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1978 L.4.1 CONFINDENTIAL (FR) **<» SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE WEEKLY REPORTING BANKS as of January 25, 1978 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System # e # # e • # e TABLE 1 i/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT WEEKLY REPORTING BANKS AS OF 25 JAN 1978 AMOUNT (MILLIONS OF DOLLARS) SALES SINCE PREVIOUS MONTH 2/ (MILLIONS OF DOLLARS) PERCENTAGE DISTRIBUTION CUMULATIVE PERCENTAGE 5,826.5 7.6 7.6 .0 FEBRUARY 18,417.7 24.2 31.8 8,155.5 MARCH 12,468.1 16.4 48.2 3,277.2 APRIL 10,781.2 14.2 62.4 3,877.5 MAY 6,917.2 9.1 71.5 547.6 JUNE 6,813.4 8.9 80.4 755 .9 JULY 5,306.9 7.0 87.4 3,923,1 AUGUST 904.5 1.2 88.6 151.1 SEPTEMBER 943.9 1.2 89.8 112.8 1,200.2 1.6 91.4 150.3 NOVEMBER 660.6 .9 92.3 32.7 DECEMBER 912.2 1.2 93.5 148.9 462.1 .6 94.1 508.0 3/ 4,572.6 6.0 100.0 XXX 76,187.1 100.0 XXX 21,640.6 CD'S MATURING IN 1978 JANUARY 26 - 31 OCTOBER 1979 JANUARY OVER 12 MONTHS TOTAL (MEMORANDUM: MARCH 10 MARCH 15 APRIL 15 535.4 1,425.1 1,542.6 TAX AND DIVIDEND MATURITIES) .7 1.9 2.0 XXX XXX XXX 155.3 278.1 543.2 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF *100,000 Ok MORE ISSUED BY WEEKLY 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 25 JAN 1978 (IN MILLIONS OF DOLLARS) NEW YORK CITY AMOUNT CD'S MATURING IN CHICAGO SALES SINCE PREVIOUS MONTH 2/ AMOUNT ALL OTHER WEEKLY REPORTING BANKS SALES SINCE PREVIOUS MONTH 2/ AMOUNT SALES SINCE PREVIOUS MONTH 2/ 1,486.7 .0 627.1 .0 3,712.7 .0 FEBRUARY 4,957.5 1,885.3 1,938.5 929.8 11,521.7 5,340.4 MARCH 4,336.9 1,007.2 1,207.4 370.0 6,923.8 1,900.0 APRIL 3,690.5 1,145.9 1,365.8 526.5 5,724.6 2,205.1 MAY 2,897.1 130.1 606.5 42.3 3,413.6 375.3 JUNE 2,364.7 304.1 610.4 12.8 3,638.3 439.0 JULY 1,691.7 1,621.6 555.9 328.6 2,859.3 1,973.0 AUGUST 153.7 4.2 58.8 12.1 692.0 134.9 SEPTEMBER 172.1 23.1 171.0 6.9 600.6 62.9 OCTOBER 231.5 34.3 336.2 1.5 632.4 114.4 NOVEMBER 116.6 3.7 29.1 .1 515.0 2d.9 DECEMBER 294.9 59.0 123.6 3.7 493.5 86.1 1978 JAN 26 - JAN 31 OVER 12 MONTHS TOTAL * 46.2 /3 47.6 1979 JANUARY 395.8 416.9 /3 1,491.4 XXX 836.0 XXX 2,245.3 XXX 24,133.1 6,264.7 8,484.9 2,277.0 43,569.0 13,098.9 (MEMORANDUMS 191.9 396.4 466.7 215 11 10 NUMBER OF REPORTING BANKS MARCH 10 MARCH 15 APRIL 15 42.7 Z3 18.4 27.6 47.6 131.9 TAX AND DIVIDEND MATURITIES) 34.3 184.8 171.3 18.6 64.4 81.1 