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-a** March 27, 1978 L.4.1 CONFINDENTIAL (FR) SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE WEEKLY REPORTING BANKS as of February 22, 1978 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TABLE 1 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT WEEKLY REPORTING BANKS AS OF 22 FEB 1978 CD'S MATURING IN AMOUNT (MILLIONS OF DOLLARS) PERCENTAGE DISTRIBUTION CUMULATIVE PERCENTAGE SALES SINCE PREVIOUS MONTH 2/ (MILLIONS OF DOLLARS) 4,487.8 5.8 5.8 .0 MARCH 20,409.1 26.5 32.3 7,937.4 APRIL 13,803.7 17.9 50.2 3,016.6 MAY 9,818.3 12.7 62.9 2,901.6 JUNE 7,358.1 9.5 72.4 543.0 JULY 7,119.8 9.2 81.6 1,807.6 AUGUST 4,313.0 5.6 87.2 3,408.4 SEPTEMBER 1,161.9 1.5 88.7 220.1 OCTOBER 1,304.5 1.7 90.4 106.3 NOVEMBER 753.5 1.0 91.4 92 .9 DECEMBER 978.3 1.3 92.7 67.6 646.8 .8 93.5 185.9 354.2 .5 94.0 371.9 3/ 4,590.3 6.0 100.0 XXX 77,099.4 100.0 XXX 20,659.3 1976 FEBRUARY 23 - 28 1979 JANUARY FEBRUARY OVER 12 MONTHS TOTAL (MEMORANDUMS MARCH 10 MARCH 15 APRIL 15 861.6 1.817.1 1.851.2 TAX AND DIVIDEND MATURITIES) 1.1 2.4 2.4 XXX XXX XXX 325.8 392.7 306.4 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WtEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX A. 3/ SALES OF CD'S MATURING AFTER 11 MONTHS. TABLE 2A 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 22 FEB 1978 (IN MILLIONS OF DOLLARS) MATURING IN AMOUNT ALL OTHER WEEKLY REPORTING BANKS CHICAGO NEW YORK CITY SALES SINCE PREVIOUS MONTH 2/ AMOUNT AMOUNT SALES SINCE PREVIOUS MONTH 2/ SALES SINCE PREVIOUS MONTH 2/ FEB 23 - FEB 28 1,220.6 .0 391.5 .0 2,875.7 .0 MARCH 5,858.4 1,521.5 2,17b.Q 971.4 12,372.0 5,444.6 APRIL 4,307.0 616.5 1,831.1 465 .3 7,665.6 1,934.8 MAY 3,591.8 694.7 900.9 294.4 5,325.6 1,912.4 JUNE 2,450.4 85.7 675.2 64.8 4,232.5 392.5 JULY 2,694.8 803.1 706.1 150.2 3,719.0 854.5 AUGUST 1,643.5 1,489.8 408.1 349.3 2,261.4 1,569.3 SEPTEMBER 245.0 72.9 208.7 37.7 708.2 109.4 OCTOBER 256.5 25.0 341.4 5.2 706.6 76.2 NOVEMBER 121.3 4.7 38.4 9.3 593.8 78.8 DECEMBER 299.3 4.4 124.8 1.0 554.2 62.2 JANUARY 128.2 80.4 31.2 12.8 487.4 92.9 57.7 /3 25.2 51.2 /3 271.7 57.2 FEBRUARY OVER 12 MONTHS TOTAL * 262.9 /3 1,491.9 XXX 862.0 XXX 2,236.4 XXX 24,365.9 5,456.4 8,723.4 2,412.6 44,010.1 12,790.5 559.9 1,179.3 1,091.6 250.4 338.1 188.9 10 (MEMORANDUMS MARCH 10 MARCH 15 APRIL 15 247.0 412.2 531.5 55.1 13.8 62.8 TAX AND DIVIDEND MATURITIES) 54.7 225.7 228.1 20.4 40.9 56.8 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 NOT ADD DUE TO ROUNDING. # # # # # # # # # * TABLE 2B 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO. AND ALL OTHER WEEKLY REPORTING BANKS AS OF 22 FEB 1978 AND 25 JAN 1978 (PERCENTAGE DISTRIBUTION) NEW YORK CITY CD'S MATURING IN 22 FEB CHICAGO 25 JAN 22 FEB ALL OTHER 25 JAN 22 FEB 25 JAN 5.0 6.2 4.5 7.4 6.5 8.5 01 MONTHS 3/ 24.0 20.5 25.0 22.8 28.1 26.4 02 MONTHS 17.7 18.0 21.0 14.2 17.4 15.9 03 MONTHS 14.7 15.3 10.3 16.1 12.1 13.2 04 MONTHS 10.1 12.0 7.7 7.1 9.6 7.6 05 MONTHS 11.1 9.8 8.1 7.2 8.5 8.8 06 MONTHS 6.7 7.8 4.7 6.6 5.1 6.6 07 MONTHS 1.0 .6 2.4 .7 1.6 1.6 08 MONTHS 1.1 .7 3.9 2.0 1.6 1.4 09 MONTHS .5 1.0 .4 4.0 1.3 1.4 10 MONTHS 1.2 .5 1.4 .3 1.3 1.2 11 MONTHS .5 1.2 .4 1.5 1.1 1.1 12 MONTHS .2 .2 .3 .2 .6 .9 6.1 6.2 9.9 9.9 5. 