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% - L.4.1 CONFIDENTIAL (FR) August 23, 1976 SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE WEEKLY REPORTING BANKS as of July 28, 1976 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TABLE 1 1/ MATURITY D I S T R I B U T I O N OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF OfcPGSIT AT WEEKLY REPORTING BANKS AS OF 28 JUL 19?o 'AlUKlNG IN l<7t JULY 29 - 31 AMOUNT (MILLIONS OF DOLLARS) PERCENTAGE DISTRIBUTION CUMULATIVE PERCENTAGE SALbS SINLt PREVIOUS MONTH >/ (MILLIONS L-F DOLLARS) *,056.3 3.0 3.0 AUGUST 20,452.4 30.1 33.r 7,83^.7 SEPTEMBER 12,186.3 17.9 51.0 2,694.9 .U OCTOBER 9,437.5 13.9 64. 9 3,530.4 NOVEMBER 5,997.6 8.8 73.7 699.1 DECEMBER 5,760.6 6.5 82.2 656.3 4,347.4 6.4+ 68.6 2» 475•t 1,171.0 1.7 90.3 162.6 MARCH 1,173.9 1.7 92.0 72.v APRIL 1,269.5 1.9 93.9 lfc3.7 MAY 477.7 .7 94.6 i5.2 JUNE 828.2 1.2 95.8 lUl.6 JULY 768.1 1.1 96.9 647.8 3/ 1,981.7 i.9 100.0 XXX 67,908.6 100.0 XXX 19,265.1 1977 J A N U A R Y FEBRUARY OVER 12 M O N T H S TOTAL 1MEMORANDUMS TAX AND D I V I D E N D M A T U R I T I E S ) 1/ 2/ 3/ l | S E P T E M B E R 10 SEPTEMBER 15 506.6 1,292.0 .7 1.9 XXX XXX 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 JUL 19 76 (IN MILLIONS OF DOLLARS) ALL OTHER WEEKLY REPORTING BANKS CHICAGO NEW YORK CITY SALES SINCE PREVIOUS MONTH 2/ AMOUNT SALfcS SINCE PREVIOUS MONTH 2/ AMOUNT 19?6 JUL 29 - JUL 31 577.5 .0 295.4 .0 1,183.5 .0 AUGUST 6,327.2 1,922.1 2,327.5 903.0 11,797.7 5,007.6 SEPTEMBER 4,859.3 939.3 1,061.5 237.3 6,265.6 1*718.5 OCTOBER 4,002.2 1,305.5 768.3 274.3 4,667.0 1,950.5 NOVEMBER 2,661.5 235.8 403.9 40.9 2,932.4 422.4 DECEMBER 2,407.5 190.0 465.3 77.9 2,888.0 39U.3 1,518.7 It 188.2 566.0 198.3 2,262.8 1,089.2 1977 JANUARY SALES SINCE PREVIOUS MONTH 2/ AMOUNT CD'S MATURING IN FEBRUARY 266.3 57.4 180.0 22.6 724.7 82.8 MARCH 234.0 20.1 208.9 12.4 731.0 40.3 APRIL 174.3 21.2 365.2 42.0 729.9 100.4 46.2 9.8 26.7 2.7 404.8 12.7 JUNE 163.4 25.9 164.9 19.4 499.9 56.3 JULY 64.0 39.2 /3 266.1 MAY 376.0 /3 427.5 XXX 221.4 XXX 1,332.8 XXX 5,954.5 7,323.1 2,063.4 36,856.1 11,247.0 10 NUMBER OF REPORTING BANKS SEPTEMBER 10 SEPTEMBER 15 246.4 524.0 218 12 1MEMORANDUMS 88.5 81.8 TAX AND DIVIDEND MATURITIES) 37.1 111.8 7.3 16.7 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATION OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX A. 3/ SALES OF CD'S MATURING AFTER 11 MONTHS. » TOTALS MAY NO! ADD DUE TO ROUNDING. 436.0 23,729.6 OVER 12 MONTHS TOTAL * 232.6 /3 223.0 656.2 124.7 136.6 ^ TABLE 2B 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES UF DEPOSIT tl NEW YORK CITY, CHICAGO, AND ALL OTHcR WEEKLY REPORTING BANKS AS OF 28 JUL 1976 AND 30 JUN I97t> (PERCENTAGE DISTRIBUTION) NTW YORK CITY CD'S MATURING IN 0-6 DAYS 2/ 2b JUL 30 JUN .0 2.4 ALL DThcR CHICAGO 26 JUL 4.0 jO JUN 28 JUL 30 JUN .0 3.2 .0 32.0 36.5 27.7 31. ti 40.0 20.5 18.5 14.5 17.2 17.0 17 .6 0 3 MONTHS 16.9 16.5 10.5 1U.0 12.7 11.8 0* MONTHS 11.2 11.3 5.5 6.0 8.0 7.1 01 MONTHS 3/ 2o. 7 02 MONTHS 05 MONTHS 10.1 10.2 6.4 4.4 7.8 6.5 06 MONTHS 6.4 9.3 7.7 4.7 6.1 6.5 0 7 MONTHS i.l 1.4 2.5 4.4 2.0 3.0 Ob MONTHS 1 .0 .9 2.9 1.9 2.0 1.7 09 MONTHS .7 .9 5.0 2.4 2.0 1.8 10 MONTHS .2 .6 . 