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. * FRASER TOTALS MAY NOT ADD DUE TO ROUNDING. Digitized for 309.1 841.9 902.6 109.1 166.1 330.1 * # # # # # # # # 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 25 JAN 1976 AND 28 DEC 1978 (PERCENTAGE DISTRIBUTION) NEW YORK CITY 25 JAN 0-6 DAYS 2/ CHICAGO 28 DEC 25 JAN ALL OTHER 28 DEC 25 JAN 28 DEC 6.2 3.0 7.4 1.7 01 MONTHS 3/ 20.5 24.8 22.8 36.7 26.4 36.4 02 MONTHS 18.0 13.5 14.2 11.1 15.9 13.8 03 MONTHS 15.3 14.7 16.1 9.3 13.1 11.2 04 MONTHS 12.0 11.2 7.1 9.3 7.8 7.9 05 MONTHS 9.8 12.2 7.2 6.2 8.8 6.8 06 MONTHS 7.8 9.1 6.6 6.6 6.6 7.6 07 MONTHS .6 1.2 .7 2.5 1.6 2.0 08 MONTHS .7 .7 2.0 .5 1.4 1.2 09 MONTHS 1.0 .7 4.0 1.8 1.5 1.2 10 MONTHS .5 .9 .3 3.7 1.2 1.2 11 MONTHS 1.2 .5 1.5 .3 1.1 1.1 12 MONTHS .2 1.0 .2 1.3 .9 .9 6.2 6.6 9.9 9.0 5.2 5.0 100.0 100.0 100.0 100.0 100.0 100.0 OVER 12 MONTHS TOTAL * 3.7 CD # 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 ADO DUE TO ROUNDING. # TABLE 2C 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 25 JAN 1976 AND 28 DEC 1978 (CUMULATIVE DISTRIBUTION) NEW YORK CITY CD'S MATURING IN 25 JAN 28 DEC CHICAGO 25 JAN ALL OTHER 26 DEC 25 JAN 28 DEC 6.2 3.0 7.4 1.7 8.5 3.7 01 MONTHS 3/ 26.7 27.8 30.2 38.4 34.9 40.1 02 MONTHS 44.7 41.3 44.4 49.5 50.8 53.9 03 MONTHS 60.0 56.0 60.5 58.8 63.9 65.1 04 MONTHS 72.0 67.2 67.6 68.1 71.7 73.0 05 MONTHS 81.8 79.4 74.8 74.3 80.5 79.8 06 MONTHS 89.6 88.5 81.4 80.9 87.1 87.4 07 MONTHS 90.2 89.7 62.1 83.4 88.7 89.4 06 MONTHS 90.9 90.4 84.1 83.9 90.1 90.6 09 MONTHS 91.9 91.1 88.1 85.7 91.6 91.8 10 MONTHS 92.4 92.0 88.4 89.4 92.8 93.0 11 MONTHS 93.6 92.5 89.9 89.7 93.9 94.1 12 MONTHS 93.8 93.5 90.1 91.0 94.6 95.0 100.0 100.0 100.0 100.0 100.0 100.0 0-6 DAYS 2/ OVER 12 MONTHS 1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MGRc 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. MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/ AS OF 25 JAN 1978 (AMOUNTS IN MILLIONS OF DOLLARS) TABLE 3A $5 BILLION AND OVER $1 BILLION TO $5 BILLION $500 MILLION AND UNDER $500 MILLION TO $1 BILLION 5,826.5 383.8 562.5 1,860.8 FEBRUARY 16,417.8 1,030.8 2,190.0 MARCH 12,468.1 672.4 APRIL 10,781.2 MAY OUTSIDE NEW YORK CI TY 3,019.4 1,312.8 1,706.6 6,295.6 8,901.4 4,267.1 4,634.3 1,221.3 3,746.6 6,827.8 3,931.3 2,896.5 453.7 937.7 3,110.5 6,279.3 3,447.1 2,832.2 6,917.1 240.7 559.2 1,740.5 4,376.7 2,774.2 1,602.5 JUNE 6,813.4 267.5 478.8 1,778.3 4,288.8 