1 5.2 100.0 100.0 100.0 100.0 100.0 100.0 0—6 DAYS 2/ OVER 12 MONTHS TOTAL * 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/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 22 FEB 1976 AND 25 JAN 1976 (CUMULATIVE DISTRIBUTION) — — — — — — 22 FEB 25 JAN 22 FEB 51 -> 1 'S MATURING IN ALL OTHER CHICAGO NEW YORK CITY $ 1 22 FEB 25 JAN 5.0 6.2 4.5 7.4 6.5 8.5 01 MONTHS 3/ 29.0 26.7 29.5 30.2 34.6 34.9 02 MONTHS 46.7 44.7 50.5 44.4 52.0 50.8 03 MONTHS 61.4 60.0 60.8 60.5 64 .1 64.0 04 MONTHS 71.5 72.0 68.5 67.6 73.7 71.8 05 MONTHS 82.6 81.8 76.6 00 4" TABLE 2C 82.2 80.6 06 MONTHS 89.3 89.6 81.3 81.4 87.3 87.2 07 MONTHS 90.3 90.2 83.7 82.1 88.9 88.8 08 MONTHS 91.4 90.9 87.6 84.1 90.5 90.2 09 MONTHS 91.9 91.9 bb.O 88.1 91.8 91.6 10 MONTHS 93.1 92.4 89.4 88.4 93.1 92.8 11 MONTHS 93.6 93.6 89.8 89.9 94.2 93.9 12 MONTHS 93.8 93.8 90.1 90.1 94.8 94.8 100.0 100.0 100.0 100.0 100.0 100.0 0 - 6 DAYS 2/ OVER 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 3A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/ AS OF 22 FEB 1978 (AMOUNTS IN MILLIONS OF DOLLARS) $5 BILLION AND OVER CD'S MATURING IN 1978 FEB 23-28 TOTAL $500 MILLION AND UNDER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 4,487.8 220.1 499.5 1,643.6 2,124.6 982.3 1,142.3 MARCH 20,409.2 1,328.3 2,426.8 6,964.0 9,690.1 4,998.5 4,691.6 APRIL 13,603.7 629.0 1,285.5 4,104.1 7,785.1 3,972.4 3,812.7 MAY 9,818.3 478.9 989.3 2,790.0 5,560.1 3,379.2 2,180.9 JUNE 7,358.2 317.8 587.7 2,067.4 4,385.3 2,276.9 2,108.4 JULY 7,119.8 261.8 498.7 1,632.1 4,727.2 2,596.4 2,130.8 AUGUST 4,313.0 157.4 430.3 1,065.5 2,659.8 1,500.9 1,158.9 SEPTEMBER 1,161.9 87.0 182.2 398.3 494.4 170.3 324.1 OCTOBER 1,304.5 68 .6 113.9 378.4 743.6 243.2 500.4 NOVEMBER 753.5 53.5 130.6 325.8 243.6 109.8 133.8 DECEMBER 978.3 59.4 128.4 294.6 495.9 287.9 208.0 646.7 55.6 109.8 230.5 250.8 122.9 127.9 354.2 28.6 66.1 144.0 115.5 56.4 59.1 4,590.3 109.0 140.3 751.0 3,590.0 1,477.4 2,112.6 77,099.4 3,855.0 7,589.1 22,789.3 42,866.0 22,174.5 20,691.5 1979 JANUARY FEBRUARY MARCH OR LATER TOTAL * — (MEMORANDUMS TAX AND DIVIDEND MATURITIES) MARCH 10 861. b 46.9 107.2 281.0 426.5 221.tt 204.7 MARCH 15 1,817.1 102.5 157.1 622.2 935.3 366.6 568.7 APRIL 15 1,851.1 65.9 107.9 431.3 1,246.0 527.3 718.7 (MEMORANDUM: 236 72 64 NUMBER OF BANKS) 83 17 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. 10 SALES / ! / OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 22 FEB 1976 (AMOUNTS IN MILLIONS OF DOLLARS) TABLE 3B $5 BILLION AND OVER TOTAL C D ' S MATURING IN 1978 FEB $500 MILLION AND UNDER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 23-28 MARCH 7,937.5 655.8 1,205.5 3,213.9 2,862.3 1,067.2 1,795.1 APRIL 3,016.5 175.3 347.8 987.6 1,505.8 525.3 980.5 MAY 2,901.6 238.2 430.1 1,049.9 1,183.4 605.0 578.4 JUNE 543.1 50.3 108.9 287.4 96.5 24.8 71.7 JULY 1,807.7 42.3 102.3 308.3 1,354.8 796.3 558.5 AUGUST 3,408.3 98.9 300.7 714.3 