4 3.9 1.1 1.6 11 MONTHS .7 .2 2.3 .3 1.4 1.0 12 MONTHS .3 .6 3.7 l.b 1.2 1.2 1.8 1.9 3.0 3.1 3.6 3.6 100.0 100.0 100.0 100 .0 OVER 12 MONTHS TOTAL * 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 AUD 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 JUL 1976 AND 30 JUN 1976 CCUMULATIVE DISTRIBUTION) CHICAGO NEW YORK CITY CD'S MATURING IN )—6 DAYS 2/ 01 MONTHS 3/ 28 JUL 30 JUN 28 JUL ALL OTHER 30 JUN 28 JUL 30 JUN 2.4 .0 4.0 .0 3.2 .0 35.8 40.0 35.2 36.5 29.1 27.7 02 MONTHS 49.6 46.2 50.3 57.2 52.2 54.1 0 3 MONTHS 66.5 62.7 60.8 67.2 64.9 65.9 0 4 MONTHS 77.7 74.0 66.3 73.2 72.9 73.0 05 MONTHS 87.8 84.2 72.7 77.6 80.7 79.5 06 MONTHS 94.2 93.5 80.4 82.3 86.8 86.0 07 MONTHS 95.3 94.9 82.9 86.7 88.8 89.0 08 MONTHS 96.3 95.8 85.8 88.6 90.6 90.7 09 MONTHS 97.0 96.7 90.8 91.0 92.8 92.5 10 MONTHS 97.2 97.3 91.2 94.9 93.9 94.1 It MONTHS 97.9 97.5 93.5 95.2 95.3 95.1 12 MONTHS 96.2 98.1 97.2 97.0 96.5 96.3 100.0 100.0 100.0 100.0 100.0 100.0 ER 12 MONTHS 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. * TABLE - A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME C E R T I F I C A T E S OF DEPOSIT AT WEEKLY REPORTING BANKS bY S I Z E OF feANKS 2 / AS OF 28 JUL 1*76 (AMOUNTS IN MILLIONS OF D O L L A R S ) $5 in $500 MILLION AND UNDER IUTAL $500 MILLION TO $1 BILLION $1 blLLION TO $5 BILLION 1/ BILLIUN TOTAL YORK CITY ,r z 31 Si--IE- UVTK OUTSlLt NEW ^ AND NEW YUKK CITY /,u56.3 134.8 209.6 55V.V 1 ,151 .8 539.9 ell.4 2u,452.4 1,047.1 1,960.5 t>,487.6 10,957.2 5,832.4 5,124.c 12,186.3 585.5 1,039.6 3,659.3 6*901.9 4,3b5.7 2,>16.2 f CT-'hE - 9,*37.5 389.0 747.4 2 ,6 36.8 3,775.4 1,666.9 •\ciVcit 5,497.7 2 36,3 309,8 1,355.3 4,096.3 2,555.4 1,540.4 Ctu-^ih 5,760.7 198.1 312.8 1,468.7 3,761.1 2,305.7 1 ,475.4 4,347.5 172.1 283.2 l,0t>o.3 2,835.9 1,478.3 l,357.c 1,171.1 44.8 86.5 326.8 711.0 233.7 477.3 MARCH 3,173.9 46.9 84.4 284.7 757.9 203.2 554.7 APRIL 1,269.4 51.7 102.4 375.1 740.2 lo2.2 578.0 MAY 477.8 32.5 57.0 124.1 264.2 41.8 ^22.4 JUNE 828.2 43.9 78.7 223.1 482.5 15b.5 324.0 JULY 768.2 4b.2 84.6 lo7.5 447.9 59.6 368.3 197? JANUARY f uBRUARY AUGUST OR LATER TOTAL * ————— 5,664.3 1,961.7 49.3 82.9 504.0 1,345.5 *16.2 929.3 67,908.7 3,080.2 5,439.6 19,251.2 40,137.7 22,148.0 17,989.7 —— —— —— C MEMORANDUMS TAX A N D DIVIDEND MATURITIES) — — — — — — — — — — — — — — — — — — — — — — — — ——— SEPTEMBER 10 506.5 20.0 27.8 143.o 315.1 2M.7 73.4 SEPTEMBER 15 1,292.1 42.6 79.0 389.0 781.5 459.1 322.4 17 7 10 (MEMORANDUM: 240 79 NUMBER OF B A N K S ) 61 83 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 $100,000 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 3 0 , 1975. * T O T A L S MAY N O T A D D DUE TO R O U N D I N G . SALES /!/ 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 DEPOSIT SINCE PREVIOUS MONTH AT WEEKLY REPORTING B A N K S BY SIZE OF BANKS 3/ AS OF 48 JUL 1976 (AMOUNTS IN M I L L I O N S OF DOLLARS> TABLE 3B 2/ $5 BILLION AND OVER C D ' S M A T U R I N G IN 1976 JUL TOTAL $500 MILLION A N D UNDER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 29-31 AUGUST 7,832.6 517.9 1,009.0 2,828.8 3,476.9 1,644.8 1,832.1 SEPTEMBER 2,894.9 192.8 378.4 1,019.5 1,304.2 819.6 484.6 OCTOBER 3,530.4 168.6 401.4 1,070.9 1,889.5 1,215.6 673.9 NOVEMBER 699.1 50.1 60.2 255.4 333.4 197.8 135.6 DECEMBER 658.2 37.4 64.7 175.6 380.5 177.8 202.7 2,475.7 68.6 139.4 583.7 1,664.0 1,157.4 506 .6 1977 JANUARY 162.9 4.9 5.5 58.0 94.5 57.2 37.3 MARCH 72.9 1.5 7.5 39.9 24.0 10.2 13.8 APRIL 163.7 2.6 11.2 72.8 77.1 15.8 61 .3 25.4 1.3 4.8 >.9 13.4 9.6 3.b 101.7 2.5 8.6 30.9 59.7 25.4 34.3 FEBRUARY MAY JUNE JULY OR LATER TOTAL * 647.8 34.9 51.7 136.8 424.4 34.9 389.5 19,265.3 1,103.1 2,142.4 6,278.2 9,741.6 5,366.1 4,375.5 — (MEMORANDUM: TAX A N D DIVIDEND M A T U R I T I E S ! SEPTEMBER 10 220.5 10.7 17.7 79.4 112.7 65.6 27.1 SEPTEMBER 15 235.3 7.3 19.1 85.6 123.3 74.3 49.0 (MEMORANDUM: 240 1/ 2/ 3/ * 79 61 NUMBER OF B A N K S ) 83 17 SEE TECHNICAL APPENDIX A . 