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January 26, 1977 L.4.1 CONFIDENTIAL (FR) SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE WEEKLY REPORTING BANKS as of December 29, 1976 NOTE: Sales since the previous survey and comparisons with previous data reflect revisions in the November report whereby $ 2.2 million in outstanding negotiable CDs have been deducted from the series. Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TAdLk 1 1/ MAVUK11Y DISTRIBUTION OF OUTSTANDING NEGUTlAbLt TIME CERTIFICATES OF DEPOSIT AT KEfcKlV RfcPUKTING BANKS AS OF 29 DEC 1976 C» •% WAHMlWi, 1«W OtC&M&E* JU - 31 H i t j**#UA#v AMOUNT (MILLIONS OF DOLLARS) £ * &4D. i 4? % » < if T • fc PERCENTAGE UlSlKltSUTION CUMULATIVE PERCENTAGE 4.0 55.2 . SALES SINCE PREVIOUS MONTH 2/ (MILLIOiNi, OF DOLLARS) 4.0 .0 39.2 10,826.5 10,223.0 15.5 54.7 3,330.6 M**CH b,05o.2 i4.a <>6.9 3,476.8 A#»*:i >,503.3 d.3 75.2 567.5 6.6 62.0 867.1 f *»U*4Y PAY 3,610.6 >.5 67.5 2,211.1 *UIY 1,277.1 1.9 69.4 lo0.2 AUGUST 1,236.3 1.9 91.3 50.6 JUNE SEPTEMBER 639.4 1.3 92.6 113.6 OCTOBER 602.6 .9 93.5 38.1 NOVEMBER 553.9 .6 94.3 DECEMBER 535.7 .6 95.1 3,113.6 4.7 100.0 XXX 65,917.2 101*. 0 XXX 23,075.2 OVER 12 MONlHS TOTAL 1MEMORANDUM: MARCH 10 MARCH :5 APRIL as 470.R 960.6 664.7 162.9 1,250.1 3/ TAX AND DIVIDEND MATURITIES! .7 1.5 1.0 XXX XXX XXX 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. Zi 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 NfcH YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 29 DEC 1976 (IN MILLIONS OF DOLLARS) NEW YORK CITY CHICAGO ALL QTHfcR WEEKLY REPORTING BANKS CD'S MATURING IN AMOUNT 1976 DEC 30 - DEC 31 802.8 .0 164.7 .0 1,672.8 .0 SALES SINCE PREVIOUS MONTH 2/ AMOUNT SALES SINCE PREVIOUS MONTH 2/ AMOUNT SALES SINCE PREVIOUS MONTH 2/ ^ 7,137.2 2,791.1 2,724.7 1,481.7 13,365.9 6,553.7 4,099.3 1,299.8 956.5 342.7 5,167.2 1,688.1 MARCH 2,940.2 1,150.7 802.9 426.0 4,313.1 1,900.1 APRIL 2,308.1 134.9 618.6 56.8 2,576.6 375.7 MAY 2,102.4 444.7 320.4 72.7 2,074.7 369.8 JUNE 1,431.6 1,093.5 341.1 100.9 1,837.9 1,016.6 JULY 197.7 26.9 305.3 7.3 774.0 125.9 AUGUST 155.8 3.4 289.9 .4 790.6 46.9 SEPTEMBER 126.9 14.3 41.2 2.1 669.3 97.3 125.1 .0 364.2 13.9 3.2 351.0 1977 JANUARY FEBRUARY OCTOBER 113.4 24.2 NOVEMBER 194.2 103.6 70.3 DECEMBER OVER 12 MONTHS TOTAL » 634.5 /3 tie? 35.5 167.7 /3 447.9 /3 XXX 591.0 XXX 1,490.6 XXX 22,713.9 7,721.6 7,325.6 2,661.5 35,877.8 12,691.9 NUMBER OF REPORTING BANKS 10 12 (MEMORANDUM: MARCH 10 MARCH 15 APRIL 15 217.3 298.0 277.6 3/ SALES OF CD'S MATURING AFTER 11 MONTHS. * TOTALS MAY NOT ADD DUE TO ROUNDING. 215 TAX AND DIVIDEND MATURITIES) 26.2 154.9 105.6 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATION OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX A . 