2,294.4 1,362.4 932.0 SEPTEMBER 220.0 8.8 51.7 90.5 69.0 18.1 50.9 OCTOBER 106.3 3.3 7.0 47.5 48.5 20.6 27.9 NOVEMBER 92.9 2.4 17.0 54.8 18.7 4.5 14.2 DECEMBER 67.5 4.5 6.5 42.8 13.7 4.3 9.4 186.0 12.4 22.4 46.2 105.0 79.1 25.9 371.8 33.5 73.5 124.0 140.8 55.9 84.9 20,659.2 1,325.7 2,673.4 6,967.2 9,692.9 4,563.5 5,129.4 1979 J A N U A R Y FEBRUARY OR LATER TOTAL * uin n T»; T r t c Mil MATIIDTTICC i - — M A R C H 10 325.9 25.7 81.4 109.9 108.9 53.0 55.9 M A R C H 15 392.6 39.1 67.5 178.0 108.0 13.7 94.3 APRIL 308.3 21.1 17.8 112.8 156.6 62.1 94.5 15 NUMBER OF BANKS) (MEMORANDUMS 64 72 236 10 17 83 2/ INCLUDES C E R T I F I C A T E S IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING B A N K S . 3 / TOTAL ASSETS AS R E P O R T E D IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. * TOTALS MAY NOT ADD DUE TO R O U N D I N G . http://fraser.stlouisfed.org/ Federal# Reserve Bank of#St. Louis # # # # # # # e . # # e MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2 / AS OF 22 FEB 1978 PERCENTAGE DISTRIBUTION TABLE 3C $5 BILLION AND OVER C D ' S MATURING IN TOTAL $500 MILLION AND UNDER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 5.8 5.7 6.6 7.2 5.0 4.4 5*5 MARCH 26.5 34.5 32.0 30.6 22.6 22.5 22.7 APRIL 17.9 16.3 16.9 18.0 18.2 17.9 18.4 12.7 12.4 13.0 12.2 13.0 15.2 10.5 JUNE 9.5 8.2 7.7 9.1 10.2 10.3 10.2 JULY 9.2 6.8 6.6 7.2 11.0 11.7 10.3 AUGUST 5.6 4.1 5.7 4.7 6.2 6.8 5.6 SEPTEMBER 1.5 2.3 2.4 1.7 1.2 0.8 1.6 OCTOBER 1.7 1.8 1.5 1.7 1.7 1.1 2.4 NOVEMBER 1.0 1.4 1.7 1.4 0.6 0.5 0.6 DECEMBER 1.3 1.5 1.7 1.3 1.2 1.3 1.0 0.8 1.4 1.4 1.0 0.6 0.6 0.6 FEBRUARY 0.5 0.7 0.9 0.6 0.3 0.3 0.3 MARCH OR LATER 6.0 2.8 1.8 3.3 8.4 6.7 10.2 100.0 100.0 100.0 100.0 100.0 100.0 1978 FEB 23—28 MAY 1979 J A N U A R Y TOTAL * 1 0 0 . 0 lurunomniiu* Tiv AKIN rviiii HLkirt UITIIDITICCI .. MARCH 10 1.1 1.2 1.4 1.2 1.0 1.0 1.0 MARCH 15 2.4 2.7 2.1 2.7 2.2 1.7 2.7 APRIL 15 2.4 1.7 1.4 1.9 2.9 2.4 3.5 IZ^rKCLUOES C E R T I F I C A T E S IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. * / TOTAL ASSETS A S R E P O R T E D IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. * TOTALS MAY N O T A D D DUE TO ROUNDING. MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 27 AS OF 22 FEB 1978 CUMULATIVE PERCENTAGE TABLE 3D $5 BILLION AND OVER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 5.8 5.7 6.6 7.2 5.0 4.4 5.5 MARCH 32.3 40.2 38.6 37.8 27.6 26.9 28.2 APRIL 50.2 56.5 55.5 55.8 45.8 44.8 46.6 MAY 62.9 68.9 68.5 68.0 58.8 60.0 57.1 JUNE 72.4 77.1 76.2 77.1 69.0 70.3 67.3 JULY 81.6 83.9 82.8 84.3 80.0 82.0 77.6 AUGUST 87.2 88.0 *8.5 89.0 86.2 88.8 83.2 SEPTEMBER 88.7 90.3 90.9 90.7 87.4 89.6 64.8 OCTOBER 90.4 92.1 92.4 92.4 89.1 90.7 87.2 NOVEMBER 91.4 93.5 94.1 93.8 89.7 91.2 87.8 DECEMBER 92.7 95.0 95.8 95.1 90.9 92.5 88.8 93.5 96.4 97.2 96.1 91.5 93.1 89.4 FEBRUARY 94.0 97.1 98.1 96.7 91.8 93.4 89.7 MARCH OR LATER 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1978 F EB 23-28 1979 JANUARY * $500 MILLION AND UNDER TOTAL C D ' S MATURING IN TOTALS MAY NOT A D D DUE TO ROUNDING. e # # # # # # # # TABLE 3E e e e # # e • SALES /!