2,252.1 2,036.7 JULY 5,306.9 219.5 396.4 1,318.6 3,372.4 1,800.1 1,572.3 AUGUST 904.6 58.5 129.6 351.1 365.4 138.5 226.9 SEPTEMBER 943.9 78.2 130.5 309.6 425.4 152.2 273.2 1,200.2 65.3 106.9 332.9 695.1 222,6 472.5 NOVEMBER 660 .6 51.1 113.6 271.0 224.9 105.3 119.6 DECEMBER 912.3 54.9 121.9 253.3 482.2 283.6 198.6 462.1 43.2 185.7 145.8 102.0 4,572.7 104.2 132.9 770.9 3,564.7 1,477.9 2,086.8 76,187.4 3,723.8 7,168.7 22,325.6 42,969.3 22,206.6 20,760.7 1978 JAN 26-31 OCTOBER FEBRUARY OR LATER TOTAL * — ——- % Pit nUKAWJUn* TOTAL 4- 1979 JANUARY * NEW YORK CITY CD TOTAL CO CD'S MATURING IN 1 MA MrML# U1Y JIUCHIU riMIVIXJ. 1 ICOI 535.4 21.3 25.8 170.7 317.6 168.8 148.8 MARCH 15 1,425.2 63 .4 89.6 444.9 827.3 352.9 474.4 APRIL 15 1,542.6 CO 90.1 318.3 1,089.4 465.2 624.2 i MARCH 10 (MEMORANDUM: 72 64 83 17 1 1 F- j 1 1 1 i 236 NUMBER OF BANKS) 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. Digitized* for TOTALS FRASER MAY NOT ADD DUE TO ROUNDING. 10 SALES Zl/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 25 JAN 1976 (AMOUNTS IN MILLIONS OF DULLARS) TABLE 3B $5 BILLION AND OVER CD'S MATURING IN 1978 JAN TOTAL $500 MILLION AND UNDER $500 MILLION TO SI BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 26-31 FEBRUARY 8,155.6 531.4 1,172.5 3.328.0 3,123.7 1,293.9 1,629.8 MARCH 3,277.2 208.3 393.0 1.283.1 1,392.8 730.5 662.3 APRIL 3,877.5 236.0 480.8 1,261.3 1,699.4 950.9 946.5 MAY 547.6 47.3 72.6 275.0 152.7 65.5 67.2 JUNE 755.9 50.9 70.8 268.0 366.2 253.6 112.4 JULY 3,923.0 159.8 195.3 681.0 2,686.9 1,554.6 1,132.3 AUGUST 151.1 8.5 22.6 80.7 39.3 4.1 35.2 SEPTEMBER 112.8 2.6 10.1 65.5 34.6 21.9 12.7 OCTOBER 150.2 8.9 18.8 82.3 40.2 29.8 10.4 NOVEMBER 32.6 2.2 3.1 18.6 6.7 3.6 5.1 DECEMBER 148.9 10.0 24.4 46.1 66 .4 55.3 11.1 507.9 57.7 102.4 186.2 161.6 42.6 119.0 21,640.3 1,323.6 2,566.4 7,777.8 9,972.5 5,006.5 4,966.0 1979 JANUARY OR LATER TOTAL * — (MEMORANDUM: TAX A IDEND MAT MARCH 10 155.4 10.3 16.2 70.2 58.7 19.9 36.8 MARCH 15 278.2 8.7 24.9 102.8 141.8 46.7 95.1 APRIL 15 543.2 22.7 63.7 133.6 323.2 130.5 192.7 (MEMORANDUM: 236 72 64 NUMBER OF BANKS) — 83 17 1/ SEE TECHNICAL APPENDIX A. 2/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 3/ TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. * TOTALS MAY NOT ADD DUE TO ROUNDING. 10 MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS ?/ AS OF 25 JAN 1978 PERCENTAGE DISTRIBUTION TABLE 3C $5 BILLION AND OVER CD'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 7.6 10.3 7.6 6.3 7.0 5.9 8.2 FEBRUARY 24.2 27.7 30.5 28.2 20.7 19.Z 22.3 MARCH 16.4 18.1 17.0 16.8 15.9 17.7 14.0 APRIL 14.2 12.2 13.1 13.9 14.6 15.5 13.6 MAY 9.1 6.5 7.8 7.8 10.2 12.5 7.7 JUNE 8.9 7.2 6.7 8.0 10.0 10.1 9.8 JULY 7.0 5.9 5.5 5.9 7.8 8.1 7.6 AUGUST 1.2 1.6 1.6 1.6 0.9 0.6 1.1 SEPTEMBER 1.2 2.1 1.8 1.4 1.0 0.7 1.3 OCTOBER 1.6 1.8 1.5 1.5 1.6 1.0 2 .3 NOVEMBER 0.9 1.4 1.6 1.2 0.5 0.5 0.6 DECEMBER 1.2 1.5 1.7 1.1 1.1 1.3 1.0 0.6 1.2 1.2 0.8 0.3 0.2 0.5 6.0 2.8 1.9 3.5 8.3 6.7 10.1 100.0 100 .0 100.0 100.0 100.0 100.0 100.0 1978 JAN 26-31 1979 JANUARY FEBRUARY OR LATER TOTAL * ur MUK lirtiiAiNUUM* a nr\t m • f Mt I a Kin DIVIDEND MATURITIES) 1 vAAa vAINU MARCH 10 0.7 0.6 0.4 0.8 0.7 0.8 0.7 MARCH 15 1.9 1.7 1.2 2.0 1.9 1.6 2.3 APRIL 15 2.0 1.2 1.3 1.4 2.5 2.1 3.0 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MOKE 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. MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/ AS OF 25 JAN 1978 CUMULATIVE PERCENTAGE TABLE 3D $5 BILLION AND OVER CD'S MATURING IN TOTAL *500 MILLION AND UNDER $500 MILLION TO SI BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 5.9 8.2 36.5 27.7 25.1 30.5 55.3 53.3 43.6 42.8 44.5 68.3 68 . 4 67.2 58.2 58.3 58.1 71.5 74.8 76.2 75.0 68.4 70.6 65.8 JUNE 80.4 82.0 82.9 83.0 76.4 80.9 75.6 JULY 87.4 87.9 88.4 88.9 86.2 89.0 83.2 AUGUST 88.6 89 .5 90.2 90.5 67.1 89.6 84.3 SEPTEMBER 89.8 91.6 92.0 91.9 88.1 90.3 85.6 OCTOBER 91.4 93.4 93.5 93.4 69.7 91.3 87.9 NOVEMBER 92.3 94.8 95.1 94.6 90.2 91.8 88.5 DECEMBER 93.5 96.3 96.8 95.7 91.3 93.1 89.5 JANUARY 94.1 97.5 98.0 96.5 91.6 93.3 90.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 FEBRUARY 31.8 38.0 38.3 MARCH 48.2 56.1 APRIL 62.4 MAY FEBRUARY OR LATER 00 10.3 26-31 m CO 7.0 7.6 JAN 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. * SALES /!/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/ AS OF 25 JAN 1976 PERCENTAGE DISTRIBUTION TABLE 3E $5 BILLION AND OVER CD'S MATURING IN 1978 JAN TOTAL $500 MILLION AND UNDER $500 MILLION TO $1 BILLION $1 BILLION TO $5 BILLION TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 26-31 FEBRUARY 37.7 40.1 45.7 42.8 31.3 25.8 36.8 MARCH 15.1 15.7 15.3 16.5 14.0 14.6 13.3 APRIL 17.9 17.6 18.7 16.2 19.0 19.0 19.1 MAY 2.5 3.6 2.8 3.5 1.5 1.3 1.8 JUNE 3.5 3.8 2.8 3.4 3.7 5.1 2.3 JULY 18.1 12.1 7.6 11.3 26.9 31.1 22.8 AUGUST 0.7 0.6 0.9 1.0 0.4 0.1 0.7 SEPTEMBER 0.5 0.2 0.4 0.8 0.3 0.4 0.3 OCTOBER 0.7 0.7 0.7 1. 