429.9 1,032.0 227.2 507.7 301.5 TABLE 26 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY* CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 29 DEC 1976 AND 24 NOV 1976 1 PERCENTAGE DISTRIBUTION) CD'S MATURING IN NEW YORK CITY 29 DEC CHICAGO 24 NOV 29 DEC ALL OTHER 24 NOV 29 DEC 24 NOV 3.5 5.8 2.2 6.6 4.7 6.4 01 MONTHS 3/ 31.4 30.0 37.2 24.7 37.3 31.7 02 MONTHS 18.0 19.6 13.1 19.0 14.4 19.6 0—6 DAYS 2/ u3 MONTHS 12.9 12.7 11.0 9.4 12.0 10.0 04 MONTHS 10.2 8.1 8.4 5.8 7.2 6.9 05 MONTHS 9.3 9.8 4.4 8.6 5.6 6.3 06 MONTHS 6.3 7.5 4.7 3.8 5.1 4.9 07 MONTHS .9 1.5 4.2 3.7 2.2 2.4 08 MONTHS .7 .8 4.0 4.5 2.2 1.9 09 MONTHS .6 .7 .6 4.4 1.9 2.1 10 MONTHS .5 .5 1.7 .6 1.0 1.6 11 MONTHS .9 .4 .1 1.9 1.0 1.0 12 MONTHS OVER 12 MONTHS TOTAL * .3 .4 .5 .1 1.2 .8 4.5 2.1 8.1 7.0 4.2 4.2 100.0 100.0 100.0 100.0 100.0 100.0 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. 1/ MATUKIIV DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NfcW YORK CITY, CHICAGO, AND ALL OfHfcR WEEKLY REPORTING BANKS AS OF 29 DEC 1976 AND 24 NOV 1976 II ,| (CUMULATIVE DISTRIBUTION) CITY ALL CHICAGO IN OTHER ! >«S M A T U R I N G >9 O E C 24 N O V 24 N O V 29 D E C 24 N O V 1 !| TABLE 2C 6.4 2.2 6.6 4.7 35.6 39.4 31.3 42.0 38.1 55.4 52.5 50.3 56. 4 57.7 o5.6 66.1 63.5 59.7 68.4 67.7 04 M O N T H S 76.0 76.2 71.4 65.5 75.6 74.6 05 M O N T H S 85.3 86.0 76.3 74.1 81.4 80.9 86.5 85.6 3.5 5.8 01 MONTHi. 3 / 3s.9 02 M O N T H S 54.9 u3 M O N T H S DAYS 2/ 0—6 1 06 M O N T H S 91.6 93.5 bl.O 77.V 07 M O N T H S 92.5 95.0 65.2 81.6 88.7 88.2 90.1 92.2 06 M O N T H S 93.2 95.8 o9.z 06.1 90.9 09 M O N T H S 93.8 96.5 89.6 90.5 92.8 10 M O N T H S 94.3 97.0 91.5 91.1 93.8 93.8 11 M O N T H S 95.2 97.4 91.6 93.0 94.6 94.8 12 M O N T H S OVER 12 M O N T H S 95.5 97.8 92.1 93.1 96.0 95.6 100.0 100.0 100.0 100.0 100.0 100.0 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. I \ 1481E M NAIISIIV DISMIEUIION OF OUTSTANDING N T W ? : A * I E TIME URIIFICATES Al WEEKLY REPORTING BANKS OV S U E TAMOUNTS OF DEPOSIT 1/ OF BANKS 2 / A S OF *9 D E L 1976 IN M I L L I O N S O F D O L L A R S ) S5 BILLION AND OVER MATURING IN *»00 TOTAL MILLION AND UNDER 1500 MILLION TO BLLLLON SI SI BILLION TO 15 BILLION NEW YORK CITY OUTSIDE NEW YORK CITY TOTAL *,6*0.3 149.4 336.0 9)6.6 1,198.3 684.3 514.0 JANLAR* 43,2:*.* 1,166* 1 2,192.4 6,945.4 12,923.9 b,613.3 6,310.6 tt&RV&kv 10,*23.1 497.0 *19.8 2,836.9 o,069.4 J,654.9 2,214.5 Oil 30-31 KARL* e,Ubb.* 353.U 750.5 2,189.7 4,7*3.0 *.•735.0 2,028.0 APRIL 5,S04.a 155.5 450.3 1,-tll.O 3,466.5 2,151.0 1,335.5 MAY 4,4*7.9 159.8 272.2 968.3 3,097.2 2,055.0 1,042.2 JUNE 3«e10.5 129.1 263.* 7*8.1 2,429.7 1,369.6 1,059.9 JULY I,*77.1 o3. i 122.4 357.8 733.2 160.2 553.0 768.b 147.1 641.5 AUGUST SfcPltMBSR 1,23*.3 50.4 100.2 297.1 639.2 71.6 83.9 369.5 314.2 105.4 208.8 lGti.9 181.0 OCTOtER *02.5 30. b 52.o 229.2 289.9 NOVEMBER 554.0 25.0 77.0 193.2 258.8 193.7 65.1 DECEMBER 545.7 19.e 44.2 163.3 308.4 57.3 251.1 1978 JANUARY Ok LATER TOTAL * 4,113.6 64.1 96.4 567.6 2,365.5 1,019.6 1,365.7 65,917.1 2,935.3 5,661.5 Id,273.7 39,046.6 21,275.7 17,770.9 — (MEMORANDUM: IAX AND DIVIDEND MATURITIES) M A R C H 10 470.7 16.3 21.0 112.8 320.6 191.1 129.5 M A R C H AS 960.7 30.0 45.8 357.7 527.2 247.5 279.7 APRIL 6*4.7 224.9 436.7 186.2 250.5 17 7 IS 9.1 — — *37 75 14.0 IMEMORANJUM: NUMBER OF BANKS) 62 83 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED tiV WEEKLY REPORTING BANKS. 