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 $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY R E P O R T I N G B A N K S . TOTAL ASSETS AS R E P O R T E D IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1975. TOTALS MAY NOT A D D DUE TO R O U N D I N G . 10 MAIUKITY 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 AT W E E K L Y R E P O R T I N G B A N K S B Y S I Z E UF B A N K S 2 / AS OF 2 6 J U L 1 9 7 6 PERCENTAGE DISTRIBUTION OF DEPOSIT S5 TUTAL S5CC MILLION AND UNDER 5500 SI MILLION TO BILLION BILLION TO Si> B I L L I O N 1/ BILLION TOTAL NEW Y O R K CITY CUTSLDFC N t * rURi\ CITY 4.4 3.9 2.9 2 .9 2.4 3.4 30.1 34.0 36.0 33.7 27.3 26.3 2b.5 It.0 10.5 17.V 19.0 19.1 IV.0 17.2 19.D H . 9 12 mO 13.7 13.7 14.1 17.U 7.7 5.7 7.0 10.2 11.5 8.6 10.4 6.2 6.7 7.5 6*4 5.8 7.6 9.4 5.6 5.2 5.5 7.1 1.7 1.5 1.6 1.7 1.8 1.1 z-? MARCH 1.7 1.5 1.6 1.5 1 .9 0.9 3.1 APRIL 1.9 1.7 1.9 1 .9 1.8 0.7 3.2 MAY 0.7 1.1 1.0 0.6 0.7 0.2 1.2 JUNE 1.4 1.4 1.4 1.2 1.2 0.7 l.ti JULY 1.1 1.6 1.6 1.0 1 .1 0.3 2.2 AUGUST OR L A T E R 2.9 1.6 1.5 2.6 3.4 1.9 5.2 100.0 100.0 OcCi^-Ek O.5 JANUARY FEBRUARY 100.0 * 100.0 SEPTEMBER 10 0.7 0.6 0.5 0.7 SEPTEMBER 15 1.9 1.4 1.5 2.0 TOTAL — 1/ 2/ * GVTR 3.0 6.6 1977 AND SI 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 TOTAL ASSETS A S R E P O R T E D IN THE C A L L TOTALS MAY NOT ADD DUE TO ROUNDING. (MEMORANDUM: TAX OF $ 1 0 0 , 0 0 0 OA M O R E R E P O R T OF C O N D I T I O N AND DIVIDEND 100.0 100.0 100.0 0.8 1.1 0.4 1.9 2.1 1.8 MATURITIES) ISSUED BY WEEKLY REPORTING ON JUNE 30, 1975. BANKS. MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/ AS OF 26 JUL 1976 CUMULATIVE PERCENTAGE TABLE 3D $5 BILLION AND OVER CD'S MATURING IN 1976 JUL 29-31 AUGUST TOTAL S500 MILLION AND UNDER $500 MILLION TO SI BILLION SI BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 3.0 4.4 3.9 2.9 2.9 2.4 3.4 33.1 38.4 39.9 36.6 30.2 28.7 31.9 SEPTEMBER 51.0 57.4 59.0 55.6 47.4 48.5 45.9 OCTOBER *4.9 70.0 72.7 69.3 61 .5 65.5 56 . 4 NOVEMBER 73.7 77.7 76.4 76.3 71.7 77.0 65.0 DECEMBER ei.i 87.4 73.2 88.2 94.1 80.7 1977 JANUARY FEBRUARY 82.2 84.1 84.2 83.9 38.6 89.7 89.4 89.4 90.3 91.2 91.0 91.1 90.0 95.2 83.4 92.6 91.9 96.1 86.5 93.7 96.8 89.7 MARCH 92.0 92.7 92.6 APRIL 93.9 94.4 94.5 94.5 MAY 94.6 95.5 95.5 95.1 94.4 97.0 90.9 JUNE 95.6 96.9 96.9 96.3 95.6 97.7 92.7 JULY 96.9 98.5 98.5 97.3 96.7 98.0 94.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 AUGUST OR LATER 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 AUD DUE TO ROUNDING. SALcS /!/ OF N E G O T I A B L E TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 28 JUL 1976 PERCENTAGE DISTRIBUTION TABLE 3E S5 B1LLION AND OVER CD'S M A T U R I N G IN 1*76 JUL TUTAl $500 MILLION AND UNDER S500 MILLION TO SI BILLION SI BILLION TU S5 BILLION NEW YORK CITY OUTSIDE NEW YORK CITY 30.7 41.9 29-31 AUGUST 40.7 46.9 47. 