1 0.4 0.6 0.2 NOVEMBER 0.2 0.1 0.2 0.1 0.1 DECEMBER 0.7 0.2 0.8 1.0 0.6 0.7 1.1 0.1 0.2 2.3 4.4 4.0 2.4 1.6 0.9 2.4 100.0 100.0 100.0 1979 JANUARY OR LATER TOTAL * (MEMORANDUM: 100.0 100.0 100.0 100.0 TAX AND DIVIDEND MATURITIES) MARCH 10 0.7 0.8 0.6 0.9 0.6 0.4 0.8 MARCH 15 1.3 0.7 1.0 1.3 1.4 0.9 1.9 APRIL 15 2.5 1.7 2.5 1.7 3.2 2.6 3.9 (MEMORANDUMS 236 72 NUMBER OF BANKS) 64 83 17 1/ SEE TECHNICAL APPENDIX A. 2/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 3/ TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. * TOTALS MAY NOT ADD 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) DATE OF SURVEY BANK CLASSIFICATION 25 JAN 1978 26 DEC 1977 30 NOV 1977 (BY LOCATION) ALL REPORTING BANKS ISSUING CD'S 3.3 3.2 3.3 NEW YORK CITY 3.4 3.5 3.4 CHICAGO 3.6 3.7 3.9 OTHER 3.2 3.G 3.1 (BY SIZE OF BANK) 2/ 2.9 2.8 2.6 $500-$1,000 MILLION 2.9 2.6 2.8 $1»000-$5,000 MILLION 3.0 3.0 2.9 OVER $5 BILLION 3.6 3.5 3.6 IN NEW YORK CITY 3.5 3.5 3.5 OUTSIDE NEW YORK CITY 3.8 3.5 3.7 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL ASSETS # UNDER $500 MILLION # AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. # # # # # # # # # TABLE 46 AVERAGE MATURITY OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ SOLD BY WEEKLY REPORTING BANKS DURING THE MONTH OF VARIOUS SURVEYS (IN MONTHS) OATfc OF SURVEY BANK CLASSIFICATION 25 JAN 1976 38 DEC 1977 30 NOV 1977 (BY LOCATION) ALL REPORTING BANKS ISSUING CD'S 2.8 2.8 2.7 NEW YORK CITY 3.0 3.6 3.3 CHICAGO 2.4 2.6 2.9 OTHER 2.8 2.5 2.4 (BY SIZE OF BANK) 2/ UNDER $500 MILLION 2.7 2.3 2.3 $500—$It 000 MILLION 2.5 2.4 2.3 $l,000-$5,000 MILLION 2.5 2.6 2.4 OVER $5 BILLION 3.1 3.0 3.1 IN NEW YORK CITY 3.3 3.4 3.5 OUTSIDE NEW YORK CITY 2.9 2.7 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 E 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/ CIN MILLIONS OF DOLLARS) 25 JAN 1978 28 DEC 1977 30 NOV 1977 ALL BANKS ISSUING CD'S 19.1 18.5 18.2 UNDER 500 15.3 14.0 14.2 500 - 1000 15.8 14.8 14.8 1000 - 5000 15.7 15.0 14.7 OVER 5000 23.0 22.7 22.1 IN NEW YORK CITY 26.1 24.1 24.6 OUTSIDE NEW YORK CITY 20.4 21.4 20.0 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 5B RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AS OF 25 JAN 1978 (NUMBER OF