2/ TOTAL ASSETS AS REPORTED IN TMt CALL REPORT OF CONDITION ON JUNE 30, 1975. 9 TylALS MAY HUT A D D DUE TO ROUNDING. m i l SALES /!/ Of NEGOTIABLE TINE CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ At WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 29 OfcL 1*76 (AMOUNTS IN MILL IONS OF DOLLARS 1 s# $5 BILLION AND OVER co*$ #ATw###G m 1*76 H I T DIC TOTAL #500 MILLION AND UNDER $500 MILLION TO SI BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY ID-SI 10«IH.6 520.0 1,073.7 3,178.8 6,046.1 2,544.5 3,501.6 FEBRUARY 3,330.7 158.0 272.0 1,121.0 1.779.7 1,190.9 588.8 MARCH !•%?*•? 196*7 394.9 1,059.8 1,825.3 1,058.2 767.1 APRIL 56?.o 23*6 86.6 215.2 242.0 120.2 121.8 MAY ••7.2 32.2 54.3 220.1 580.6 438.0 142.6 1,042.4 549.4 21.9 82.2 JATTFTLARY JUNE 2*211*0 63.0 148.5 407.7 1.591.8 JULY 160.2 1.3 11.4 43.4 104.1 AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER OR LATER TOTAL * *0.7 2.3 8.7 29.0 10.7 3.4 7.3 111.6 6.9 13.1 52.7 40.7 6.2 34.5 se.o 162.9 0.2- 3.0 13.2 5.2 6.3 29.0 22.0 122.4 0.719.2 1,250.1 21.3 53.7 196.6 978.5 621.4 357.1 1,038.3 2,126.4 6,566.5 13,343.9 7,173.0 6,170.9 — 75 (MEMORANDUMS NUMBER OF BANKS) 62 83 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 ADO DUE TO ROUNDING. 22.7 103.2 23 #075.1 237 1/ 2/ 3/ # SI BILLION TO S5 BILLION IABLE 3C MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ At WEEKLY REPORTING BANKS bV SIZE OF BANKS 2/ AS OF 29 DEC 1976 PERCENTAGE DISTRIBUTION $5 BILLION AND OVER CD'S MATURING IN 101AL **00 MILLION AND UNDER $500 MILLION TO SI BILLION $1 BILLION TO S5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 4.0 5.1 5.9 5.2 3.1 3.2 2.9 35.2 39.7 38.7 38.0 33.1 31.1 35.b FEBRUARY 15.* 16.9 14.5 15.5 15.5 16.1 12.5 MARCH 12.2 12.U 13.3 12.0 12.2 12.9 11.4 I*?* OfcC 10-31 197? JANUARY APRIL 8.3 5.3 6.0 7.7 8.9 10.1 7.5 MAY 6.8 5.4 4.8 5.3 7.9 9.7 5.9 JUNE 5.5 4.4 4.7 4.3 6.2 6.4 6.0 JULY 1.9 2.2 2.0 1.9 0.8 3.1 AUGUST 1.9 1.7 2.2 1.8 1.6 2.0 0.7 3.6 SEPTEMBER 1.3 2.4 1.5 2.0 0.8 0.5 1.2 OCTOBER 0.9 1.0 0.9 1.3 0.7 0.5 1.0 0.9 1.4 1.1 0.7 0.9 0.4 0.7 0.8 0.9 0.8 0.3 1.4 2.2 1.7 3.1 6.1 4.8 7.7 100.0 100.0 100.0 100.0 100.0 0.9 0.7 NOVEMBER DECEMBER 1978 JANUARY OR LATER TOTAL * 0.6 0.8 4.7 100.0 100.0 <MEMORANDUM8 MARCH 10 0.7 MARCH 15 1.5 APRIL 15 1.0 0.6 TAX AND DIVIDEND MATURITIES) 0.4 0.6 0.8 1.0 0.8 2.0 1.4 1.2 1.6 0.3 0.2 1.2 1.1 0.9 1.4 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. TABLE 3D MATURITY DISTRIBUTION OF OUTSTANDING NkGOTIAtJtC it-Rflf5 IC ATES OF DEPOSIT 1/ AT WEEKLY REPORTING BaNKS BV S U E OF BANKS 2/ AS OF 29 DEC 1*7 * CUMULATIVE HtHCENfAGE $5 BILLION AND OVER CD'S MATURING 1978 TOTAL $500 MILLION TO 41 BILLION $1 BILLION TO $5 BILLION *-G 5.1 5.9 5.2 JANUARY 39.2 44.8 44# 6 HFCBKUARY 54.7 61.7 59.1 1476 OtC 1577 IN $500 MILLION AND UNDER 30-31 TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 2.9 3.1 3.2 43.2 36.2 34.3 38.4 >8.7 51.7 52.4 50.9 MAKCH 66.9 73.7 72.4 70.7 63.9 65.3 62.3 APRIL 75.2 79.0 80.4 78.4 7k.8 75.4 69.8 MAY 82.0 84.4 65.2 63.7 80.7 85.1 75.7 JUNE 87.5 86.8 69.9 88.0 86.9 91.5 61.7 JULY UV.4 91.0 92.1 90.0 86 .8 92.3 84.8 AUGUST VI.3 92.7 93.9 91.6 90.8 93.0 68.4 91.6 93.5 69.6 SEPTEMBER 92.6 95.1 95.4 93.6 OCTOBER 93.5 96.1 96.3 94.9 92.3 94.0 90.