/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 22 FEB 1978 PERCENTAGE DISTRIBUTION $5 BILLION AND OVER CD'S MATURING IN 1978 FEB TOTAL $500 MILLION AND UNDER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 23-28 MARCH 38.4 49.5 45.1 46.1 29.5 23.4 35.0 APRIL 14.6 13.2 13.0 14.2 15.5 11.5 19.1 MAY 14.0 18.0 16.1 15.1 12.2 13.3 11.3 JUNE 2.6 3.8 4.1 4.1 1.0 0.5 1.4 JULY 8.8 3.2 3.8 4.4 14.0 17.4 10.9 16.5 7.5 11.2 10.3 23.7 29.9 18.2 SEPTEMBER 1.1 0.7 1.9 1.3 0.7 0.4 1.0 OCTOBER 0.5 0.2 0.3 0.7 0.5 0.5 0.5 NOVEMBER 0.4 0.2 0.6 0.8 0.2 0.1 0.3 DECEMBER 0.3 0.3 0.2 0.6 0.1 0.1 0.2 JANUARY 0.9 0.9 0.8 0.7 1.1 1.7 0.5 FEBRUARY OR LATER 1.8 2.5 2.7 1.8 1.5 1.2 1.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 AUGUST TOTAL * (MEMORANDUM: TAX AND DIVIDEND MATURITIES) MARCH 10 1.6 1.9 3.0 1.6 1.1 1.2 1.1 MARCH 15 1.9 2.9 2.5 2.6 1.1 0.3 1.8 APRIL 15 1.5 1.6 0.7 1.6 1.6 1.4 1.8 — (MEMORANDUM: 236 1/ 2/ 3/ * 72 64 NUMBER OF BANKS) 83 17 SEE TECHNICAL APPENDIX A . INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TOTAL ASSETS A S REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. TOTALS MAY NOT ADD DUE TO ROUNDING. 7 10 1 • TABLE 4A AVERAGE MATURITY OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS AT VARIOUS SURVEY DATES (IN MONTHS) DATE OF SURVEY BANK CLASSIFICATION 22 FEB 1978 25 JAN 1976 28 DEC 1977 (BY LOCATION) ALL REPORTING BANKS 3.3 3.3 3.2 NEW YORK CITY 3.3 3.4 3,5 CHICAGO 3.7 3.8 3.7 OTHER 3.2 3.2 3.0 ISSUING CD'S (BY SIZE OF BANK) 2/ UNDER $500 MILLION 2.9 2.9 $500—$lf000 MILLION 2.9 2.9 2.8 2.8 $1tOOO—$5t000 MILLION 2.9 3.0 3.0 OVER $5 BILLION 3.6 3.6 3.5 IN NEW YORK CITY 3.4 3.5 3.5 OUTSIDE NEW YORK CITY 3.8 3.8 3.5 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 30t 1975. # e e TABLE 4B AVERAGE MATURITY OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ SOLD BY WEEKLY REPORTING BANKS DURING THE MONTH OF VARIOUS SURVEYS (IN MONTHS) DATE OF SURVEY BANK CLASSIFICATION 22 FEB 1976 25 JAN 1978 28 DEC 1977 (BY LOCATION) ALL REPORTING BANKS 2.8 2.8 2.8 NEW YURK CITY 3.5 3.0 3.6 CHICAGO 2.6 2.4 2.6 OTHER 2.6 2.ti 2.5 ISSUING CD'S (BY SIZE OF BANK) 2/ UNDER $500 MILLION 2.3 2.7 2.3 $500~$1«000 MILLION 2.6 2.5 2.4 $1»000—$51000 MILLION 2„ K 2.5 2.6 OVER $5 BILLION 3.3 3.1 3.0 IN NEW YORK CITY 3.7 3.3 3.4 OUTSIDE N E * T U R K CITY 2.9 2.9 2.7 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. N O T E — S t E TECHNICAL APPENDIX B. TABLE 5A RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AT VARIOUS SURVEY DATES (PER CENT) DATE OF SURVEY TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) 22 FEB 1978 ZJ TOTAL 28 DEC 1977 ALL BANKS ISSUING CD'S 18.9 19.1 18.5 UNDER 5 0 0 15.5 15.3 14.0 500 - 1000 16.3 15.8 14.8 1000 - 5000 15.7 15.7 15.0 OVER 5000 22.4 23.0 22.7 IN NEW YORK CITY 25.4 26.1 24.1 OUTSIDE NEW YORK CITY 19.9 20.4 21.4 I , I N C U R S CERTIFICATES IN O E K O . I ~ . n o N S OF ,100.000 « — 25 JAN 1978 ASSETS -ORE ISSUED DY WEEKLY REPORTING BANKS. AS REPORTED IN THE CALL REPORT OF CONDITION O N JUNE 30. 