BANKS) TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) 5% OR LESS 20 TO 25% 15 TO 20% 10 TO 15% 5 TO 10% 25% OR MORE AVERAGE CD TO DEPOSIT RATIO (PER CENT) ALL BANKS ISSUING CD'S 35 36 45 46 32 42 19.1 UNDER 500 10 14 14 17 7 10 15.3 500 - 1000 12 11 11 10 9 11 15.8 1000 - 5000 13 9 16 16 12 13 15.7 0 2 2 1 4 8 23.0 IN NEW YORK CITY 0 1 0 0 2 4 26.1 OUTSIDE NEW YORK CITY 0 1 2 1 2 4 20.4 OVER 5000 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MURE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL NOTE- ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30t 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 Z1 28 DEC 1977 TO 25 JAN 1976 CNUMBER OF BANKS) TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) REDUCED CD'S TO ZERO DECLINES OF 10% OR MORE 5 TO 10* INCREASES OF 5* OR LESS NO CHANGE 5% OR LESS 5 TO 10% 10% OR MORE iaauku LU"S bui HAD NONE OUTSTANDING ON BASE DATE ALL BANKS ISSUING CD'S 0 19 16 45 6 50 42 56 0 UNDER 500 0 5 6 15 3 13 12 18 0 500 - 1000 0 1 2 15 1 18 15 12 0 1000 - 5000 0 11 7 13 2 14 12 24 0 OVER 5000 0 2 3 2 0 5 3 2 0 IN NEW YORK CITY 0 1 1 0 3 1 1 0 OUTSIDE NEW YORK CITY 0 1 1 0 t 2 1 0 0 3 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 26 OCT 1977 TO 25 JAN 1978 (NUMBER OF BANKS) TOTAL DEPOSITS /2 (IN MILLIONS OF DOLLARS) R6DUDECLINES OF CED ———————— — — — —— CD'S 25% 20 15 10 TO OR TO TO TO ZERO MORE 25% 2OX 15% ————— — 5 5% TO OR 10% LESS ALL BANKS ISSUING CD'S 0 UNDER 500 0 500 - 1000 0 1 0 0 2 3 1000 - 5000 0 3 1 3 3 OVER 5000 0 0 0 0 1 IN NEW YORK CITY 0 OUTSIDE NEW YORK CITY 0 5 1 3 2 0 0 4 1 0 16 3 0 0 9 33 26 20 21 19 56 0 2 10 4 5 8 9 14 0 6 1 5 10 6 4 5 21 0 8 2 1 14 12 8 7 4 17 0 0 2 0 4 2 1 4 0 0 2 2 0 0 0 2 0 0 2 0 1 2 1 2 0 0 1 CHANGE 4 5 0 0 16 NO INCREASE OF ISSUED — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — CD'S BUT HAD 5% 5 10 15 20 25% NONE OR TO TO TO TO OR OUTSTANDING LESS 10% 15% 20% 25% MORE ON BASE DATE 8 1 0 1 2 1 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 5E 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 28 DEC 1977 TO 25 JAN 1978 (NUMBER OF BANKS) TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) DECLINES OF 3X AND OVER 2 TO 3X INCREASES OF 1 TO 2X IX AND LESS NO CHANGE IX AND LESS 1 TO 2X 2 TO 3% 3X AND OVER ALL BANKS ISSUING CD'S 9 UNDER 500 1 1 500 - 1000 O i 1000 - 5000 5 OVER 5000 3 2 1 1 0 6 3 0 1 IN NEW YORK CITY 1 0 0 1 0 3 1 0 1 OUTSIDE NEW YORK CITY 2 2 