£> NtiVfcMtjfcR 94.3 97.0 97.7 96.0 93.0 94.9 91.0 DELEMfcER 95.1 97.7 98.5 96.9 93.8 95.2 92.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 JANUARY OR L A T E R 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF SI00,000 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 10 ROUNDING. SALES /I/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 29 DEC 1976 PERCENTAGE DISTRIBUTION TABLE 3E $5 BILLION AND OVLR CD'S MATURING IN 1976 DEC TUTAL $500 MILLION AND UNDER $1 blLLIGN TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 30-31 46.9 50.9 50.5 4ti-4 45.3 35.5 56.7 FtBRUARY 14.4 15.2 12.B 17.1 13.3 16.6 9.5 MARCH 15.1 IB.9 16.6 16.1 13.7 14.8 12.4 APRIL 2.5 2.3 4. 1 3.3 1.8 1.7 2.0 MAY 3.6 3.1 2.6 3.4 4.4 6.1 2.3 1977 JANUARY JUNE 9.6 6.1 7.0 6.2 11.9 14.5 6.9 JULY 0.7 0.1 0.5 0.7 0.8 0.3 1.3 AUGUST 0.2 0.2 0.4 0.4 0.1 0.0 0.1 SEPTEMBER 0.5 0.7 0.6 0.6 0.3 0.1 0.6 OCTOBER 0.2 0.0 0.1 0.2 0.2 0.3 0.0 0.7 0.5 0.3 0.4 0.9 1.4 0.3 NOVEMBER DECEMBER OR LATER TOTAL * 5.4 100.0 2.1 100.0 — 237 1/ 2/ 3/ * $500 MILLION TO $1 BILLION 75 2.5 3.0 7.3 8.7 5.8 100.0 100.0 100.0 100.0 100.0 1MEMORANDUMS NUMBER OF BANKS) 62 83 SEE TECHNICAL APPENDIX A. INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TOTAL ASSETS AS REPORTED IN Trtfc CALL REPORT OF CONDITION ON JUNE 30, 1975. TOTALS MAY NOT ADO DUE TO ROUNDING. 10 TABLE 4A AVERAGE MATURITY OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS AT VARIOUS SURVEY DATES (IN MONTHS! BANK CLASSIFICATION DATE OF SURVEY 29 DEC 1976 24 NOV 1976 27 OCT 1976 CBY LOCATION) ALL REPORTING BANKS ISSUING CD'S 2.9 3.0 3.0 NEW YORK CITY 2.8 2.7 2.7 CHICAGO 3.3 3.7 3.9 OTHER 2.9 3.1 3.0 (BY SIZE OF BANK) 2/ UNDER $500 MILLION 2.5 2.6 2.6 $500—$I»000 MILLION 2.5 2.6 2.7 $11000—$51000 MILLION 2.7 2.8 2.6 OVER $5 BILLION 3.1 3.2 3.2 IN NEW YORK CITY 2.9 2.6 2.8 OUTSIDE NEW YORK CITY 3.4 3.6 3.7 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. 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 29 DEC 1976 24 NOV 197b 27 OCT 1976 (BY LOCATIONI ALL REPORTING BANKS ISSUING CD'S 2.5 2.7 2.6 NEW YORK CITY 3.1 2.3 3.0 CHICAGO 2.1 2.1 3.1 OTHER 2.2 2.7 2.3 (BY SIZE OF BANK) 2/ UNDER $500 MILLION 1.9 2.3 2.0 $500-$It000 MILLION 2.1 2.2 2.1 $1*000—$5»GOO MILLION 2.1 2.4 2.5 OVER $5 BILLION 2.8 3.0 2.9 IN NEW YORK CITY 3.2 2.9 3.1 OUTSIDE NEW YORK CITY 2.3 3.0 2.6 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MURE 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 B. TABLE 5A RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AT VARIOUS SUtiVcV DATES I PER CENT) DATE OF SURVEY TOTAL ASStTS 2/ 29 DEC 1976 24 NOV 1976 27 OCT 1976 ALL BANKS ISSUING CD'S 17.2 17.3 17.5 UNDER 500 12.7 13.4 14.0 500 - 1000 13.9 14.1 14.5 1000 - 5000 13.6 14.1 14.1 U N MILLIONS 01- D O L L A R S ) 21.2 21.0 21.3 IN NEW YORK CITY 2*.4 25.0 25.1 UUlSlOt NEW YORK CITY 18.4 17.4 17.9 UVER 5000 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING dANKS. 