1 45.1 35.7 SEPTEMBER 15.0 17.5 17.7 16.2 13.4 15.3 11.1 OCTOBER 16.3 15.3 16.7 17.1 19.4 22 .7 15.4 NOVEMBER 3.6 4.5 2.8 4.1 3.4 3.7 3.1 DECEMBER 3.4 3.4 3.0 2.8 3 .9 3.3 4.C 12.9 8.0 6.5 v .3 17.1 21.6 1977 J A N U A R Y 11 .6 FEBRUARY 0.8 0.4 0.3 0.9 1 .0 1.1 0.9 MARCH 0.4 0.1 0.4 0.6 0.2 0.2 0.3 APRIL 0.8 0.2 0.5 i .2 0.8 0.3 1.4 MAY 0.1 0.1 0.2 0.1 0.1 0.2 0.1 JUNE C .5 0.2 0.4 u .5 0 .6 0.5 C.B 3.4 3.2 2.4 2.2 4.4 0.7 d•9 100.0 100.0 LOU .0 100.0 100.0 100.0 1.3 1.2 1.6 0.6 1.4 1.3 1 .4 1.1 JULY OR LATER TOTAL » 100.0 (MEMORANDUM: SEPTEMBER 10 1.1 1.0 SEPTEMBER 1:> 1 .2 0.7 TAX AND D I V I D E N D M A T U R I T I E S ) 0.8 0.9 (MEMORANDUM: 79 1/ 2/ 3/ » TOTAL NUMBER UP B A N K S ) 61 83 17 SEE TECHNICAL APPENDIX A . INCLUDES CERTIFICATES IN DENOMINATIONS OF S100,000 OR MORE ISSUED BY WEEKLY REPORTING B A N K S . TOTAL ASSETS AS REPORTED IN T*-»E CALL REPORT OF CONDITION ON JUNE 30, 1975. T O T A L S MAY NOT A D D DUE TU R O U N D I N G . TABLE <*A AVERAGE MATURITY OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES UF DEPOSIT 1/ AT WEEKLY REPORTING BANKS AT VARIOUS SURVEY DATES (IN MONTHS) DATE OF SURVEY BANK CLASSIFICATION 28 JUL 1976 3u JUN 1976 26 MAY 1976 (BY LOCATION) ALL R P O K U N G BANKS ISSUING CD'S NFW YuRK CITY C' • IC AGO 2.7 3.5 CIhB R 3.1 2.9 3.0 2.K 2.8 3.0 3.L 3.3 3.1 CBY SIZE OF BANK) 2/ UNOt k 1500 MILLION 2.7 2*7 2 »fc 2.6 11,000-15,000 MILLION 2.8 2.8 2.8 C'VtH 3.2 3.0 3.2 IN NtW YORK CITY 2.7 d.h 2.6 OUTSIDE NEW YORK CITY 3.7 3.3 3.7 $3 B I L L I O N INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE 2/ TOTAL 2.6 *500-11,000 MILLION 1/ ASSETS 2.7 ISSUEu BY WEEKLY REPORTING BANKS. AS REPORTED 3N THt CALL REPORT OF CONDITION UN JUNc 30, i975. TABLE: 48 AVERAGE MATURITY OF NEGOTIABLE flME CERTIFICATES OF DEPOSIT 1/ SOLO BY WEEKLY REPORTING BANKS DURING THE MONTH OF VARIOUS SURVEYS (IN MONTHS) OATt OF SURVEY BANK CLASSIFICATION 28 JUL 1976 3G J UN 197b 26 MAY 1976 (BY LOCATION) ALL REPORTING BANKS ISSUING CD'S 2.6 2.4 2.5 NEW YORK CITY 2.7 3.0 2.6 CHICAGO 3.3 2.2 2.0 OTrtt R 2.4 2.2 2.4 (BY SIZE OF BANK) 2/ UNDER $500 MILLION 2.2 2.3 2.1 »*00~*1,000 MILLION 2.1 2.C 2.0 $1,000-S5,000 MILLION 2.3 2.2 2.0 OVER S5 BILLION 2.9 2.6 2.9 IN NEW YORK CITY 2.8 3.1 2.9 OUTSIDE NEW YORK CITY 3.1 2.2 2.8 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 UN JUNE 30, 1975. N O T E — S E E TECHNICAL APPENDIX fa. TABLE >A 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 JUL 1976 30 JUN 197b 26 MAY 197b ALL BANKS ISSUING CD'S 19.1 18.8 19.2 UNDER 500 13.5 12.7 13.5 500 - 10G0 14.9 13.9 1&.5 1000 - 5000 15.3 14.9 15.5 OVtfc 5C00 23.5 23.4 23.7 IN NEW YORK CITY 27.8 25.4 27.6 OUTSIDE NEW YORK CITY 19.7 21.5 20.1 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF SiOO,GOO OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NUTL- ASSETS AS REPORTtD IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. DEPOSITS IN Tut DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U.S. GOVERNMENT DEPOSITS. TABLE 53 RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AS OF 26 JUL 1976 (NUMBER OF BANKS > IOTAL UN Assets 2/ MILLIONS Of OOLLA»S# St OH LESS 5 TO 104 ALL BANKS ISSUING CD'S 44 42 UNDER 500 lb 19 StiO - 1000 12 1000 - *1*00 10 TO 15* 15 TO 2vt 2C TD 25% 2 5% OR MORE AVERAGE CO TO DEPOSIT RATIO (PER CENT) 31 39 19.1 15 11 9 13.5 13 li ? 10 14.V 16 10 14 10 12 15.3 0 0 *• 3 6 23.5 IN NEW V0»K CITY 0 0 1 2 27.6 3UTS1B* NEW VOM* CI IV 0 0 3 1 19.7 OVER 6000 38 <a 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100*000 OK HURFC ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE iJ. 1975. DEPOSITS IN INE O E N O M I N A T E OF iNfc RATIO IN ThIS T*BLt ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERSAUK AND U.S. GOVERNMENT DEPOSITS. TABLE 5C PiR CINT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 30 JUN 197b TO /B JUL 1976 (NUMBER