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July 29, 1976 L.4.1 CONFIDENTIAL (FR) SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE WEEKLY REPORTING BANKS as of June 30, 1976 Banking S e c t i o n D i v i s i o n of R e s e a r c h and S t a t i s t i c s Board of G o v e r n o r s of t h e F e d e r a l R e s e r v e S y s t e m TABLE HAiUHltV DISTRIBUTION u F 4 I OUTSTANDING NEGOTIABLE TIME C E R T I F I C A T E S 1/ OF D E P O S I T AT WEEKLY R E P O R T I N G BANKS A S OF AMOUNT ( M I L L I O N S OF DOLLARS! C O E S MATURING I N 1 W 19?? 1976 SALES SINCE P R E V I O U S MONTH 2 / ( M I L L I O N S OF DOLLARS CUMULATIVE PERCENTAGE .0 .0 .0 .0 JULY 23,9*6.8 34.0 34.0 10 , 6 4 4 . 2 AUGUST 12*616.8 17.9 51.9 4,119.5 SEPTEMBER 9,291.4 13.2 65.1 t ,283.2 OCTOBER 5,907.2 6.4 73.5 1,145 .9 NOVEMBER 5,296.9 7.5 81 . 0 1 ,245.4 DECEMBER 5,102.5 7.2 88.2 3,377.2 JANUARY 1,671 .8 2.7 90.9 233.0 FEBRUARY 1,010.7 1.4 92.3 93.2 MARCH 1,101.0 1.6 93.9 151 .5 APRIL 1,095.8 1.6 95.5 40.1 MAY 452.5 •o 96.1 79.0 JUNE 725.3 1.0 97.1 734.2 2,113.3 3.0 100.0 XXX 70,554.0 100.0 XXX JUNE 30 12 MONTHS TOTAL TMEMORANDUM: SEPTEMBER SEPTEMBER 2/ JUN PERCENTAGE 01 STRIBUTION OYER 1/ 30 INCLUDES SFI 286.0 1,055.9 10 15 CWLY C E R T I F I C A T E S TECHNICAL http://fraser.stlouisfed.org/ 3/ S A L f S OF C Federal Reserve Bank of St. Louis CS APPENDIX IN 11 MONTHS. MATURITIES) .4 1.5 DENOMINATIONS OF $ 1 0 0 , 0 0 0 A, M A 1 U R I N G AFTER TAX AND D I V I D E N D OR MORE 26,146.3 XXX XXX I S S U E D BY WEEKLY R E P O R T I N G BANKS. 3/ TABLE 2A 1/ MATURITY D I S T R I B U T I O N OF OUTSTANDING N E G O T I A B L E TINE C E R T I F I C A T E S OF D E P O S I T NEW YORK c m , C H I C A G O * AND ALL OTHER WEEKLY R E P O R T I N G BANKS A S OF 3 0 UN JUN 1976 M I L L I O N S OF D O L L A R S ) NEW YORK C I T Y AMOUNT C D ' S MATURING I N AT ALL OTHER WEEKLY R E P O R T I N G BANKS CHICAGO AMOUNT SALES S I N C E PREVIOUS MONTH 2 / AMOUNT SALES SINCE PREVIOUS MONTH 2 / SALES S I N C E ^ PREVIOUS M O N ^ ^ / .0 .0 .0 .0 .0 .0 JULY 6,596.9 1,949.2 3,310.2 1,309.5 14,059.8 7,385.4 AUGUST 4,405.1 1,097.7 1,424.5 581.2 6,787.2 2 ,440.6 SEPTEMBER 3,920*0 1,572.5 824.2 515.5 4,547.1 2,195.1 OCTOBER 2,696.7 428.4 494.0 112.2 2 ,716.5 605.4 i I 2,42*.? 526.8 363.0 89.6 2,510.3 629.2 DECEMBER 2,2 17.5 1,769.9 387.4 148.8 2,497.7 1,458.6 330.* 27.5 367.7 57.7 1,173.6 147.7 1.9 644.5 77.4 LETS sm 30 * 9 7 7 JANUARY FEBRUARY 208.9 14.1 157.4 MARCH 213.9 52.4 196.5 22.0 690.7 77.2 APRIL 153.1 3.5 323.2 9.9 619.5 26.7 36.4 4.6 24.0 10.8 392.1 63 . 6 137.5 137.1 145.5 106.7 256.9 XXX MAY JUNE OVER XXX 452.3 1 2 MONTHS 23,794.5 TOTAL * NUMBER OF REPORTING BANKS /3 1 MEMORANDUM: 1/ INCLUDES ONLY C E R T I F I C A T E S 2/ SEE 3/ SALES TECHNICAL OF C D ' S APPENDIX IN A. MATURING AFTER Digitized*forTOTALS FRASERMAY NOT ADD DUE 1 1 MONTHS. TO R O U N D I N G . $100,000 3 8 , 4 85 . 5 15,597.3 98.3 518.7 29.8 95.1 DENOMINATION OF XXX TAX AND D I V I D E N D M A T U R I T I E S ) 157.9 442.2 OR MORE ISSUED BY WEEKLY R E P O R T I N G BANKS. 490.4 / 3 1,404.1 219 12 10 SEPTEMBER 1 0 SEPTEMBER I S 2,96 5.8 8,274.5 7,583.7 442.4 /3 ^ * TABLE 2B 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK C I T Y , CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 3 0 JUN 1 9 7 6 AND 26 MAY 1 9 7 6 IPERCENTAGE DISTRIBUTION) NEW YORK CITY 3 0 JUN 0—6 DAYS 2 / 0 1 MONTHS 3 / CHICAGO 2 6 MAY 3 0 JUN ALL OTHER 26 MAY 3 0 JUN 26 MAY .0 2.5 .0 2.0 .0 3.2 27.7 29.7 40.0 29.1 36.5 34 .4 17.6 18.2 0 2 MONTHS IS. 5 19.4 17.2 26.0 0 3 MONTHS 16.5 13.8 10.0 10.9 11.8 11.9 0 4 MONTHS 11.3 9.6 6.0 «• . 