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 KA110 OF OUTSTANDING (IN ALL MILLIONS FANKS CD'S UNDER 500 1000 OVCK ASSETS - OF TO TOTAL DEPOSITS OF OFCC 29 BANKS) 20 TO 2 5* 15 TO TO 15* 10% 1/ 1976 10 5 TO DEPOSIT 20% 25? OR MORE AVERAGE CD TO OTPOSIT R A T I O (PER C E N T ) 36 31 28 17.2 500 15 19 16 9 10 6 12.1 1000 15 13 11 9 6 6 13.9 ifc 14 ib 16 11 8 13.6 0 3 2 2 4 6 21.2 0 1 0 G 4 2 24.4 0 I 2 2 0 4 18.4 - 5000 5000 IN N E W DOLLARS) 5% OR LFCSS OF OF ISSUING YORK CITY NEW YORK OUTSIDE 1/ INCLUDES 2/ TOTAL NOTE- 2/ TIMFC C E R I I F I C A T E S AS CNUMBEK TOTAL 5D NEGOTIABLE CERIIFILATES ASSETS AS CITY IN D E N O M I N A T I O N S REPORTED IN THE CALL OF *100,000 REPORT D E P O S I T S IN T H E O E N O M I N A T O K OF THE R A T I O INTERBANK AND U.S. GOVERNMENT DEPOSITS. IN OF OK MORE CONDITION THIS TABLE ISSUED ON ARE BY JUNE TOTAL WEEKLY 30, REPORTING BANKS. 1975. DEMAND AND TIME DEPOSITS, INCLUDING TABLE 5C PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 24 NOV 1976 TO 29 DEC 1976 (NUMBER OF BANKS) TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) REDUCED CD'S TO ZERO ALL BANKS ISSUING CD'S UNDER 500 2 INCREASES OF DECLINES OF 10% OR MORE 5% OR LESS 5 TO 10% 74 29 26 28 9 10 NO CHANGE b% OR LESS 30 3 10% OR MORE 5 TO 10% - ISSUED CD'S BUT HAD NONE OUTSTANDING ON BASE DATE 30 8 9 8 0 14 0 0 500 - 1000 0 18 6 9 0 7 8 1000 - 5000 0 25 12 5 1 11 10 19 OVER 5000 0 3 2 2 0 4 3 3 0 IN NEW YORK CITY 0 1 1 1 0 2 1 1 0 OUTSIDE NEW YORK CITY 0 2 1 1 0 2 2 2 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 LAST SURVEY REDUCED THEIR OUTSTANDINGS TO ZERO ON THIS SURVEY. TABLE 5D PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 29 SEP 1976 TO 29 DEC 1976 (NUMBER OF BANKS) TOTAL DEPOSITS /2 (IN MILLIONS OF DOLLARS) REDU— DECLINES OF CD'S 25% TO OR ZERO MORE ALL BANKS ISSUING CD'S 41 20 TO 25% 15 TO 20% 5 TO 10% 5% OR LESS 19 28 28 10 TO 15% 14 INCREASE OF NO OR LESS 5 TO 10% 26 12 5% CHANGE 10 TO 15% 15 TO 20% 20 TO 25% 25% OR MORE ISSUED CD'S BUT HAD NONE OUTSTANDING ON BASE DATE 28 UNDER 500 2 12 5 8 5 9 6 2 9 5 3 2 2 6 1 500 - 1000 0 11 2 4 6 8 9 0 4 3 2 2 2 9 0 1000 - 5000 0 16 6 3 7 10 11 1 8 3 3 2 1 12 0 OVER 5000 0 2 1 1 1 1 2 0 5 1 0 2 0 1 0 IN NEW YORK CITY 0 1 0 0 1 0 0 0 3 0 0 1 0 1 0 OUTSIDE NEW YORK CITY 0 1 1 1 0 1 2 0 Z 1 0 1 0 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF S100,000 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. I TABLE 5E CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER THE MONTH AS A PER CEN1 OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 2 ^ NOV 1976 TO 29 DEC 1976 (NUMBER OF BANKS) TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS 1 ALL BANKS ISSUING CD'S DECLINES OF 3% AND OVER 2 TO 3* 1 TO 2% 14 17 36 INCREASES OF It AND LESS 63 NO CHANGE 4 1 11 AND LESS 42 1 TO 2% 2 TO 3% 3% AND OVER 32 15 14 7 7 10 22 3 13 8 4 1 4 4 4 22 0 12 9 3 4 1000 - 5000 3 5 17 16 1 15 11 7 6 OVER 5000 0 1 5 1 0 2 4 1 3 UNDER 500 600 - 1000 IN NEW YORK CITY 0 1 2 0 0 1 2 0 1 OUTSIDE NEW YORK CITY 0 0 3 I 0 1 2 1 2 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. 