1»75. - — «= - ~ ' ' ™ e # # # # # # # # TABLE 5B RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AS OF 22 FEB 1978 (NUMBER OF BANKS) TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) ALL BANKS ISSUING CD'S 5% OR LESS 10 TO 15* 5 TO 103 20 TO 25% 15 TO 20% 25% OR MORE AVERAGE CD TO DEPOSIT RATIO (PER CENT) 31 35 53 43 33 41 18.9 9 13 19 12 10 9 15.5 500 - 1000 10 11 13 9 8 13 16.3 1000 - 5000 12 9 19 19 12 12 15.7 0 2 2 3 3 7 22.4 IN NEW YORK CITY 0 1 0 1 2 3 25.4 OUTSIDE NEW YORK CITY 0 1 2 1 4 19.9 UNDER 500 OVER 5000 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 5C PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 25 J A N 1978 TO 22 FEB 1978 (NUMBER OF BANKS) INCREASES OF DECLINES OF TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) REDUCED CD'S TO ZERO ALL BANKS ISSUING CD'S 10% OR MORE . 5% OR LESS 5 TO 10% 20 28 49 NO CHANGE 5% OR LESS 10% OR MORE 5 TO 10% 51 27 55 ISSUED CD'S BUT HAD NONE OUTSTANDING ON BASE DATE UNDER 500 0 9 8 14 3 14 5 19 0 500 - 1000 0 3 6 13 2 10 8 22 0 1000 - 5000 0 7 11 19 1 20 11 14 0 OVER 5000 0 1 3 3 0 7 3 0 0 IN NEW YORK CITY 0 0 2 2 0 2 1 0 0 OUTSIDE NEW YORK CITY 0 1 1 1 0 5 2 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE— ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE IN MOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING CD'S ON THE LAST SURVEY REDUCED THEIR OUTSTANDINGS TO ZERO ON THIS SURVEY. TABLE 5D PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 30 NOV 1977 TO 22 FEB 1978 (NUMBER OF BANKS) TOTAL DEPOSITS /2 (IN MILLIONS OF DOLLARS) REDUCED CD'S 25% TO OR ZERO MORE DECLINES OF 20 TO 25% 15 TO 5% 5 TO 10 TO 15% 20% INCREASE OF 10% OR LESS 5% NO CHANGE OR LESS 5 TO 10% 10 TO 15% 15 TO 20 TO 25% 20% 25% OR MORE ISSUED CD'S BUT HAD NONE OUTSTANDING ON BASE DATE ALL BANKS ISSUING CD'S 0 4 4 6 13 10 26 4 35 30 24 17 20 43 0 UNDER 500 0 2 1 1 7 1 10 3 12 5 10 3 5 12 0 500 - 1000 0 1 1 0 2 0 7 1 10 6 4 6 11 15 0 1000 - 5000 0 1 1 4 4 6 6 0 12 16 8 6 2 c 15 0 OVER 5000' 0 0 1 1 0 3 1 0 1 3 2 2 2 1 0 IN NEW YORK CITY 0 0 0 1 0 1 1 0 0 1 2 0 1 0 0 OUTSIDE NEW YORK CITY 0 0 1 0 0 2 0 0 1 2 0 2 1 1 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE IN MOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING CD'S ON THE SURVEY THREE MONTHS PRIOR TO THE CURRENT SURVEY, REDUCED THEIR OUTSTANDINGS TO ZERO. TABLE 5fc CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER THE MONTH AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 25 JAN 1978 TO 22 FEB 1978 (NUMBER OF BANKS) TOTAL ASSETS 2/ UN MILLIONS OF DOLLARS) DECLINES OF 3X AND OVER 2 TO 3% INCREASES OF 1% 1 TO AND LESS Z% NO CHANGE IX AND LESS 2 TO 3% 1 TO 2% 3% AND OVER ALL BANKS ISSUING CD'S 4 7 27 60 6 62 36 16 18 UNDER > 0 0 1 4 9 17 3 15 9 8 6 500 - 1000 2 0 4 16 2 16 10 6 8 1000 - 5000 1 2 11 24 1 25 14 1 4 OVER 5000 0 1 3 3 0 6 3 1 0 IN NEW YORK CITY 0 0 2 2 0 1 2 0 0 OUTSIDE NEM YORK CITY 0 1 1 1 0 5 1 1 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION O N JUNE 30, 1975. DEPOSITS IN THE DENOMINATOR OF THE RATIO IN THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING .INTERBANK A N D U . S . GOVERNMENT DEPOSITS. # # # # # # # # # TABLE 5F CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER THE LAST THREE MONTHS AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 30 NOV 1977 TO 22 FEB 1978 (NUMBER OF BANKS) TOTAL ASSETS 2 / DECLINES OF (IN MILLIONS OF DOLLARS) 5% AND OVER 3 TO 4% 4 10 5% INCREASES OF 2 TO 3% 1% 1 TO AND LESS 2% NO CHANGE 1% AND UNDER 2 1 TO 3 TO 4% TO 3S 2% 4 TO 5S 5% AND OVER ALL BANKS ISSUING CD'S 2 2 4 8 15 32 4 62 26 26 25 11 19 UNDER 500 0 1 1 3 4 13 3 19 5 7 8 3 5 500 - 1000 0 1 0 1 3 6 1 13 11 b 10 3 7 1000 - 5000 2 0 1 2 7 12 0 28 8 8 4 5 6 OVER 5000 0 0 2 2 1 1 0 2 2 3 3 0 1 IN NEW YORK CITY 0 0 1 0 1 1 0 1 1 1 0 0 1 OUTSIDE NEW YORK CITY 0 0 1 2 0 0 0 1 1 2 3 0 0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. 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 OP OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT MEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 22 FEB 1976 (AMOUNTS IN MILLIONS OF DOLLARS) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 561.5 74.6 33.9 124. 8 493.5 848.5 770.3 3094.2 260.0 226.8 761.3 1628.8 3305.2 456.9 476.6 2390.3 140.7 99.6 368.3 1042.2 2137.7 510.7 355.7 387.0 1248.9 129.7 122.6 243.2 714.3 1527.8 207.4 454.8 202.7 258.4 1100.0 112.1 125.7 131.7 42b. 1 1468.2 2785.0 217.3 412.8 183.9 242.8 840.4 68.2 46.2 102.8 492.8 1514.1 160.4 1693.8 179.7 229.4 85.3 225.8 520.2 45.6 31.9 78.0 306.7 756.1 1161.9 17.7 279.9 46.7 59.4 54.3 70.1 254.5 17.1 16.0 35.6 156.7 153.9 OCT 1304.6 35.9 293.7 49.7 73.8 34.3 78.5 385.9 23.4 14.4 31.2 131.7 152.1 NOV 753.6 42.3 133.8 44.5 77.7 45.4 60.4 84.4 14.6 6.3 42.9 80.5 120.8 DEC 978.2 45.8 339.1 28.4 36.6 34.8 55.9 170.0 9.7 7.1 27.6 105.9 117.3 1979 JAN 646.9 21.4 147.6 33.6 37.3 29.0 42.9 60.0 15.1 7.3 36.1 87.0 129.6 FEB 354.1 6.7 65.6 22.3 19.4 23.6 35.2 48.8 15.1 2.6 15.7 37.7 61.4 4590.4 193 .9 1510.6 97.4 332.6 25.9 109.4 931.9 33.8 35.9 58.8 253.6 1006.6 2969.3 26705.6 2960.5 4320.6 2429.5 2970.3 11691.0 959.7 776.3 2058.0 ALL DISTRICTS BOSTON 4487.7 173.9 MAR 20409.2 APR CD'S MATURING IN RICHMOND ATLANTA PHILADELPHIA CLEVELAND 1373.0 244.7 258.7 143.6 157.0 905.4 6882.8 829.8 990.5 754.1 13803.7 542.5 4703.0 619.0 826.9 MAY 9816.4 354.5 3884.0 340.0 JUN 7358.1 255.3 2613.7 JUL 7119.9 213.6 AUG 4312.9 ' SEP 1978 FEB 23—FEB 28 MAR OR LATER TOTAL * ' 77099.6 NEW YORK CHICAGO 5959.5 13299.3 AVERAGE MATURITY IN MONTHS 2/ 3.2 3.1 3.2 2.9 3.5 2.7 3.4 3.4 3.1 3.1 2.7 3.1 3.4 NUMBER OF REPORTING BANKS 236 14 36 10 15 19 22 35 11 5 17 23 29 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. 2/ SEE TECHNICAL APPENDIX B. • D E T A I L S MAY NOT ADD TO TOTALS DUE TO ROUNDING. # # # # # # # # # TABLE 6b 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 22 FEB 1976 (AMOUNTS IN MILLIONS OF DOLLARS) CD»S MATURING IN ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 1364.4 96.7 86.3 411.7 737.6 1330.8 99.6 591.2 33.3 21.2 93.9 198.0 644.1 114.9 128.0 464.0 41.3 27.0 128.2 279.9 427.1 32.8 36.8 15.3 154.0 10.3 5.5 16.1 48.3 341.6 40.9 120.4 28.2 23.3 177.7 34.1 1.3 lb.3 54.7 423.7 