B A N K S AS OF M A Y 2 8 , CD'S M A T U R I N G IN I I 1_ 1/ 1980 (PERCENTAGE D I S T R I B U T I O N ) A M O . U N T O U T S T A N D I N G BANK SIZE TOTAL I I I $1-5 B I L L I O N SALES SINCE PREVIOUS PERIOD (ASSETS) I | $5 B I L L I O N A N D OVER BANK S I Z E TOTAL $1-5 B I L L I O N (ASSETS) I | I $5 B I L L I O N AND OVER L 1980 MAY 29-31 2.8 2.0 3.9 JUNE 26.1 32.7 21.7 43.6 51.4 36.1 JULY 19.9 18.5 20.8 1 1.6 15.5 7.8 AUGUST 12.3 12.9 11.9 SEPTEMBER-NOVEMBER (4-6 M O N T H S ) 25.6 22.6 27.7 9.4 7.7 10.5 3.9 1.7 5.4 100.0 100.0 100.0 100.0 100.0 100.0 AUGUST-NOVEMBER (3-6 MONTHS) 38.0 35.5 39.6 36.4 29.6 42.8 BEYOND NOVEMBER (OVER 6 M O N T H S ) 13.3 9.4 15.9 8.5 3.4 13.3 2.9 3.4 DECEMBER-MAY (7-12 M O N T H S ) OVER 12 M O N T H S TOTAL 44.9 2/ 33.1 2/ 56.1 MEMORANDUM: J U N E 16 TAX M A T U R I T Y 1/ 2/ I N C L U D E S N E G O T I A B L E C E R T I F I C A T E S OF D E P O S I T IN D E N O M I N A T I O N S OF D O M E S T I C A S S E T S OF $1 B I L L I O N OR M O R E AS O F D E C E M B E R 31, 1 9 7 7 . S A L E S WITH M A T U R I T I E S B E Y O N D S E C O N D MONTH. 2.6 $ 1 0 0 , 0 0 0 OR MORE ISSUED BY B A N K S W I T H 2/ I I I .1 TABLE 5 MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT LARGE COMMERCIAL BANKS 1/ BY FEDERAL RESERVE DISTRICT AS OF MAY 28, 1980 (AMOUNTS IN MILLIONS OF DOLLARS) CD'S MATURING IN ALL DISTRICTS BOSTON I I I NEW | PHILA—| CLEVE-I RICHYORK |DELPHIA) LAND | MOND I J MAY 29-31 I I I I —J I I I ATLANTA CHICAGO I I I I I I I 1 I I L ST. | MINNB-I KANSAS] | SAN LOUIS | APOLIS| CITY | DALLAS| FRANI I I I CISCO 2,464 98 578 108 188 199 96 367 36 15 44 216 518 JUNE 23,167 1,245 6,561 818 1,523 964 602 3,638 200 361 506 2,000 4,748 JULY 17,594 797 5,674 480 890 606 276 2,894 134 353 246 1,225 4,020 AUGUST 10,928 466 2,707 397 867 546 297 1,467 83 316 93 807 2,883 SEPTEMBER-NOVEMBER (4-6 MONTHS) 22,722 865 7,281 506 1,697 587 514 2,970 132 525 242 1,862 5,540 DECEMBER-MAY (7-12 MONTHS) 8,307 58 1,627 170 845 213 158 1,105 39 108 82 756 3,146 OVER 12 MONTHS 3,444 119 937 106 166 30 25 385 3 60 24 187 1,403 88,628 3,649 25,365 2,585 6,177 3,145 1,966 12,826 628 1,739 1,238 7,052 22,259 AUGUST-NOVEMBER (3-6 ftONTHS) 33,650 1,331 9,988 903 2,563 1,133 811 4, 438 215 841 335 2,669 8,422 BEYCND NOVEMBER (OVER 6 MONTHS) 11,752 177 2,564 276 1,012 243 182 1,490 42 168 106 943 4,550 2,577 143 780 103 102 116 39 272 24 54 67 262 616 AVERAGE MATURITY (IN MONTHS) 2/ 3.3 2.5 3.2 2.9 3.6 2.5 2.9 3.1 2.5 3.3 2.5 3.3 4.0 NUMBER OF BANKS 126 9 19 7 11 13 9 15 5 3 5 8 22 TOTAL 3ANDUM: JUNE 16 TAX MATURITY 1/ 2/ INCLUDES NEGOTIABLE CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY BANKS WITH DOMESTIC ASSETS OF $1 BILLION OR MORE AS OF DECEMBER 31, 1977. WEIGHTING PROCEDURE IS THE SAME AS THAT USED FOR 'TOTAL' OUTSTANDINGS COLUMN IN TABLE 1. TABLE 6 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 N E G O T I A B L E T I M E C E R T I F I C A T E S OF AT L A R G E C O M M E R C I A L B A N K S 1/ AS O F M A Y 2 8 , C D ' S M A T U R I N G IN ALL DISTRICTS BOSTON NEW YORK I I BY F E D E R A L R E S E R V E D I S T R I C T 1980 (PERCENTAGE D I S T R I B U T I O N ) I I | PHILA-l |DELPHIAJ I I J CD <N 1980 MAY 29-31 DEPOSIT I I CLEVE-I R I C H L A N D | MOND I I ATLANTA CHICAGO ST. LOUIS L I I I I I I I 1 1 1_ I SAN | MINNE-I K A N S A S ) | | APOLIS| CITY | DALLAS I FRAN1 CISCO I I I 2.7 2.3 4.2 3.1 6.3 4.9 2.9 5.8 .9 3.6 3.1 2.3 JUNE 26.1 34. 1 25.9 31.6 24.7 30.7 30.6 28.4 31.9 20.8 40.9 28.4 21.3 JULY 19.9 21.9 22.4 18.6 14.4 19.3 14.0 22.6 21.4 20.3 19.9 17.4 18. 1 AUGUST 12.3 12.8 10.7 15.4 14.0 17.4 15.1 1 1.4 13.3 18.2 7.5 11.4 13.0 SEPTEMBER-NOVEMBER (4-6 M O N T H S ) 25.6 23.7 28.7 19.6 27.5 18.7 26.1 23.2 21.0 30.2 19.6 26.4 24.9 DECEMBER-MAY (7-12 MONTHS) 9.4 1.6 6.4 6.6 13.7 6.8 8.0 8.6 6.2 6.2 6.6 10.7 14.1 OVER 3.9 3.3 3.7 4.1 2.7 1.0 1.3 3.0 .4 3.4 1.9 2.7 6.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 AUGUST-NOVEMBER (3-6 M O N T H S ) 38.0 36.b 39.4 34.9 4*i .5 36.0 41.3 34.6 34.3 48.4 27.1 37.9 37.8 BEYOND NOVEMBER (OVER 6 MONTHS) 13.3 4.9 10.1 10.7 16.4 7.7 9.3 11.6 6.7 9.7 8.5 13.4 20.4 2.9 3.9 3.1 4.0 1.6 3.7 2.0 2.1 3.9 3.1 5.4 3.7 2.8 12 M O N T H S TOTAL MEMORANDUM: J U N E 16 TAX M A T U R I T Y 1/ I N C L U D E S N E G O T I A B L E C E R T I F I C A T E S OF DEPOSIT IN D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR D O M E S T I C A S S E T S OF $1 B I L L I O N OR MORE AS O F DECEMBER 3 1 , 1 9 7 7 . MORE ISSUED BY B A N K S W I T H TABLE 7 S A L E S OF 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 S I N C E P R E V I O U S M O N T H AT L A R G E C O M M E R C I A L B A N K S 1/ BY F E D E R A L R E S E R V E D I S T R I C T AS OF M A Y 28, 1980 (AMOUNTS IN M I L L I O N S OF D O L L A R S ) ALL DISTRICTS C D ' S M A T U R I N G IN BOSTON NEW YORK I I I I I I | PHILA-I C L E V E - I R I C H |DELPHIA) LAND | MOND I J I _i ATLANTA CHICAGO I 1 I I I I I I J L J 1 ST. LOUIS | MINNS-| KANSASI | SAN | APOLIS| CITY | D A L L A S | F R A N | | | | CISCO I 1- JUNE 8,608 447 1,964 330 638 323 198 1,470 62 213 267 817 1,879 JULY 2,280 124 575 122 260 140 56 283 22 92 57 222 328 A U G U S T OR LATER 8,859 259 3,429 283 393 310 173 974 78 235 115 552 2,058 19,746 829 5,968 735 1,291 773 427 2,727 161 540 439 1,591 4,265 7,184 