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/ OVEK THE LAST THREE MONTHS AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 29 SEP 1976 TO 29 UEC 1976 (NUMBER TOTAL UN ASSET OF BANKS) DECLINES OF £/ MILLIONS OF DOLLARS J ALL BANKS ISSUING CD'S 5t AND OVER 3 TO 4% 4 TO b% INCREASES 2 TO 3% 1 TO 2% IX AND LtSS NU CHANGE 1% AND UNDER 1 TU Z% OF 4 TO bt 3 TO 4* 2 TO 31 5% AND OVER IV 13 15 IB 35 45 3 45 11 6 6 6 12 UNDER 500 7 6 5 4 12 10 2 18 4 1 1 2 2 500 - 1000 4 2 5 5 9 15 0 12 3 1 1 1 4 3 7 14 16 1 10 4 2 4 4 5 1000 - 5000 b OVER 5000 0 2 2 2 0 * 0 5 0 2 0 1 1 0 0 0 3 0 0 0 1 1 0 2 u 2 0 2 0 0 0 IN NEW YORK CITY 0 1 1 0 UUTSluE NEW YORK CITY 0 1 1 2 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAc NOTE- ASSETS AS kEPORTED 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 6A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 29 DEC 1976 (AMOUNTS IN MILLIONS OF DOLLARS) CD'S MATURING IN ALL DISTRICTS BOSTON NbW YORK PHILADELPHIA CLEVELAND RICH— MONO ATLANTA CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN i FRAN-I CISCO 2o**0.*» 120.1 880.5 101.8 169.4 110.0 137.6 277.3 35.1 5.8 55.1 jOz.8 *4*.9 1977 JAN 23227.9 976.4 7884.5 1099.2 1015.3 741.0 917.8 3458.7 267.7 341.1 721.1 1676.1 4129.U 1976 DEC 30—DEC 31 Ffcfc 10223.0 327.5 4326.9 397.9 395.0 352.b 425.9 1348.2 122.6 112.3 239.8 638.3 1536.0 MAR 6056.2 267.6 3060.4 304.7 445.7 222.4 368.7 1137.7 131.3 82.6 218.3 456.4 1336.4 APR >503.3 150.7 2365.8 186.2 349.9 143.0 181.8 891.1 55.8 30.7 97.3 309.9 741.1 MAY 4497.4 140.6 2175.6 161.9 289.6 137.7 147.1 413.0 60.1 22.0 69.5 209.2 651.1 JUN 3610.5 61.B 1516.6 171.9 191.2 118.2 113.0 467.0 60.7 28.4 66.0 137.6 676.1 JUL 1277.0 39.7 212.2 56.2 127.7 26.2 62.8 336.1 17.1 4.0 49.1 144.9 201.0 AUG 1236.3 26.5 166.4 37.9 129.2 26.2 48.2 318.2 8.5 19.3 35.1 96.0 322.6 169.4 SEP 83V. 5 25.5 171.7 40.8 92.9 25.7 45.9 91.2 46.8 18.1 21.8 89.7 OCT 602.6 19.2 124.9 42.6 45.0 14.1 43.4 142.5 10.1 10.8 14.7 60.8 7 NOV 554.0 25.0 200.5 29.6 37.2 11.4 50.6 23.7 3.9 20.8 18.3 51.5 81.3 DEC 535.7 26.8 81.8 20.9 20.0 5.3 24.9 47.7 10.2 28.3 16.9 44.0 206.9 134.3 76.9 626.4 1978 JAN OR LATER TOTAL * 3113.6 65917.4 AVERAGE MATURITY IN MONTHS 2/ NUMBER OF REPORTING BANKS 2.9 1043.1 110.6 334.7 37.2 50.4 612.4 23.0 19.3 45.3 2341.7 24230.9 2762.2 3642.8 1971.0 2618.3 9564.8 852.9 743.5 1690.3 2.7 2.7 2.8 3.8 2.3 2.7 3.0 2.9 2.5 2.5 16 36 10 19 22 16 22 3. 1 "'i 4298.1 11200.9 3.0 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. II TABLE 6B 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 29 DEC 1976 1AMOUNTS IN MILLIONS OF DOLLARS) ALL DISTRICTS BOSTON 1977 JAN 10826.6 469.7 FEB 3330.5 103.5 MAR 3476.8 136.2 APR 567.4 26.4 MAY 867.2 44.0 CD'S MATURING IN NEW YORK CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 392.5 1746.4 96.7 140.8 376.0 714.2 2404.9 179.9 450.3 33.7 51.4 94.6 236.5 380.0 108.9 207.1 595.5 73.1 27.4 96.4 254.4 440.2 23.6 29.6 122.6 10.6 7.0 7.9 