1527.7 114.4 175.o 45.7 146.7 418.1 29.2 22.0 46.8 172.7 578.8 1.8 74.3 6.8 3.7 3.9 3.5 44.1 2.0 1.1 3.9 55.3 19.6 106.2 6.1 35.4 1.6 4.0 4.2 5.3 12.8 1.8 0.6 0.3 4.6 29.5 NOV 92.8 6.2 7.1 1.8 8.3 5.1 4.7 11.8 6 .4 0.0 1.9 5.8 33.7 DEC 67.6 17.6 6.6 5.7 2.8 3.2 7.2 3.5 1.2 0.0 0.0 8.7 11.1 1979 JAN 186.0 2.9 85.0 12.6 6.6 5.2 11.2 15.9 6.2 0.3 5.0 12.0 23.1 372.0 7.7 72.1 22.6 15.6 19.9 36.6 81.8 6.4 1.3 12.1 39.9 53.8 20659.4 1049.9 6447.5 920.1 1094.1 630.0 777.4 3339.3 270.9 166.6 732.2 1617.5 3613.9 2.8 2.5 3.2 2.6 2.7 2.5 3.1 2.6 3.1 2.1 1.9 2.5 2.8 ALL DISTRICTS BOSTON MAR 7 937.4 461.7 APR 3016.5 MAY PHILADELPHIA CLEVELAND 2061.1 376.6 429.5 265.0 296.0 156.3 776.0 157.3 147.7 97.9 2901.6 148.4 836.9 159.0 146.9 JUN 542.9 43.8 120.6 20.8 JUL 1607.9 60.6 824.7 AUG 3408.5 136.8 SEP 220.0 OCT FEB OR LATER TOTAL * AVERAGE MATURITY IN M O N T H S 3/ NEW YORK RICHMOND ATLANTA CHICAGO 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: 6C MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WE€KLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 22 FEB 1976 (PERCENTAGE DISTRIBUTION) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 4.8 7.8 4.4 6.1 8.3 6.4 25.9 26.5 27.1 29.2 37.0 27.3 24.9 18.8 16.0 20.4 14.7 12.8 17.9 17.5 16.1 11.8 14.6 13.0 10.7 13.5 15.8 11.8 12.0 11.5 7.0 10.5 8.3 8.7 9.4 11.7 16.2 6.4 7.2 11.0 10.4 7.3 9.6 7.6 8.2 7.2 7.1 6.0 5.0 8.3 11.4 5.4 6.3 6.1 5.3 3.5 7.6 4.4 4.8 4.1 3.8 5.1 5.7 1.5 0.6 1.0 1.6 1.4 2.2 2.4 2.2 1.8 2.1 1.7 2.6 1.2 OCT 1.7 1.2 1.1 1.7 1.7 1.4 2.6 3.3 2.4 1.9 1.5 2.2 1.1 NOV 1.0 LM4 0.5 1.5 1.8 1.9 2.0 0.7 1.5 0.8 2.1 1.4 0.9 DEC 1.3 1.5 1.3 1.0 0.8 1.4 1.9 1.5 1.0 0.9 1.3 1.8 0.9 1979 JAN «, 0.8 0.7 0*6 1.1 0.9 1.2 1.4 0.5 1.6 0.9 1.8 1.5 1.0 0.5 0.2 0.2 0.8 0.4 1.0 1.2 0.4 1.6 0.3 0.8 0.6 0.5 MAR OR LATER 6.0 6.5 5.7 3.3 7.7 1.1 3.7 8.0 3.5 4.6 2.9 4.3 7.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ALL DISTRICTS BOSTON 5.8 5.9 MAR 26.5 APR CP'S MATURING IN RICHMOND ATLANTA PHILADELPHIA CLEVELAND 5.1 8.3 6.0 5.9 5.3 30.5 25.8 28.0 22.9 31.0 17.9 16.3 17.6 20.9 19.1 MAY 12.7 11.9 14.5 11.5 JUN 9.5 8.6 9.8 JUL 9.2 7.2 AUG 5.6 SEP 1978 FEB 23-FEB 28 TOTAL * NEW YORK CHICAGO 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. http://fraser.stlouisfed.org/ FederaleReserve Bank of St.#Louis # # # e # e e • • # TABLE 60 MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 22 FEB 1978 (CUMULATIVE PERCENTAGE) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 4.8 7.8 4.4 6.1 8.3 6 .4 31.2 31.3 34.9 33.6 43.1 35.6 31.3 55.7 47.2 51.7 49.6 46.4 61.0 53.1 47.4 59.8 70.3 60.2 62.4 63.1 62.2 72.8 65.1 58.9 75.7 70.3 78.6 68.9 71.8 74.8 78.4 79.2 72.3 69.9 83.2 83.0 79.9 86.2 77.1 79.0 81.9 84.4 84.2 80.6 81.3 87.8 89.5 89.1 65.2 89.7 84.7 83.4 86.7 88.5 68.0 85.7 87.0 88.7 88.4 90.5 90.7 86.6 91.9 87.1 85.6 88.5 90.6 89 .7 88.3 88.2 OCT 90.4 89.6 91.6 92.4 88.3 93.3 89.7 88.9 90.9 92.5 91.2 90.5 89.3 NOV 91.4 91.0 92.1 93.9 90.1 95.2 91.7 89.6 92.4 93.3 93.3 91.9 90.2 DEC 92.7 92.5 93.4 94.9 90.9 96.6 93.6 91.1 93.4 94.2 94.6 93.7 91.1 JAN 93.5 93.2 94.0 96.0 91.8 97.8 95.0 91.6 95.0 95.1 96.4 95.2 92.1 FEB 94.0 93.4 94.2 96.8 92.2 98.8 96.2 92.0 96.6 95.4 97.2 95.8 92.