0 7. 1 6.4 0 5 MONTHS 10.2 9.5 4.4 5.0 6.5 5.8 0 6 MONTHS 9.3 7.9 4.7 3.5 6.5 5.1 0 7 MONTHS 1.4 1.9 4.4 3.1 3.0 2.8 0 0 MONTHS .9 1.3 1.9 4.0 1.7 2.8 0 9 MONTHS .9 .8 2.4 2.0 1.6 1.5 1 0 MONTHS .6 .7 3.9 2.3 1.6 1.7 1 1 MONTHS .2 .6 .3 4.1 1.0 1.6 .6 .1 1 .8 .2 1.1 .9 1.9 1.9 3.1 3.6 3.6 3.7 100.0 100.0 100.0 100.0 100.0 100.0 1 2 MONTHS OVER 12 MONTHS TOTAL * 1 / INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2 / NUMBER OF DAYS REMAINING IN SURVEY MONTH. T H I S 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. X TABLE 2C • 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK C I T Y , CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 3 0 JUN 1 9 7 6 AND 2 6 MAY 1 9 7 6 (CUMULATIVE DISTRIBUTION) NEW YORK CITY 3 0 J UN 1 - 6 DAYS 2 / 26 MAY CHICAGO 30 JUN ALL OTHER 26 MAY 3 0 J UN 26 MAY •0 2.5 .0 2.0 .0 3.2 0 1 MONTHS 3 / 2 7.7 32.2 40.0 31.1 36.5 37.6 0 2 MONTHS 46.2 51.6 57.2 57.1 54.1 55.8 0 3 MONTHS 62.7 65.4 67.2 68 .0 6 5.-9 67.7 Of MONTHS 7*.0 75.2 73.2 72.0 73.0 74.1 0 5 MONTHS 64.2 64.7 77.6 77.0 79.5 79.9 0 6 MONTHS 93.5 92.6 82.3 80.5 86.0 85.0 0 7 MONTHS 9*.9 94.5 66.7 83.6 69.0 87.8 0 6 MONTHS 9 5.8 95.8 BE.6 87.6 90.7 9 0.6 0 9 MONTHS 96.7 96.6 91.0 89.6 92.5 92.1 10 MONTHS *7.3 97.3 94.9 91 . 9 94.1 93.8 1 1 MONTHS 97.5 97.9 95.2 96.0 95.1 95 . 4 12 MONTHS 98.1 98.0 97.0 96.2 96.2 9t>.3 100.0 100.0 100.0 100.0 100.0 100.0 ER 12 MONTHS 1/ INCLUDE S ONLY CERTIFICATES BANKS. 2/ NUMBER OF DAYS REMAINING IN SURVEY MONTH. T H I S PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH. 3/ NUMBER OF MONTHS FOLLOWING THE SURVEY MONTH. IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING TABLE 3A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES UF DEPOSIT AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2 / AS OF 3 0 JUN 1 9 7 6 CAMOUNTS IN MILLIONS OF DOLLARS) 1/ $5 BILLION AND OVER C D ' S MATURING IN TOTAL $500 MILLION AND UNDER $ 5 0 0 MILLION TO $ 1 BILLION $1 BILLION TO $ 5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 0.0 0.0 0.0 0.0 0.0 0.0 0.0 JULY 23,966.9 1,129.6 2,239.0 6,925.4 13,672.9 6 ,080.0 7,592.9 AUGUST 12,b16.9 526.3 951.5 3,658.8 7,480.3 4,187.6 3,292.7 9 , 2 9 1 .4 392.7 661.2 2,639.6 5,597.7 3 ,566.1 2,031.6 2,559.8 1,215 .0 1 9 7 6 JUN 30 SEPTEMBER OCTOBER S,907.1 220.4 34 6 . 0 1 , 5 6 5 .9 3,774.8 NOVEMBER 5,296.9 186.5 249.6 1,099.9 3,762.9 2,357.6 1,405.3 DECEMBER 5,102.5 160.7 248.1 1,293.1 3,400.6 2,127.9 1,272.7 1,871.8 83.5 143.8 472.6 1,171.9 320.9 851.0 FEBRUARY 1,010.8 42.5 81.0 2 70 . 8 616.5 176.5 440 .0 MARCH 1,101.0 45.4 76.9 244.8 733.9 193.0 540.9 APRIL 1,095.7 49.1 91.2 292.3 66 3 . 1 146.4 516.7 MAY 452.4 31.2 52.2 118.2 250.8 32.2 216.6 JUNE 72 5 . 3 41.4 70.1 191.0 422.8 133.1 289.7 2,113.3 62.6 115.8 565.9 1,369.0 440.9 9*6.1 70,554.0 2,971.9 5 , 326.4 19,338.5 42,917.2 22,322.0 20 , 5 9 5 . 