OF BANKS 1 INCREASES OF DECLINES OF TOTAL ASSETS 2 / UN MILL IONS OF HOLLAR SI REDUCED CD'S TO ZERO LOT OR MORE 5 TO lOt 5 * OK LESS NO CHANGE b% OR LESS —— ISSUED CD'S BUT 10% OR HAD NONE OUT STANDMORE ING ON BASE DATE 5 TO 10% ALL BANKS ISSUING CO** I 31 20 40 10 57 37 45 0 tWOER 500 0 11 U o 7 23 15 15 C * 6 0 - 1000 1 5 6 12 1 11 11 15 0 1000 - $000 0 11 12 14 2 21 9 14 0 OVER 5000 0 4 2 t> 0 <: 2 1 0 0 0 1 3 0 1 1 1 0 0 4 3 0 1 1 0 0 IN NEW YORK CITY OUTSlOi NEW YORK CITY TOTAL ASSETS ,000 OR MORE O o gf NOTE- o 1/ INCLUDES CERTIFICATE^ IN DENOMINATIONS 1 ISSUED BY WtEKLY REPORTING 0 ANKS. AS RfcFORTEO IN THE CALL REPOITT OF CONDITION CN JUNL 3U, 1975. THE NUMbER OF BANKS IN THIS TABLE DIFFERS FROM THOSE IN MOST OTHtR TABLES TO THE EXTENT THAT BANKS THAT H A D OUTSTANDING C D ' S ON THE LAST SURVEY REDUCED THtik OUTSTANDINGS TO ZERO ON THIS SURVEY. TABLE 50 PER C T N ? C H A N G E IN O U T S T A N D I N G NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 28 APR 197b 10 28 JUL 1976 1NUMBER OF BANKS I O E P O S 1 1 S /d FCIU IIN * : i t : O N $ O# D O L L A R S ! REDUCED L k ' S . St OR 10 "ORE IIKO INCREASE OF D E C L I N E S OF 20 TO 25S 10 TO 15% 5 TU 10* 5% UK LCSS 24 26 33 9 5 9 6 6 4 IS TO 20t Alt B A N * 1 ISSUING CD'S 0 17 UNDER 5 0 0 0 9 *00 - 1000 0 I 1000 - 5 0 0 0 0 1 I I b OVER 5 0 0 0 6 0 C 0 3 IN NEW YORK CI1Y 0 0 0 0 O U T S I D E N E W YORK C I T Y 0 0 0 0 3 0 12 NO LUMANBFC 5% UK LESS 6 5 TO 10% 10 10 15% 20 TU 2 5% 15 TO 20% 23 11 14 9 20 1 ** 11 8 4 3 2 7 0 12 2 1U 6 2 4 3 5 1 IS 11 0 15 6 4 3 6 0 2 1 v 5 3 1 1 1 0 0 1 U i 0 3 1 1 0 0 0 0 2 2 u 0 2 0 1 1 c c to 1/ I N C L U D E S C E R T I F I C A T E S IN O E N U N I N A T I O N S OF $ 1 0 0 * 0 0 0 OR MTIRC IBSUED BY WTEKLY REPORTING BANKS 2/ TOTAL NOTE- ASSETS 25% OR MORE ISSUED CD' S BUT HAD NONE OUT STANDING ON BASE DATE . AS R E P O R T E D IN THE CALL REPORT OF CONDITION UN JUNE 30, 1975. THE NU*a&k OF BANKs IN THIS TABLE DIFFERS F R O M 1HUSE I N MOST OTHER TABLES TO THE EXTENT THAT BANKS THAI H A D OUT STANDING C D ' S UN TMfc SURVEY THREE MONTHS PRIOR TO THE CURRENT SURVEY, REDUCED TRTEIR O U T S T A N D I N G S 10 Z t - a . TABLE 5E CHANG I: IN OUTSIANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER THE MONTH AS A PEK CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 3 0 JUN 1976 10 26 JUL 1976 CNUMBfcK OF 6ANKS) I1N MILLIONS OF DOLLARS) ALL BANKS ISSUING CD'S INCREASES OF DECLINES OF TOTAL ASSETS 2 / 3T AND OVER 2 TO 1* 1 TO 2% IX AND LESS NO CHANGE 1% AND LESS 1 TO 2% 3% AND OVER 2 TO 3% 18 55 10 92 27 UNDER 500 1 14 7 34 9 7 SCO - 1000 5 15 1 24 7 4 1000 - 5000 9 Zl 2 32 6 1 OVER 5000 3 5 O 2 3 0 IN NEW YOkK CITY 2 2 0 1 2 0 OUTSIDE NEW YORK tITY 1 0 1 1 0 12 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 Ok HOkfc ISSUbD BY WEEKLY REPORTING BANKS. 2 / TOTAL NOTE- ASSETS AS R E P L I E D IN ThE CALL REPORT OF CONDITION ON JUNE 30, 1975. DEPOSITS IN THc DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND T I ME DEPOSITS, INCLUDING INTERBANK AND U.S. GOVERNMENT DEPOSITS. TABLE SF IN CV1S1SN0IN0 M T G O W A G L T TIME CERTIFICATES OF DEPOSIT 1/ OVEH 1HE IAS1 TNREE MONTHS AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING UF IHE PERIOD 2# APR 1976 TO g# JUL 1976 CXTLMBTK UF SANK!, 1 *f% «:LLlO%S Of COLLARS# INCREASES C>F DECLINES OF TOTAL ASSETS </ AMD OVER j 10 «.* TO SS 2 TO 3f 1% AND LfcSS 1 TU 2* Nw CrtANGt 11 AND UNOEK 1 TL 24 i*. 