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ALL DISTRICTS BOSTON 5.8 5.9 MAR 32.3 APR CD'S MATURING IN RICHMOND ATLANTA PHILADELPHIA CLEVELAND 5.1 8.3 6.0 5.9 5.3 36.4 30.9 36 .3 28.9 36.9 50.2 54.7 48.5 57.2 48.0 MAY 62.9 66.6 63.0 68.7 JUN 72.4 75.2 72.8 JUL 81.6 82.4 AUG 87.2 SEP FEB 23--FEB 28 MAR OR LATER NEW YORK CHICAGO 1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100*000 OR MORE BY WEEKLY REPORTING BANKS« TABLE 6E 1/ 2/ SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 22 FEB 1976 (PERCENTAGE DISTRIBUTION) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 40.9 35.7 51.8 56.2 45.6 36.8 12. b 17.7 12.3 12.7 12.8 12.2 17.8 18.2 16.5 13.9 lb.2 16.2 17.5 17.3 11.8 3.0 5.8 2.0 4.6 3.8 3.3 2.2 3.0 1.1 4.4 11.0 4.5 3.0 5.3 12.6 0.8 2.5 3.4 11.7 23.7 12.4 16.0 7.3 18.9 12.5 10.8 13.2 5.6 10.7 16.0 0.2 1.2 0.7 0.3 0.6 0.5 1.3 0.7 0.7 0.5 3.4 0.5 0.5 0.6 0.5 0.2 0.4 0.7 0.7 0.4 0.7 0.4 0.0 0.3 0.8 0.4 0.6 0.1 0.2 0.8 0.8 0.6 0.4 2.4 0.0 0.3 0.4 0.9 0.3 1.7 0.1 0.6 0.3 0.5 0.9 0.1 0.4 0.0 0.0 0.5 0.3 0.9 0.3 1.3 1.4 0.6 0.8 1.4 0.5 2.3 0.2 0.7 0.7 0.6 1.8 0.7 1.1 2.5 1.4 3.2 4.7 2 .4 3.1 0.8 1.7 2.5 1.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ALL DISTRICTS BOSTON MAR 38.4 44.0 APR 14.6 MAY CD'S MATURING IN RICHMOND ATLANTA PHILADELPHIA CLEVELAND 32.3 40.9 39.3 42.1 38.1 14.9 12.0 17.1 13.5 15.5 14.0 14.1 13.0 17.3 13.4 JUN 2.6 4.2 1.9 2.3 JUL 8.8 5.8 12.8 AUG 16.5 13.0 SEP 1.1 OCT NOV 1979 JAN FEB OR LATER TOTAL * NEW YORK CHICAGO 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 aie 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 comparable 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 current 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 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 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 surveys, such an assumption would tend to reduce comparability between average maturities of outstandings and of sales as a result of using two different starting dates for the calculations. If the assumption is made that all CD's are sold at the mid-point between surveys, the average maturity of sales would be lengthened relative to the average maturity of outstandings, by, in effect, using an earlier starting date for sales than for outstandings. Sales of CD's maturing in a particular month are often a large and highly variable proportion of total sales while changes in outstandings due in any particular month are a small and rather stable proportion of the level of total outstandings. As a result, the average maturity of sales is much more sensitive to month-to-month variation in the maturity structure of sales than is the case with the outstandings series. Thus, large changes in the calculated average maturity of sales, or situations in which the average maturity of sales differ sharply from the average maturity of outstandings, should be interpreted with care and 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