2 1 9 7 7 JANUARY JULY OR LATER TOTAL * (MEMORANDUM: TAX AND DIVIDEND MATURITIES) SEPTEMBER 1C 286.0 9.3 10.1 64.2 202.4 156.1 46.3 SEPTEMBER 1 5 1,055.9 35.3 59.9 302.5 t>58.2 384.8 273.4 17 7 10 1 MEMORANDUM: 2*1 79 62 NUMBER OF BANKS) • 83 I Z INCLUDES CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2 / TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1 9 7 5 . * TOTALS MAY NOT ADD DUE TO ROUNDING. • TABLE SALES / ! / 38 O F 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 MCNTH 2 / AT WEEKLY R E P O R T I N G BANKS BY S I Z E OF BANKS 3 / AS OF 3 0 J U N 1 9 7 6 (AMOUNTS I N M I L L I O N S OF D O L L A R S ) $5 C D ' S MATURING 1 9 3 6 JUN IN $500 MILLION AND UNDER $ 5 0 0 MILLION TO $ 1 BILLION BILLION TO $ 5 BILLION TOTAL NEW YORK CI TY OUT S I D E NEW YORK CITY 569.5 1,232.9 3,316.2 5 , 5 2 5 .6 1,616.7 3,908.9 AUGUST 4,119.5 176.6 414.2 1,487.9 2,036.8 1,012.5 1 ,026.3 SEPTEMBER 4,283.3 231.9 371.4 1,333.0 Z, 347.0 1 ,437.2 9 09 . 8 OCTOBER 1,1*5.7 55.1 91.5 357.4 641.7 362.7 259.0 NOVEMBER 1,245.3 38.9 63.9 281.6 860.7 513.6 347.1 DECEMBER 3,377.3 102.5 155.2 742.d 2,376.8 1,710.1 666.7 232.9 9.9 19.3 92.9 110.8 25.6 85.2 93.3 7.5 15.7 22 . 7 47.4 11.1 36.3 MARCH 151.5 4.2 10.6 46.7 89.8 42.6 47.2 APRIL 40.1 5.0 5.6 16.5 13.0 3.0 o NAY 78.6 6.8 9.2 27.5 33.3 4.1 29.2 734.3 53.8 68.5 177.8 4 3-, . 2 132.7 3C1.5 1,265.7 2,458.2 7,903.2 14,519.1 6,891.9 7,6*7.2 17 7 10 JANUARY JUNE OR LATER TOTAL $ 26,1*6.2 NUMBER OF B A N K S ) 1 MEMORANDUM: 241 79 62 83 — SEE TECHNICAL APPENDIX A . INCLUDES C E R T I F I C A T E S I N D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR MORE I S S U E D BY WEEKLY R E P O R T I N G B A N K S . TOTAL ASSETS AS REPORTED I N THE CALL REPORT OF C O N D I T I O N ON J U N E 3 0 , 1 9 7 5 . T O T A L S MAY NOT ADD DUE TO R O U N D I N G . o 10,644.2 FEBRUARY 1/ 2/ 3/ * $1 30 JULY 1977 TOTAL B I L L I O N AND OVER TABLE MATURITY D 1 S T R I 6 U 1 I O N OF OUTSTANDING NEGOTIABLE TIME SC 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 EY SIZE OF BANKS 2 / AS OF 3 0 JUN 1 9 7 6 PERCENTAGE DISTRIBUTION $5 BILLION AND OVFR C D * S MATURING 1976 IN TOTAL *500 MILLION AND UNDER S 5 0 0 MILLION TO S I BILLION S I BILLION TO S5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CI TY 0.0 0.0 0.0 0.0 0.0 0.0 JULY 34.0 38.0 42.0 35.8 31.9 27.2 36.9 AUGUST 17.9 17.7 17.9 IB.9 17.s 18.8 16.0 SEPTEMBER 13.2 13.2 12.4 13.7 13.0 lo.O 9.9 6.4 7.4 6.5 6.1 6,8 11.5 5.9 NOVEMBER 7.5 6.3 4.7 5.7 8.8 10.6 6.8 DECEMBER 7.2 5.4 4.7 6.7 7.9 9.5 6.c 2.7 2.6 2.7 2.4 2.7 1.4 t.l FEBRUARY 1.4 1.4 1.5 1 .4 1.4 0.8 2.1 MARCH 1.6 1.5 1 .4 1.3 1.7 0.9 2.6 APRIL 1.6 1.7 1.7 1 .5 1.5 0.7 2.5 MAY 0.6 1.0 1.0 0.6 O.c 0.1 1.1 JUNE 1.0 1.4 1.3 1.0 1 .0 0 .6 1.4 JULY OR L A T E R 3.0 2.1 2.2 2.9 3.2 2.0 <•.5 100.0 100.0 JUN 30 OCTOBER 1977 JANUARY TOTAL * 100.0 100.0 100.0 — (MEMORANDUM 0.0 100.0 100.0 TAX AND DIVIDEND MATURITIES) — SEPTEMBER 10 0.4 0.3 0.2 0.3 0.5 0.7 0.2 SEPTEMBER 15 1.5 1.2 1.1 1.6 1.5 1.7 1.3 1/ 2/ # I N C L U D E S C E R T I F I C A T E S I N D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR MORE I S S U E D BY WEEKLY R E P O R T I N G TOTAL ASSETS A S R E P O R T E D I N THE C A L L R E P O R T O F C O N D I T I O N ON J U N E 3 0 , 1 9 7 5 . T O T A L S MAY N O T ADD DUE TO R O U N D I N G . BANKS. TABLE M A T U R I T Y 0 1 S T R 1 B U T LOFL O F 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 WEEKLY R E P O R T I N G BANKS BY S I Z E OF BANKS 2 / A S OF 3 0 J U N 1 9 7 6 CUMULATIVE PERCENTAGE 30 OF D E P O S I T $b C O * S MATURING IN JUN 30 JULY SSOO MILLION AND UNDER MILLION TO BILLION $500 SI BILLION TO $ 5 BILLION BILLION AND OVER SI NEW YORK CITY OUTSIDE NEW YORK CITY 0.0 TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 34.0 38.0 42.0 35.B 31.9 27.2 36.9 AUGUST 51.