1 0 0 3 2 0 0 6 11 56 6 83 34 3 22 3 21 7 5 9 l 15 1 33 7 4 2 18 2 23 17 2 6 17 14 8 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/ OVER THE LAST THREE MONTHS AS A PER CENT OF TOTAL DEPOSITS AT THE BEGINNING OF THE PERIOD 26 OCT 1977 TU 25 JAN 1978 (NUMBER OF BANKS) INCREASES OF DECLINES OF TOTAL ASSETS 2/ (IN MILLIONS OF DOLLARS) 5% AND OVER 1% 1 10 2 70 3 TO 4% 4 TO 53 AND LESS 2% 3% NO CHANGE IS AND UNDER 3 TO 4% 2 TO 3* 1 10 2% 5% AND OVER 4 TO 556 ALL BANKS ISSUING CD'S 3 2 1 7 16 27 4 52 36 30 19 15 24 UNDER 500 2 0 0 1 7 10 2 15 10 9 4 3 9 500 - 1000 0 0 1 2 1 8 1 13 11 7 6 6 8 1000 - 5000 0 2 0 4 8 7 1 20 11 12 8 4 6 OVER 5000 1 0 0 0 0 2 0 4 4 2 1 2 1 IN NEW YORK CITY 0 0 0 0 0 1 0 2 2 1 0 0 1 OUTSIDE NEW YORK CITY 1 0 0 0 0 1 0 2 2 1 1 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. 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 25 JAN 1978 (AMOUNTS IN MILLIONS OF DOLLARS) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 885.7 84.1 79.0 147.0 422.1 1345.9 681.8 2689.7 262.3 167.0 724.4 1465.2 3151.5 485.5 474.3 1729.8 163.3 140.5 349.7 891.2 1974.4 679.2 353.0 377.0 1799.1 107,4 76.4 274.4 844.2 1493.6 181.0 363.8 241.2 259.0 784.9 88.4 95.6 115.0 434.3 1100.7 2493.1 186.5 422.0 164.2 243.1 946.1 101.8 120.2 115.6 379.7 1429.5 153.0 1960.3 176.4 292.3 150.5 219.5 662.7 34.1 45.0 84.5 438.1 1090.4 904.4 23.7 166.1 65.3 53.8 39.5 79.2 102.0 16.4 9.9 37.2 134.0 177.3 SEP 943.9 15.8 205.6 40.0 55.7 52.4 66 . 6 210.4 15.1 14.9 31.7 101.4 134.3 OCT 1200.2 29.8 258.2 48.0 69.8 32.1 73.2 373.1 21.6 13.8 30.9 127.1 122.6 NOV 660.6 36.1 126.7 42.7 69.3 40.2 55.7 72.6 6.2 6.3 41.0 74.7 87.1 DEC 912.2 28.2 332.5 22.7 33.8 32.0 48.7 167.7 8.5 7.1 27.6 97.3 106.1 1979 JAN 462.2 18.5 62.6 21.0 30.7 24.6 31.7 44.1 9.3 7.0 31.1 75.0 106.6 4572.3 192.9 1504.1 97.1 336.4 29.6 106.0 899.0 40.6 37.2 62.3 251.4 1014.2 2900.2 26301.9 3029.4 4276.8 2474.2 2912.4 11366.9 961.1 821.9 2072.4 ALL DISTRICTS BOSTON 5826.5 223.9 FEB 18417.8 MAR CD'S MATURING IN PHILADELPHIA CLEVELAND 1684.8 325.5 225.1 208.8 194.6 930.8 5732.1 908.3 1084.1 620.6 12468.1 443.7 4801.7 453.2 560.8 APR 10781.2 386.2 3927.0 461.7 MAY 6917.1 206.1 3047.1 JUN 6813.3 211.5 JLL 5306.8 AUG 1978 JAN 26-JAN 31 FEB OR LATER TOTAL * 76187.1 NEW YORK RICHMOND ATLANTA CHICAGO 5735.7 13334.2 AVERAGE MATURITY IN MONTHS 2/ 3.3 3.0 3.2 2.8 3.6 2.8 3.4 3.5 3.0 3.3 2.8 3.3 