10 b% 3 TO 4% 2 TO 3% 5% AND uVtk AIL H N K S I S W l N b CD»S 2 7 3 15 3TT SI b 53 30 13 11 5 6 ONDLR 600 0 * 1 6 12 lt> 4 17 9 4 2 2 2 *00 - 1000 1 1 0 4 7 lo 1 13 11 1 1 Z 2 5 5 1 2 3 3 0 0 1000 - SOCG 1 2 2 3 15 IV 0 18 10 OVER *00® 0 0 0 2 4 0 0 5 0 0 0 0 0 2 0 0 3 0 1 1 0 0 2 0 2 2 u 0 IN NEW YORK CITY 0U1S10E NEW YORK C U V 0 0 0 2 2 a 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS UF $100,000 OK MORE ISSUED BY WfcEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS *E*OATtO IN THE CALL REPORT OF CONDITION ON JUNt 30, 1975. DEPOSITS IN THt DENOMINATOR OF THE RATIO IN THIS TABLE ARK TOTAL UEHANO AND TIMfc OtPQSITS, INCLUDING INTERBANK AND U.S. GOVERNMENT DEPOSITS. TABLlr OA W A i m t m OlSiASBVtSON OF OUTSTANDING NEGOTIABLE UMfc CERTIFICATES CF DEPOSIT 1/ At WEEKLY REPORTING HANKS BY FEDERAL He SERVE DISTRICT AS OF 28 JUL 1976 (AMOUNTS IN MILLIONS OF DOLLARS) t e n *Atyi4im» %m ALL 01$IlICTS BOSTON <0H. 1 61.4 AWL 20452.4 SI* S2Se».4 let* JUL i t - m ii act my 4997.9 ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 375.6 3C.7 11.5 63.2 152.6 395.1 869.9 3173.7 240.0 116.1 607.0 1462.7 3399.3 425.8 1576.3 166.3 46.9 284.8 717.6 1803.2 364.1 1295.9 94.2 25.9 218.2 536 .8 1222.7 175.1 267.7 596.5 72.9 39.7 92.4 242.4 1085.6 161.1 202.5 712.5 91.9 41.7 67.9 325.6 904.0 160.5 689,9 67.4 24.9 73.3 376.5 785.7 PHILADELPHIA CLEVELAND 635.5 60.5 69.5 *70.* 7116.2 917.9 991.6 567.1 555.# 52:8.0 473.7 538.8 475.2 399.6 4220.2 374.6 414.5 253.7 159.0 2742.3 252.3 272.0 181.4 32U.1 130.7 186.7 153.4 HEW YORK RICHMOND ATLANTA 74.4 121.1 CHICAGO DEL »7**.B 237.6 2514,5 1911 JAN +3*7.3 109.2 1567.1 FEB 1111,1 69,3 267.7 20.0 56.8 28.2 39.5 736.6 14.6 27.3 17.2 76.3 296.4 43.3 57.2 14.5 54.4 246.4 22.5 3.3 32.1 59.7 347.6 *8.0 106.* <1.1 47.6 407.4 17.4 2.2 31 .3 119.4 268.7 MA* SlHeO 45.1 242.9 APS 12o*.+ JO.6 189.3 MAY #77.8 11.9 60.1 23.9 24.2 9.7 25.1 43.6 6.4 J. i 20.7 36.7 205.4 5S.1 42.5 47 . 6 34.0 164.5 15.0 2.9 22.9 50.0 160.1 38.5 32.2 9.4 25.9 286.1 5 .1 1.1 31.9 126.2 121.0 53.U 239.5 37.ti 17.5 3V.3 34.9 539.1 2727.4 10066.7 884.5 366.1 1602.2 3.2 2.7 JUN 626.2 31 .1 176.7 JUL 76%.z 18.2 70.6 120,9 441.3 115.1 aoj.v 49. k 2826.5 25+8*.e 27*b.O 3424.4 1933.6 AUG OR LATER T01AL • 19*1.7 *7*Wk.e AVERAGE MATURITY IN MONTHS 2 / 2.9 2.8 2.6 3.0 3.7 2.6 2.8 3.2 3.2 NUMBER OF RtPORTlNG BANKS «*0 16 36 10 15 19 23 36 11 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF *106,JOG OR MORE BY HcfcKLY REPORTING BANKS, 2 / SEE TECHNICAL APPENDIX 6. * DETAILS WAY NOT AOO TO TClAtS Out TU ROUNDING. 4339.4 11533.9 2.9 3.4 28 n e u i/ SAtlS UF HslSOllABU 6» 2/ tint C t k l l U C A T e S OF UEPOSST SlNCt MfflttY StfcPOkflNI# HANKS #V F tot It At HESlitVl C#lSlftlCT A S OF IFF JUT PREVIOUS 1*76 l A m M i m s in M U U V ^ S OF UOLLAKSI M AIL *»#%m i l l BEST o n %%* wan* l»4tiAo&#.#»**: A CLcVtI*## *#(M##UW, AUANT* CHICAGO SI. LOUI< NINNEKANSAS APOLI S CITY TS»4ES 4#4.7 &&»».# S»*.|L AOl.T 4UU.? )}4.2 1*77.U 83.6 35.6 318.4 688.3 1341.C # # ,###.# is*,# SlfBlel 11 1.6 l^u.4 l&v.t 126.* It?.7 -2.6 1G.0 120.0 203.9 359.6 WL# »%##.# ##».% %%%#.# 192.4 116.3 17%.U S33.4 30.4 10.ft 113.0 234.6 426.1 m w ##4.1 «}•% 2&&.1 14.1 60.4 *0.2 4U.7 76.1 5.5 3. C 22.2 42.1 H i #»#.* l%.t in.) 17.2 77.# 2V.3 26.* 123.3 12.3 1.0 10.* 4 5 . 0 til.7 Itlt # A # #%:».* #%.# ltlt.4 N.2 W.6 WO#". 69.5 244.V 29.4 10.1 33.7 250.4 281.6 •IS &#G.# I*.* &$.#, #.# *.4 7.H 6.1 31.C 1.9 0.0 0.6 10.2 20.2 m m tie# <B.S 11.4 drn% 4.1 2.S 0.6 14.# 3.7 0.1 3.TO 6.8 8.8 9 7 . j, m m Iss.s #.