« 55.7 59.9 54.7 49.3 46.0 5<*.9 SEPTEMBER 65.1 68.9 72.3 68.4 62.3 62.0 c>2.8 OCTOBER 73.5 76 . 3 78.8 76.5 71.1 73.5 68.7 NOVEMBER 8 1.0 82.6 83.5 82.2 79.9 64.1 75 . 5 DECEMBER 66.2 88.0 88.2 86.9 87.8 93.6 81.7 JANUARY 90.9 90.8 90.9 91.3 90.5 95 .0 85.8 FEBRUARY 92.3 92.2 92.4 9Z.7 91.9 95.6 87.9 MARCH 93.4 93.7 93.8 94.0 93.6 96.7 90.5 APRIL 95.5 95.4 95.5 95 .5 95.1 97.4 93.0 MAY 96.1 96.4 96.5 9b.1 95.7 97.5 9t.l JUNE 97.1 97.6 97.8 97.1 9t>. 7 96.1 95.5 100.0 100.0 100.0 JULY OR L A T E R 1/ 2/ * TOIAL 1/ 100.0 100.0 I N C L U D E S C E R T I F I C A T E S I N D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR MORE I S S U E D BY WEEKLY R E P O R T I N G TOTAL ASSETS A S R E P O R T E D I N THE C A I L R E P O R T O F C O N D I T I O N ON J U N E 3 0 , 1 9 7 5 . T O T A L S MAY N O T ADD DUE T O R O U N D I N G . BANKS. 100.0 100.0 SALES / ! / TABLE 3 E OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2 / AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3 / AS OF 3 0 JUN 1 9 7 6 PERCENTAGE DISTRIBUTION $5 BILLION AND OVER CD* S M A T U R I N G I N 1 9 7 6 JUN TOTAL $500 MILLION AND UNDER $ 5 0 0 MILLION TO S I BILLION SI BILLION TO $ 5 BILLION TOTAL OUTSIDE NEW YORK CITY 30 JULY 40.7 45.0 50.2 42.0 36.1 23.5 51.2 AUGUST 15.8 14.1 16.6 18.8 1*. 0 14.7 13.5 SEPTEMBER 16.4 18.3 15.1 16 . 9 16.2 20.9 11.9 OCTOBER 4.4 4.4 3.7 4.5 4.4 5.6 3.4 NOVEMBER 4.8 3.1 2.6 3.6 5.9 7.5 4 .6 DECEMBER 12.9 8.1 6.3 9.4 16 . 4 24.8 8.7 0.9 O.fa 0.8 1.2 0.8 0 .4 1.1 FEBRUARY 0.4 0.6 0.6 0.3 0.3 0.2 0.5 MARCH 0.6 0.3 0.4 0 .6 0.6 0.6 0.6 0.2 1 9 7 7 JANUARY APRIL 0.2 0.4 0.2 0.1 0.0 0.1 MAY 0.3 0.7 0 .4 0 .3 0.2 0.1 0.4 JUNE OR LATER 2.8 4.3 2.8 2.2 3.0 1.9 4.0 TOTAL * 100.0 100.0 100.0 100.0 (MEMORANDUM: 241 1/ 2/ 3/ * NEW YORK CITY 79 100.0 100.0 NUMBER OF BANKS) 62 83 17 SEE TECHNICAL APPENDIX A . INCLUDES CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1 9 7 5 . TOTALS MAY NOT ADD DUE TO ROUNDING. 100.0 10 TABLE 4A AVERAGE MATURITY OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 / AT WEEKLY REPORTING BANKS AT VARIOUS SURVEY DATES ( I N MONTHS) DATE OF SURVFY BANK CLASSIFICATION 3 0 JUN 1 9 7 6 2 6 MAY 1 9 7 6 2 8 APR 19 76 IBY LOCATION) ALL REPORTING BANKS 2.9 3.0 3.0 NEW YORK CITY 2.8 2.8 2.8 CHICAGO 3.0 3.3 3.5 OTHER 3.0 3.1 3.1 ISSUING C D ' S (BY S I Z E OF BANK) 2 / UNDER * 5 0 0 MILLION 2.7 2.6 2.6 S 5 0 0 — S 1 * 0 0 0 MILLION 2.6 2.6 2.6 $ l w 0 0 0 ~ $ 5 t C 0 0 MILLION 2 .8 2.8 2.9 OVER $ 5 BILLION 3.0 3.2 3.2 IN NEW YOKK CITY 2.8 2.8 £. . 8 OUTSIDE NEW YORK CITY 3.3 3.7 3.7 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL ASSETS AS REPCjRTED IN THE CALL KEPORT 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 ( I N MONTHS) BANK CLASSIFICATION DATE OF SURVEY —— —— —— — — 30 JUN 1 9 7 6 2 6 MAY 1 9 7 6 2 8 APR 19 76 (BY LOCATION) ALL REPORTING BANKS ISSUING C D ' S 2.4 2.5 2.9 NFW YORK CITY 3.0 2.8 3.0 CHICAGO 2.2 2.0 3.S OTHER 2.2 2 .* 2.6 (BY SIZE OF BANK) 2 / UNDER $ 5 0 0 MILLION 2.4 2.1 2.4 S 5 0 0 - $ 1 , 0 0 0 MILLION 2.0 2.0 2.2 $ 1 , 0 0 0 - $ 5 , 0 0 0 MILLION 2.2 2.0 2.5 OVER $ 5 BILLION 2.6 2.9 3.3 IN NEW YORK CITY 3.1 2.9 3.1 OUTSIDE NEW YORK CITY 2.2 2.8 3.6 1/ INCtUDES CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , NOTE—SEE TECHNICAL APPENDIX B . 