40.9 60.4 21.5 25.9 30.0 87.8 11.0 2.7 26.4 58.1 63.5 62.1 170.6 38.0 9.6 36.5 59.4 440.6 13.3 9.9 7.8 1.5 7.1 1.3 14.8 RICHMOND ATLANTA PHILADELPHIA CLEVELAND 3252.1 568.8 432.9 231.6 1391.1 190.8 114.8 103.9 1230.2 143.0 164.4 147.1 38.7 52.6 455.4 40.9 JUN 2211.0 17.2 1145.9 80.9 91.6 58.6 JUL 160.1 6.5 28.0 5.5 64.0 0.4 AUG 50.7 3.1 4.4 3.0 11.9 1.8 3.1 2.1 2.2 6.2 3.1 2.6 7.2 SEP 113.8 10.7 14.9 0.4 17.9 1.8 4.1 20.7 5.6 1.5 0.5 4.9 30.6 OCT 40.9 6.8 24.3 1.3 2.4 0.8 0.5 0.5 0.0 1.3 0.1 1.6 1.3 NOV 162.9 3.3 104.0 5.0 2.8 0.2 8.7 5.8 1.1 1.6 0.6 5.9 23.9 1250.0 24.5 637.4 16.9 17.1 8.7 21.3 183.4 16.5 35.8 21.1 55.2 212.1 2*077.9 851.9 8434.8 1095.2 993.9 566.2 952.2 3395.6 296.5 286.8 670.3 1435.0 4099.5 2.4 2.0 2.9 1.9 2.5 2.1 2.2 2.1 3.0 2.9 1.9 2.0 2.2 1976 DEC OR LATER TOTAL * AVERAGE MATURITY IN MONTHS 3/ 1/ SEE TECHNICAL APPENDIX A. 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. 3/ SEE TECHNICAL APPENDIX B. * DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. TABLE MATURITY DISTRIBUTION OF AS OF 29 (PERCENTAGE CD'S I97E 1977 1978 TOTAL 1/ MATURING DEL 30-DLC 31 ALL DISTRICTS BOSTON 4.0 5.1 PHILADELPHIA NEW YORK 3.6 3.7 DLC CERTIFICATES OF DEPOSIT 1/ 19 76 DISTRIBUTION) CLEVELAND RICHMOND ATLANTA 5.6 5.3 H• 7 CHICAGO 2.9 DALLAS SAN FRANCISCO 3.3 7.0 4.0 36.9 ST. LOUIS MINNEAPOLIS KANSAS CITY 4.1 0.8 JAN 35.2 41.7 32.5 39.8 27.9 37.6 35. 1 36. 2 31.4 45.9 42.7 39.0 FC6 15.5 LH.O 17.V 14.4 10.B 17.9 16.3 14. 1 14.4 15.1 14.2 14.9 13.7 MAR 12.2 11.4 12.7 11.0 12.2 11.3 14.1 11.9 15.4 11.I 12.9 10.7 11.9 APR 6.3 6.4 9. 7.3 6.9 9.3 6.5 4.1 5.8 7.2 6.6 MAY E>.8 6.o JUN 5.5 <L . 6 to 6.7 9 . TO 9.0 5.9 7.9 7.0 5.6 4.3 7.0 3.0 5.3 4.9 5.8 6.3 6.2 5.2 6.0 4.3 4. 9 7.1 3.6 3.9 3.2 6. 1 JUL 1.9 1.7 0.9 2.0 3. 5 1.3 2.4 3. 5 2.0 0.5 2.9 J.4 1.8 AUG 1.9 1.1 0.7 1.4 3.5 1.3 L.B 3.3 1.0 2.6 2.1 2.3 2.9 SEP 1.3 1.1 0.7 1.5 2.6 1.3 L.O 1.0 5.5 2.4 1.3 2.1 1.5 1.2 0.7 1.7 1.5 1.2 1.5 0.9 1.4 0.7 0.5 2.8 1.1 1.2 0.7 OCT 0.9 0.6 0.5 NOV 0. 8 1.1 0.6 1.1 1.0 0.6 1.9 0.2 DEC 0.6 1.1 0.3 0.8 0. 5 0.3 1.0 0.5 1.2 3.6 1.1 1.0 1.8 4.7 5.7 4.3 4.0 9.2 1.9 1.9 6.4 2.7 2.6 2.7 1.8 5.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 OR BY JAN OR LATER * INCLUDES IN 6C OUTSTANDING NEGOTIABLE TIME AT W E E K L Y R E P O R T I N G B A N K S BY F E D E R A L R E S E R V E D I S T R I C T ONLY CERTIFICATE* ISSUED IN DENOMINATIONS UF $100,000 i MORE WEEKLY REPORTING BANKS. TABLE 60 MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 29 DtC 1976 (CUMULATIVE PERCENTAGE) CD'S MATURING IN ALL DISTRICTS BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMONO ATLANTA CHICAGO 4.0 5.1 3.6 3.7 4.7 5.6 1977 JAN 39.2 46.8 36.1 *3.5 32.6 43.2 4P.4 39. 1 FEB 54.7 oU.b 54.0 57.9 43.4 61.1 56.7 68.9 55.6 72.4 70.8 75.o *5.2 79.7 77.7 1976 DEC 30 -DtC 31 MAR 66.9 72.2 66.7 APR 75.2 78.6 76.5 5.3 ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 4.1 0.8 3.3 7.0 4.0 35.5 46.7 46.0 46.0 40.9 53.2 49.9 61.8 60.2 60.9 54.6 65.1 65.3 72.9 73.1 71.6 66.5 74.4 71.8 77.0 78.9 78.8 73.lj 2.9 MAY 82.0 84.6 65.5 81.5 73. 