# #4.& 4.# it.# 4.i# j.o 4*.2 i.v 0.5 ^.4 5.0 43.9 HA* #%.S s.w IS.i 0.7 g.i v.v 0.3 6.2 O.O 0.4 0.6 v. 7 0.9 J£PW MS.* S.I «#.4 g.6 1.1 %*1 6. 1 21.- 1.6 0.5 1.9 6.3 17.7 «J.4 #&*# 2».7 Xi.l A-.I 21. i 254.2 15.9 29.3 183.8 77*.7 106S.6 61*3.4 MM* M 4Alt* &%#.# 94*1*4 # *#*#&# ## IWsSeS wslw-lfw m# l.S es&.s &74*.t I.I 2 $ t.* 2.6 2.7 *<!.«, W27.2 2.3 2.4 3.5 1.1 215.6 73.1 2.5 S # S S I t§€***!€S8* A # # # # # : * A . * # i m t M S i S e % & ? c«*II»ic,AI6$ SSSISIO #% M DALLAS ^AN FRANCISCU w i i m s $i« V i O M l C A i a######* s . » # # # # & # S B W met # m m i e t * t s cmt t«i m m # : # # . m s i o o e o o o cm N O R I BY wtim-v R C P O M I N G B A N K S . 2.2 642.9 1522.6 <862.8 1.9 2.4 2.6 H B U 6C •WflBIlt C»t$fftIBilfIOH OP OOTSlANOlWG H660T1ABI.E 1I*£ CERTIFICATES OF DcPOSlT 1/ At i i i m v HiFtNtlinB BANKS BV FIOESIAI nesimri BISIRICT AS M Z * JUL 1976 #Pt*CcNtAGS D:ST*l*UTIOMI C O ® * HAiy^imi, m if)» m . *e-,m 11 o:*lesm #o*wo% 1.0 I«A nm to** *.» onmiA I.I CLEVELAND 2.0 itlCHHONll ATLANTA CHICAGO 3.7 J.e ST. LOUIS MINNEAPOLIS 3.1 3.9 3.5 3.4 37.9 34.2 29.5 17.8 16.5 15.6 13. c 12.4 10.o 5.6 9.4 ## UNft »*.J n.« Si.i 2*.U 29.3 31.5 27.1 31.7 iit- m e se.t i0.4 11.4 I*.7 I*.* IS.6 15.7 16.6 13.4 OL# ISeS 14.1 IS.® 13. B *2.1 IJ.I 14.v *2.9 10.7 0# $.# O&C #.4 0.^ ».4 J.% S4II DALLAS SAN FRANCISCO 3.S Si.9 W KANSAS CITY 7. 1 ?.9 9* I 9.8 5.V F.Z 10.8 5.8 e.% ft.?4.% o.> 7.4 7.1 1C.4 11.4 4.2 7.5 7.6 te.1 %*• 4$ l.v €». 0 6.9 7.6 6.8 *•.6 8.7 6.8 1.4 t.4 1.7 7.5 1.1 1.6 2.6 4.0 2.4 2.5 u.9 2.U 1.4 3.0 10.# O.J #&# I.I 2.S I.I 0.1 l.l 1.4 HAM S»t I#» 1.0 1.4 1.7 l.w *## I# I.I C.I 1.0 i.i l.t I. 7 4.0 2.0 0.6 2.0 2.8 2.3 U.S 0. 4 0.9 0.8 1.3 0.8 1.8 0.3 1.4 1.2 1.4 m* Oft 0.% 0.2 0.4 0.4 AW* I.g I.I H.T 2.1 &•« /.* I.i 1.6 1.7 mi I.I 0.& II.S 1.4 ».4 a.4 0.*# 2.fr 0.6 0.3 C.G 3.0 1.0 4.+ 4.# l.t *.2 ieO l.f 2.4 4.3 4.8 2.5 C. e 4.7 100.0 I0B.0 100.# 100.0 100*0 100.0 100.0 100.0 10C.0 100.0 100.o 100.0 A M » ## SAfB* SOI AIL # I # I M M M S om* ctotmcAtts issmn M o#w*imvio##$ m I0v.il sioo»voo o* HURE BY WEEKLY REPO*TING BANKS. tAHLfc t>0 miiiRtit eista sent ion OF ovist AHOIIH* UTOOIIADLE TIME CERTIFICATES DF DEPOSIT 1/ At WEEKLY KE^CmtlNb HANKS BY FtOiltAL HcSI«<Vc OIStRItT A$ OF £9 JUL 1976 KVHyiAlltft PtKCENlAGk) K#*§ *Alt*S6S IH i #+** All w»HSISS #os;o* 1.0 i.* niw vm# 2.S »NUAOILl»HlA CLEVELAND *..i 2.0 dlCMHJNO AfL ANT A CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS FRAN— CI SCO 3.4 i.to 4.4 3.7 3.5 3.1 3.9 3.5 *3. 1 3o.3 35.2 30.6 34.8 41. 0 37.7 32.9 SI.4 50.4 49.4 48.2 59.6 54.2 48.5 Att »I*I #6.7 SO. * 36.0 S1.0 S$# *1.0 %#*& $0.9 *3.4 4©. ? OL# &*.# TO.S 67.$ 67.2 »O*0 T»4.E 66I.4 63.ft 60.1 55.3 73.2 66.b 59.1 7).7 O9.7 68.3 66. 1 79.0 72.2 68.5 63.1 76.8 7b.7 77.5 63.2 79.7 76.3 86.4 83.1 m* Ii.t 76.1 7#.3 7*.4 66.7 74.7 0#l #f.g *4.4 ta.f #3.2 76.1 83.U 1*17 J6% #6.6 ##.% 44.3 6#.u Sl.fr 40.9 «%9.7 83.7 86.3 84.3 67.6 40.4 91.4 66 * 7 63.3 **.4 91.1 86.1 86.0 91. b 88.9 90.2 85.7 96.4 90.3 66.0 93.4 93.1 08.5 90.5 92.7 90.9 91.6 88.7 92.9 94.4 91.0 ### •*A» **.0 A#g v3.# 97.1 91.3 #6.1 94.6 94.(* 42.5 42.5 93.3 #A# #4*0 97.1 92.2 #4.0 44.0 45.7 92.9 93.4 94.1 94.2 95.2 92.8 95.& 98 »0 94.3 *0.2 97.5 47.0 94. 7 95.1 94.9 95.6 96.4 94.2 96.7 9#.3 94. ? 91.1 vk.L 07.4 97.5 95.7 95.2 97.6 99.4 95.2 100.0 106.0 100.J 100.0 100.0 100.0 100.0 100.u 100.0 100.0 100.0 **.