1975. TABLE 5A RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT V 1 0 TOTAL DEPOSITS AT VARIOUS SURVEY DATES (PER CENT) DATE OF TOTAL ASSETS 2 / U N MILLIONS OF DOLLARS) SURVEY 30 J UN 1 9 7 6 26 MAY 1 9 7 6 28 APR 1 9 7 6 ALL BANKS ISSUING CD'S 18.6 19.2 18.9 UNDER 50C 12.7 lj.5 13.6 500 1000 - 1000 13.7 14.3 14.9 14.9 15.5 15.3 23.4 23.7 23.0 IN NEW YORK CITY 25.5 27.6 26.9 OUTSIDE NEW YORK CITY 21.5 20.1 19 . 6 *>000 OVER 5 0 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1975. DEPOSITS IN THE DENOMINATOR OF THE RATIO I N THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U . S . GOVERNMENT D E P O S I T S . TABLE 5B RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT U TO TOTAL DEPOSITS AS OF 30 JUN 1 9 7 6 (NUMBER OF BANKS) TOTAL ASSETS 2 / I I N MILLIONS OF DOLLARS# St OR LESS 5 TO lot 10 TO 15t 15 TO 20t 20 TO 2 5* 25% OR MORE AVERAGE CD TO DEPOSIT RATIO (PER CENT! ALL BANKS ISSUING CD'S 47 46 40 44 30 34 18.8 UNDER 5 0 0 17 21 13 14 7 7 12.7 500 - 15 12 11 7 9 8 13.7 15 13 13 20 11 11 14.9 0 0 3 3 3 8 23.4 IN NEW YORK CITY O O 1 O 2 4 25.5 OUTSIDE NEW YORK CITY 0 0 2 3 1 4 21.5 1000 1000 - 5000 OVER 5 0 0 0 1/ INCLUDES CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1975. DEPOSITS IN THE DENOMINATOR OF THE RATIO I N T H I S TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U . S . GOVERNMENT D E P O S I T S . TABLE 5C PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT / I 2 6 MAY 1 9 7 6 TC 30 JUN 1 9 7 6 I NUMBER OF BANKS) DECLINES OF TOTAL ASSETS 2 / UN M I L L I O N S OF D O L L A R S ! C D ' S TO ZERO ALL BANKS ISSUING CD'S l O t OR MORE 5 TO 10% 5% OR LESS 45 27 50 NO CHANGE INCREASES OF ——— —— —— 5 * OR 5 TO 10% OR LESS lOt MORE 43 32 36 ISSUED C D ' S BUT HAD NONE OUT STANDING ON BASE DATE UNDER 5 0 0 0 19 12 13 t 13 7 9 0 500 - C 11 t 18 1 8 7 11 0 0 14 7 17 1 lb 13 13 0 0 1 2 2 0 4 5 3 0 I N NEW YORK CITY 0 1 1 I 0 2 1 0 0 OUTSIDE NEW YORK CITY 0 0 1 0 0 2 4 3 0 lOOO - 1000 5000 OVER 5 0 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1975. THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE IN MOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING C D ' 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 3 1 MAR 1 9 7 6 TO 3 0 JUN 1 9 7 6 (NUMBER OF BANKS) TOTAL DEPOSITS / 2 ( I N MILLIONS OF DOLLARS) REDUCED CD'S 25* TO OR ZERO MORE DECLINES OF 20 TO 25% 10 TO 15% 15 TO 20% INCREASE OF 5 TO 10% 5% OR LESS NO CHANGE 51 OR LESS 5 TO 10% 10 TO 15% 15 TO 20 % 25% OR MORE 20 TO 25% ISSUED C D ' S BUT HAD NONE OUTSTANDING ON BASE DATE ALL BANKS ISSUING CD'S 0 25 15 14 30 37 36 5 20 19 18 5 5 10 UNDER 5 0 0 0 12 5 5 9 9 12 3 6 6 7 1 1 3 500 - 0 3 5 3 8 10 8 1 7 7 3 0 1 4 2 1000 ~ 5000 0 9 4 5 12 15 12 1 5 5 7 2 3 3 0 OVER 5 0 0 0 0 1 1 1 1 3 4 0 2 1 1 2 0 0 0 IN NEW YORK CITY 0 1 0 1 1 0 2 0 0 1 1 0 0 0 0 OUTSIDE NEW YORK CITY 0 0 1 0 0 3 2 0 2 C 0 2 0 0 0 1000 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION CN JUNE 3 0 , 19 7 5 . THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE I N MOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING C D ' S ON THE SURVEY THREE MONTHS PRIOR TO THE CURRENT SURVEY, REDUCED THEIR OUTSTANDINGS TO ZERO. 2 • TABLE 5E CHANGE