265 3,143 249 277 294 164 900 75 198 85 508 1,025 1,675 -6 286 34 116 16 9 74 3 38 30 43 1,033 3.3 2.3 3.6 2.9 2.9 2.8 3.1 3.2 2.5 TOTAL MEMORANDUM: AUGUST-NOVEMBER (3-6 M O N T H S ) BEYOND NOVEMBER (OVER 6 MONTHS) AVERAGE MATURITY (IN M O N T H S ) 3/ 1/ 2/ 3/ 2/ 2.8 2.6 I N C L U D E S N E G O T I A B L E C E R T I F I C A T E S OF D E P O S I T 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 I S S U E D BY B A N K S W I T H D O M E S T I C A S S E T S OF $1 B I L L I O N OR M O R E AS O F DECEMBER 31, 1 9 7 7 . D E T A I L S MAY NOT A D D TO T O T A L S D U E TO R O U N D I N G . N E G A T I V E V A L U E S , FOR S O M E D I S T R I C T S , S O M E T I M E S R E S U L T FROM T H E P R O C E D U R E T H A T E S T I M A T E S S A L E S FOR T H E 7 T H M O N T H OF THE T O T A L OF 7 - 1 2 M O N T H M A T U R I T I E S OF T H E P R E V I O U S S U R V E Y . T H E S E E S T I M A T E S A R E B A S E D ON A R A T I O OF THE 7TH M O N T H TO THE T O T A L OF 7 - 1 2 M O N T H S FOR ALL R E P O R T E R S R A T H E R T H A N FOR T H E I N D I V I D U A L D I S T R I C T S . W E I G H T I N G P R O C E D U R E IS T H E S A M E AS T H A T USED FOR 1 T O T A L f S A L E S C O L U M N IN T A B L E 1. 2.6 4.2 TABLE 8 S A L E S OF N E G O T I A B L E T I M E C E R T I F I C A T E S OF D E P O S I T S I N C E P R E V I O U S M O N T H AT L A R G E C O M M E R C I A L B A N K S 1/ BY F E D E R A L R E S E R V E D I S T R I C T AS OF M A Y 2 8 , C D ' S M A T U R I N G IN I | | | I ALL DISTRICTS | i I I I I I • NEW YORK I BOSTON* I 1 | 1 1980 I 1 I 1 I I | PHILA-I CLEVE-I RICH|DELPHIAI LAND J MOND I I I I I 1 I I I I | 1 ST. |ATLANTA C H I C A G O | LOUIS 1 I 1 1 I I I I 1 I I I I MINNE-I K A N S A S ! 1 SAN CITY | DALLAS| FRAN| APOLIS| 1 CISCO I I I 1 1 V I JUNE 43. 6 53.9 32.9 44.9 49.4 41.8 46.5 53.9 38.4 39.4 60.8 51.4 44.1 JULY 1 1. 6 14.9 9.6 16.6 20.1 18.1 13.1 10.4 13.5 17.0 13.0 14.0 7.7 A U G U S T OR LATER 44. 9 31.2 57.5 38.5 30.5 40.2 40.5 3 5.7 48.1 43.6 26.2 34.7 48.3 100. 0 100.Q 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 36. 4 31.9 52.7 33.8 21.5 38.1 38.4 33.0 46.3 36.6 19.4 32.0 24.0 8. 5 -.7 4.8 4.7 9.0 2.1 2.1 2.7 1.8 7.0 6.8 2.7 24.2 TOTAL MEMORANDUM: AUGUST-NOVEMBER (3-6 M O N T H S ) BEYOND NOVEMBER (OVER 6 MONTHS) 1/ I N C L U D E S N E G O T I A B L E C E R T I F I C A T E S OF D E P O S I T IN D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 0E D O M E S T I C A S S E T S O F $1 B I L L I O N OR M O R E AS OF D E C E M B E R 3 1 , 1 9 7 7 . D E T A I L S MAY N O T A D D T O T O T A L S DUE TO R O U N D I N G . M O R E I S S U E D BY B A N K S W I T H I I 1 1 ; 1