& A W # a* iAtc<t 100.0 100.0 I / :%LLWO&S OWl* Ct*tlFlCAtiS ISSUES IN OtMONlNAtlO** OF $ 1 0 0 , 0 0 0 OK MORE 9V WEEKLY KEPOKTING BANKS. TABLE bE 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF UEPOSIT SINCE PREVIOUS MONTH MtEKL* REPORTING BANKS BY FEDERAL *tSfcftVc DISTRICT AS OF 46 JUi l9To (PERCENTAGE DISTRIBUTION) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 42.2 38.9 48.7 49.5 45.2 46.8 15.4 13.1 19.7 13.7 18.7 13.4 12.6 BOSTON AUG 40.? 4*.3 34.4 49.7 36.0 33.3 %1.3 Si* is.o 16.8 16.3 15.8 14.1 18.3 NEW YORK PHILADELPHIA is ALL oismuts o r- r* CD'S MATURING IN RICHMOND ATLANTA CHICAGO OCT Id.3 1>.6 21.3 13.3 19.2 19.3 21.3 17.6 14.1 14.8 17.6 15.4 14.9 NOV i.6 4.4 3.9 4.4 5.7 3.3 3.7 2.6 2.6 4.1 3.5 Z. b 3.4 DEC 3,4 1.8 3.3 4.2 7.3 3.4 3.3 4.1 5.7 1.4 1.6 3.L 2.9 9.6 9.3 16.6 10.9 8.1 13.e 13.8 5.2 0.1 0.4 1.3 0.7 1.0 0.4 0.0 0.1 0.7 0.7 0.3 i%tt JAN W.9 5.1 17.9 FEB 0.6 l.T 1.0 MAR 16. 9.8 0.4 0.3 0.3 0.3 0.4 0.4 0.1 0.6 1.7 0.1 0.6 0.4 APR o.e 0.9 0.4 u.b 1.8 0.7 0.4 1.6 0.5 0.7 0.4 0. 3 1.5 MAY 0.1 0.3 0.2 0.1 0.2 0.0 0.0 0.2 0.0 0.5 0.1 0.0 0.0| jUN 0.5 0.6 0.4 0.3 0.7 0.9 0.3 C.7 C.7 0.7 0.3 o.f 0.6 JUL OR LATER 3.4 2.7 0.7 3.5 2.6 2.4 c-t 8.3 1.6 1.5 Z.5 1.9 luO.O 100.0 100.0 100.0 100.0 100.0 100.U 100.0 100.0 100.0 TOTAL * 100.0 1 0 0 . 0 1 / SEE TECHNICAL APPiNDlX A . * / INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF S100*000 OR MORE BY WEEKLY REPORTING BANKS. MOTE - SALES IN T«IS TABLE AkE NUT ADJUSTED FOR CD'S THAT HAVE MATURED. • DETAILS WAV NOT ADD TO TOTALS DUE TO ROUNDING. 6 . 4 100 .0 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 montha 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 selee 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, aince the minimum maturity for time deposits under current regulations is 30 days, the time period between monthly survey dates (28 to 34 days) suggests that very few selee are loet from the series as derived In this manner. total derived ealee will differ from the change in total outstandings between survey dates by (1) the amount of CD's that have metered between surveys and (2) the amount, if any, of eelee between aurvey dates thet mature In the remaining daya of the calendar month in which the current survey la taken. TECHNICAL NOTE B CALCULATION OF AVERAGE MATURITIES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT OUTSTANDINGS Average maturities of outstanding negotiable time certificates of deposit are 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 month#. SALES Average maturity of negotiable time certificates of deposit sold between survey dates are calculated in exactly the same way. That is, they •re weighted averages calculated from the survey date with 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 comparibility 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 U w l of total outstandings. As a reault, the average maturity of aalea is much more sensitive to month-to-month variation in the maturity structure of sates than ia the caae with the outstandings aeries. Thus, large changes In the calculated average swturltv of sales, or situations in which the average maturity of melee differ sharply from the average maturity of outstandings, thould be Interpreted with care and references should be made to actual dollar aalee bv month. Formulas I or eelculetlon of average maturities are avelleble on request frcw the Banking Section, Division of Beeeercti end of Governore of tiw Federal leeerve Syetem. Statlatice, Board
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