I N OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 / OVER THE MONTH AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 2 6 MAY 1 9 7 6 TO 30 JUN 1 9 7 6 (NUMBER OF BANKS) TOTAL ASSETS 2 / ( I N MILLIONS OF DOLLARS) DECLINES OF 3* AND OVER 2 TO 3% 1 TO 2% INCREASES OF It AND LESS NO CHANGE 1% AND LEaS 1 TO 23 2 TO 3% 3% AND OVER ALL BANKS ISSUING CD'S 9 13 27 74 8 62 21 13 14 UNDER 5 0 0 5 7 8 23 6 20 4 3 3 500 1000 - 1000 1 5000 3 OVER 5 0 0 0 1/ 0 5 9 9 25 1 13 6 23 1 26 7 4 4 3 5 0 1 1 3 0 3 4 2 3 IN NEW YORK CITY 0 1 1 2 0 1 2 0 0 OUTSIDE NEW YORK CITY 0 0 0 1 0 2 2 2 3 INCLUDES CERTIFICATES IN DENOMINATIONS OF 5 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2 / TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 3 0 , 1975. DEPOSITS IN THE DENOMINATOR OF IHE RATIO I N TMIS TABLE ARE 101AL DEMAND AND TIME DEPOSITS, INCLUDI INTERBANK AND U . S . GOVERNMENT D E P O S I T S . TAtiLE t A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 / AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 3 0 JUN 1 9 7 6 (AMOUNTS IN MILLIONS OF DOLLARS) C D ' S MATURING I N ALL DISTRICTS 1 9 7 6 JUN 3 0 0.0 BOSTON 0.0 NEW YORK 0.0 PHILADELPHIA 0.0 CLEVELAND 0.0 RICHMOND ATLANTA 0. 0 CHICAGO SI. LOUIS 0.0 0.0 0.0 M1NNE— APOLIS 0.0 SAN FRANCISCO KANSAS CITY DALLAS 0.0 0.0 0.0 JUL 23966.8 1058.0 7423.4 1063.7 1049.7 709.4 949.7 4276.4 256.7 210.1 650.9 1532.5 4782.3 AUG 12616.8 5*#6.1 4760.9 534.9 566.1 366.4 530.7 1696.7 156.3 80.6 285.6 794.4 2 056.1 SEP 9291.6 411.0 4110.9 352.2 388.4 264.7 299.1 1180.5 123.8 38.9 164.6 513.7 1443.6 OCT 5907.2 265.2 2770. 8 272.2 210.3 137.4 206.1 762.5 63.7 15.1 105.2 302 . 0 NOV 5296.8 117.1 2479.2 218.1 211.1 154.6 237.0 518.3 67.4 36.7 70.5 200.3 988.3 DEC 51C2.5 222.4 2287.2 164.2 242.4 140.8 175.7 569.2 79.6 40.7 57.4 260.6 822.3 1 9 7 7 JAN 1872.0 65.3 349.3 56.6 69.1 53.0 91.0 445.0 36.0 14.9 39.6 126.1 504.1 FEB 1011.0 55.0 222.2 19.2 52.3 20.4 32.4 207.6 13.0 27.3 19.2 66.2 276.2 MAR 1101.1 42.5 220.5 40.6 52.9 17.0 53.9 231.6 16.6 3. 2 28.3 52.6 336.6 APR 1095.9 22.6 165.3 23.1 77.6 17.1 44.6 359.2 16 . 4 1.8 29.0 114.4 224.6 MAY 452.6 8.9 4V.9 23.2 26.9 9.7 24.8 37.5 6.4 2.8 20.0 36.0 20 4 . 5 JUN 72 5 . 3 25.9 149.2 55.5 35.3 40.7 32.6 163.1 13.4 2.5 21.0 43.7 142.4 1113.2 115.7 465.3 126.9 315.8 35.0 57.5 274 . 5 39.5 17.5 55.3 133.9 476.3 2955.7 25474.1 2950.6 3337.9 1966.A 2735.1 10944.1 897.0 492.1 1546.6 4196.6 13058. 4 2.8 2.7 2.8 18 23 JUL OF LATER TOTAL * 70 5 5 4 . 8 AVERAGE MATURITY IN MONTHS 2 / 2.9 2.8 2.7 2.9 3.6 2.7 2.8 2.8 3.3 NUMBER OF REPORTING BANKS 241 16 36 10 16 19 23 36 11 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY KFPORTING BANKS. 2/ SEE TECHNICAL APPENDIX fc. * DETAILS MAY NOT ADD TO TOTALS DUL 10 ROUNDING. 28 TABLE 66 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 3 0 JUN 1 9 7 6 (AMOUNTS IN MILLIONS OF DOLLARS) C D ' S MATURING I N ALL DISTRICTS BOSTON NEW YORK 1976 JUL 10644.2 487.8 AUG 4119.6 SEP PHILADELPHIA CLEVELAND 2390.6 442.8 415.1 334.1 237.6 1281.9 197. o 169.5 4283.1 199.6 1696.7 131.1 OCT 1145.9 40.8 446.2 NOV 1245.3 24.0 DEC 3377.1 1 9 7 7 JAN TOTAL. MINNEAPOLIS KANSAS CITY DALLAS 425.7 1667.5 103.^ 125.0 374. L 7 3 4 . ** 3123.6 143.9 196.3 160.6 70. 1 17.6 133.0 3 3 6 . <L 575.1 193.4 115. > 142.6 729.0 6^.3 23.7 65.4 320.3 560.7 63.4 50.1 32.6 46.3 213.5 14.0 3.9 16.6 61.5 15^.8 535.0 73.0 65.7 26.2 74.3 120.3 23.1 to. 9 20.4 26.0 2*8.4 111.5 1614.8 66.2 142.1 93.2 12 5 . 