1 86.7 83.3 78.7 78.6 80.0 84.2 83.7 78.9 JUN 87.5 87.2 91.6 87.7 78.3 92. 7 87.6 83.6 85.9 83.8 88.1 86.9 85.0 JUL 89.* 88.9 92.7 89.7 81.8 94.0 90.0 b7. 1 87.9 84.3 91.0 90.3 86.8 AUG 91.3 90.0 93.4 91.1 65.3 95.3 91.6 90.4 88.9 86.9 93.1 92.6 89.7 SEP 92.6 91.1 94.1 92.6 87.9 96.6 93.6 91.4 94.4 89.3 94.4 94.7 91.2 OCT 93.5 VI.9 94.6 94. 1 89. 1 97.3 95.3 92.9 95.6 90.8 95.3 96. 1 91.9 NOV 94.3 93.0 95.4 95.2 90. 1 97.9 97.2 93.1 96.1 93.6 96.4 97.3 92.6 DEC 95.1 94.1 95.7 96.0 90.6 *8.2 98.2 93.6 97.3 97.4 97.5 96.3 94.4 100.0 lOu.O 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1976 JAN OR LATER 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. I TABLE 6E 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 29 DEC 1976 (PERCENTAGE DISTRIBUTION) CD'S MATURING IN 1977 JAN ALL DISTRICTS BOSTON 46.9 55.1 NEW YORK PHILADELPHIA CLEVELAND 51.9 43.6 40.9 38.6 RICHMOND ATLANTA CHICAGO 41.2 51.4 ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS 32.6 49.1 56.1 49.8 SAN FRANCISCO| 58.7 FEB 14.4 12.1 16.5 17.4 11.6 18.4 18.9 13.3 11.4 17.9 14.1 16.5 9.3 MAR 15.1 16.0 14.6 13.1 16.5 19.2 21.7 17.5 24.7 9.6 14.4 17.7 10.7 APR 2.5 3.1 1.7 3.5 5.3 4.2 3.1 3.6 3.6 2.4 1.2 2.9 1.5 MAY 3.8 5.2 5.4 3.7 2.2 4.6 3.2 2.6 3.7 0.9 3.9 4.0 2.0 JUN 9.6 2.0 13.6 7.4 9.2 10.3 6.5 5.0 12.8 3.3 5.4 4.1 10.7 JUL 0.7 0.8 0.3 0.5 6.4 0.1 1.4 0.3 2.6 0.5 1.1 0.1 0.4 AUG 0.2 0.4 0.1 0.3 1.2 0.3 0.3 0. 1 0.7 2.2 0.5 0.2 0.2 SEP 0.5 1.3 0.2 0.0 1.8 0.3 0.4 0.6 2.0 0.5 C.l 0.3 0.7 OCT 0.2 0.8 0.3 0.1 0.2 0.1 0.1 0.0 0.0 0.5 0.0 0.1 0.0 NOV 0.7 0.4 1.2 0.5 0.3 0.0 0.9 0.2 0.4 0.6 0.1 0.4 0.6, 1.7 1.5 2.2 5.4 5.6 12.5 3.1 3.8 5.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 5.4 2.9 7.6 1.5 100.0 100.0 100.0 100.0 1978 DEC OR LATER TOTAL * 1/ SEE TECHNICAL APPENDIX A . 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. NOTE - 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• Some sales are also lost by the method described above. 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 regulations is 30 days, the time period between monthly survey dates (28 to 34 days) suggests that very few salee are lost from the series as derived in this manner. Total derived sales will differ from the change in total out* standings 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 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*a 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 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 most recent survey date. While it appears more logical to assume that all CD's were sold at the mid-point between the two survey#, 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 JLSXS-L total outstandings. As a result, the average maturity of sales is ouch more sensitive to month-to-month variation in the maturity structure of sales than is the esse 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 references should be made to actual dollar sales by month. Formulas for calculation of average maturities are available on request from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.
@FedFRASER