5 282. 5 47.1 25.5 29.3 153.5 465.9 10.5 14.1 20.6 69.7 9.7 0.7 4.7 17. 5 26. 2 6 22.1 233.0 6.9 31.8 20.6 93.2 0.3 14.9 6.3 MAR 151.3 2.0 52.9 9.0 3.2 3.2 APR 40.1 3.4 3.9 4.7 0.4 0.3 MAY 78.9 2.9 11.0 1.7 9.0 2.9 734.2 21.7 151.3 60.2 33.4 26145.9 1138.5 8435.2 1096.6 2.4 2.0 2.8 2.6 * AVERAGE MATURITY IN MONTHS 3 / 20.3 6.0 1.3 0.4 4.0 6.1 26.6 6.4 0. 3 2.8 6.0 0.3 17.7 1.0 0.3 l.o 1.6 7.0 12.4 2.L 0.9 5.0 5.1 ltf.4 19.5 32.7 12 3 . 3 15.3 3.6 34.3 44. z 194.5 1112.7 79 0 . 6 1066.9 4051.3 357.1 209.0 711.5 1712.9 5443.4 2.6 2.3 2.5 2.2 2.9 1.9 2.0 2.1 2.0 5.5 9.5 1 / SEE TECHNICAL APPENDIX A . 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY KEPORTING BANKS. 3/ SEE TECHNICAL APPENDIX B . * DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. 1 * FRAW CISCO ST. LOUIS FEB JUN OR LATER " CHICAGO RICHMOND ATLANTA 1 TABLE 6 C MATURITY D I S T R I B U T I O N OF OUTSTANDING NEGOTIABLE TIME AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE D I S T R I C T C E R T I F I C A T E S OF DEPOSIT 1/ AS OF 30 JUN I t 7 6 (PERCENTAGE D I S T R I B U T I O N ) ALL 01STRICTS BOSTON 0.0 0.0 JUL 34 . 0 AUG ST. LOUIS M1NNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 0.0 0.0 0.0 0.0 0.0 0.0 34.7 39.1 26.6 42.7 42. 1 36.5 3t>. 6 16.6 19.4 17.3 17.4 1 6.4 16.5 18.9 11.6 13.5 10. V o C D ' S MATURING IN 13.6 7.9 10.7 12.2 9.2 6.3 7.0 7.5 7.0 7.1 3.1 6.6 7.2 9.7 7.4 6.3 7.9 6.7 *.7 7.5 7. 5 4.6 *t» 6 7.6 9.0 5.6 7.3 7.2 6.4 5.4 8.9 6.3 3.7 6.7 o.3 1.4 1.9 2.7 2.7 3.3 4.1 *t . 2 3.0 2.6 3.0 3.9 0.7 1. 6 *.1 CLEVELAND 0.0 0.0 0.0 C.O 0.0 35.8 29. 1 36.1 31.4 36.1 17.9 18.5 18.8 18.1 17.6 SEP 13.2 13.9 16.1 11.9 OCT 8.4 9.0 10.9 NOV 7.5 4.0 DEC 7.2 7.5 1 9 7 7 JAN 2.7 2.2 JUN 3 0 RICHMOND ATLANTA OilCAGO CO PHIL A— DELPHIA 1976 NEW YORK « 15.6 6.1 FEB 1.4 1.9 0.9 1.6 1.0 1.2 1.9 1.4 i>.5 1.2 MAR 1.6 1.4 0.9 1.4 1 .6 0.9 2.0 2.1 2.1 0.7 1.6 1.3 2.6 APR 1.6 0.8 0.6 0.8 2.3 0.9 1.6 3.3 1.6 0.4 1.9 2.7 1.7 MAY 0.6 O.a 0.2 0.8 0.8 0.5 0.9 0.3 C .V 0.6 1.3 0.9 1.6 JUN 1.0 0.9 0.6 1.9 1.1 2.1 1 1 .5 1.5 0.5 1.4 1. 0 1.1 JUL OR LATER 3.0 3.9 1.8 «t.3 9.5 1.8 2.1 j.3 4.4 5.6 3.6 3.2 3 g 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 i o W TOTAL * %/ INCLUDES ONLY CERTIFICATES ISSUED I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY REPORTING 1 BANKS. TABLE bC MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 / AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 3 0 JUN 1 9 7 6 (CUMULATIVE PERCENTAGE) ALL DISTRICTS BOSTON 0.0 0.0 JUL 34.0 AUG MATURING I N DALLAS SAN FRANCISCO 0.0 0. 0 0. 0 42.7 42.1 36.5 36.6 46.2 59.1 60. 6 55.4 52.4 67.2 bO . 0 67. 0 71.3 67.6 6->.5 72. 5 74.2 67.1 7G.1 76.1 74.6 69.6 83.1 61.2 76.9 74.6 77.6 82.7 79.6 77.2 80.5 90.3 87.6 84.3 63.5 85.9 66.4 66.3 83.5 90.2 63.2 93.0 90.9 66.4 67.7 66.9 69.0 69.3 95.9 90.9 64.8 94.0 92.1 90.3 89. 1 94.4 90.2 90.9 89.5 94.2 96.8 92.3 86.*$ 94.9 94.1 9/.4 91.2 95.1 92.0 92.2 92.1 95.5 95.0 97.4 93.1 88.7 95.6 95.7 95.7 93.0 95. d 93. 9 94.9 93.6 MAY 96.1 95.3 97.6 93.9 69.5 96.3 96.6 96.0 9a.9 96.1 95.2 95.6 95.4 JUN 97.1 96.2 98.2 95.8 90. t 96.4 97 . 6 97o 95.4 96.6 96. 6 96. 6 96.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 NEW PHILADELPHIA CLEVELAND 0.0 0.0 0. 0 0. 0 0.0 0.0 35.8 C9.1 36.1 31.4 36.1 24.7 39. 1 28.8 51.9 54.3 47.9 54.2 49.0 54.7 54.1 5 6.4 SEP 65.1 68.2 64.0 66. 1 t O. 6 6a. 2 65 . 0 OCT 73.5 77.2 74.9 75.3 66 . 9 75.2 NOV 81.0 81.Z 84.6 62.7 73.2 DEC 8 6.2 68.7 93.6 86.3 JAN 90.9 90.9 95.0 FEB 92.3 92.6 MAR 93.9 APR JUN 3 0 JUL OR lATER YORK RICHMOND ATLANTA CHICAGO 100.0 ST. LOUIS MINNE— APOLIS 0 .0 100.0 0.0 100.0 1 / INCLUDES LNLY CERTIFICATES ISSUED IN DENOMINATIONS UF $ 1 0 0 , 0 0 0 OR MORI BY WEEKLY REPORTING BANKS. KANSAS CITY 100.0 100.0 • 100.0 TABLE 6E 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 3 0 JUN 1 9 7 6 (PERCENTAGE DISTRIBUTION) C D ' S MATURING IN 1976 ALL DISTRICTS BOSTON JUL 40.7 42.8 AUG 15.8 SEP NEW YORK PHI LADEL PHI A CLEVELAND 28.3 40.4 37.3 42.2 39.2 20.9 15.2 16.0 15.2 16.2 16.4 17.5 20.1 12.0 17.4 OCT 4.4 3.6 5.3 5.8 NOV 4.8 2.1 6.3 RI CHMOND ATLANTA CHICAGO DALLAS SAN FRANCISCO 42.9 57.4 ST. LOUIS MINNEAPOLIS 41.7 28.9 59.8 52.6 18.1 18.8 19.6 8.4 16.7 19.6 14.b 13.1 17.7 11.3 * 18.0 12.0 18.7 10.7 4.5 4.1 4.3 5.3 3.9 1.9 2.4 3.6 2.8 6.7 5.9 3.3 6.8 3.0 6.5 3.3 2.9 1 . to 4. 6 KANSAS CITY DEC 12.9 9.8 21.5 7.9 12.8 11.8 11 . 5 7.0 13.2 12.2 4.1 9.0 6.6 1 9 7 7 JAN 0.9 0. 6 0.4 1.9 0.9 1.8 1.9 1.7 2.7 0.3 0.7 1.0 0.5 FEB 0.4 0.0 C.2 0.6 1.8 0.7 0.9 0.1 0.4 O.j. 0.6 0.2 0.4 MAR 0.6 0.2 0.6 0.6 0.3 0.4 0.6 0.1 1.8 0.1 0.4 0.5 0. 5 APR 0.2 0.3 0.0 0.4 0.0 0.0 0.0 0.4 0.3 0.1 0.2 0.1 0.1 MAY 0.3 0.3 0.1 0.2 0.8 0.4 0.6 0.3 0.7 0.4 0.7 0.3 0.3 JUN OR LATER 2.8 1.9 1.8 5.5 3.0 2.5 3.0 3.0 4.3 1.6 4.8 2.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100. 0 1C0.0 100.0 100.0 TOTAL * 1 / SEE TECHNICAL APPENDIX A. 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $ 1 0 0 , 0 0 0 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 TuTALS DUE TO ROUNDING. 100™ 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 regulations is 30 days, the time period between monthly survey dates (28 to 34 days) suggests that very few sales are lost 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 OP AVERAGE MATURITIES OF NEGOTIABLE TIMS CERTIFICATES OF DEPOSIT OUTSTANDINGS Average maturities of outstanding negotiable time certificates of deposit are calculated on a weighted .average basis • All CD's are aeauoed 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 developa 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 day a) are ignored. Technical Note B (continued) This procedure assumes all CD's sold between survey date# 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 surveys, such an assumption"would tend to reduce comparlblllty 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 salee would be lengthened relative to the average maturity of outstandings, by, in effect, using an earlier starting date for sale# than for outstandings. Salee of CD's maturing in a particular month are often a large and highly variable proportion of total sales while change# in outstandings due in any particular month are a small and rather stable proportion of the *-eve*. 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. Thua. large ch«hfl« in the calculated average maturity of sales, or situations in which the average maturity of sales differ sharply from the average maturity of outatandlnea. 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 Statiatic#, Board of Governor# of the Federal Reserve System.
@FedFRASER