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. * DETAILS 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 25 JAN 1978 (AMOUNTS IN MILLIONS OF DOLLARS) CH1CAGO ST. LOUIS MINNfcAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 316.9 1299.4 124.9 79.2 426.9 741.5 1243.8 146.5 131.5 570.5 36.1 25.5 123.1 217.3 398.9 204.5 138.2 171.9 696.3 46.5 39.2 166.6 290.1 512.5 33.8 40.1 51.6 26.2 76.1 10.9 2.7 16.6 33.9 49.1 329.2 15.2 64.2 32.5 25.3 80.4 11.5 15.6 22.4 39.0 90.3 117.9 1664.8 147.1 160.6 63.3 140.4 401.1 25.7 23.7 42.8 253.2 862.5 151.0 6.2 5.8 5.3 7.6 7.1 3.6 18.5 4.6 0.8 6.3 49.6 33.4 SEP 113.0 1.1 26.1 1.6 4.8 21.5 3.0 9.0 1.6 1.1 1.6 32.5 8.9 OCT 150.4 5.4 35.0 8.4 9.9 3.5 4.4 4.4 1.4 2.2 5.8 59.1 10.9 NOV 32.7 0.5 3.7 0.1 3.7 3.7 1.0 5.6 2.6 0.3 0.0 6.6 4.9 DEC 149.0 7.1 62.8 0.8 10.8 4.1 19.0 10.4 1.3 0.5 3.5 17.2 11.5 JAN OR LATER 508.1 7.9 61.6 18.4 20.3 25.4 48.1 69.9 10.5 6.0 33.2 93.4 113.4 21641.4 1057.0 7130.6 935.0 1097.6 767.0 891.3 3241.6 277.8 196.8 652.8 1833.6 3340.1 2.7 2.2 2.8 2.4 2.7 2.8 3.1 2.4 3.1 3.0 ALL DISTRICTS BOSTON NEW YORK FEB 6155.6 477.1 MAR 3277.1 APR CD'S MATURING IN PHILADELPHIA CLEVELAND 2318.1 433.3 424.9 269.6 172.1 1185.5 123.7 146.4 3877.8 194.2 1268.5 147.3 MAY 547.6 37.1 169.5 JUN 756.0 30.4 JUL 3923.1 AUG TOTAL * AVERAGE MATURITY IN MONTHS 3/ RICHMONO ATLANTA 2.6 1/ SEE TECHNICAL APPENDIX A. 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF S100»000 UR MORE BY WEEKLY REPORTING BANKS« 3/ SEE TECHNICAL APPENDIX B. * DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. 2.7 2.2 TABLE bC MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 25 JAN 1978 (PERCENTAGE DISTRIBUTION) CD'S MATURING IN ALL OISTRICTS BOSTON 7.6 7.7 FEB 24.2 MAR ST. LOUIS MINNE— APOLIS KANSAS CITY DALLAS SAN FRANCISCO 7.8 6.8 9.6 7.1 7.4 10.1 23.4 23.7 27.3 20.3 35.0 25.5 23.6 19.6 16.3 15.2 17.0 17.1 16.9 15.5 14.8 15.9 14.3 12.9 15.8 11.2 9.5 13.2 14.7 11.2 6.0 8.5 9.7 6.9 6.9 9.2 11.6 5.5 7.6 8.3 9.5 6.2 9.9 6.6 8.3 8.3 10.6 14.6 5.6 6.6 10.7 5.3 7.5 5.6 6.8 6.1 7.5 5.8 3.5 5.5 4.1 7.6 8.2 1.2 0.8 0.6 2.2 1.3 1.6 2.7 0.9 1.7 1.2 1.8 2.3 1.3 SEP 1.2 0.5 0.8 1.3 1.3 2.1 2.3 1.9 1.6 1.8 1.5 1.8 1.0 OCT 1.6 1.0 1.0 1.6 1.6 1.3 2.5 3.3 2.2 1.7 1.5 2.2 0.9 NOV 0.9 1.2 0.5 1.4 1.6 1.6 1.9 0.6 0.9 0.8 2.0 1.3 0.7 DEC 1.2 1.0 1.3 0.7 0.8 1.3 1.7 1.5 0.9 0.9 1.3 1.7 0.8 1979 JAN 0.6 0.6 0.2 0.7 0.7 1.0 1.1 0.4 1.0 0.9 1.5 1.3 0.6 6.0 6.7 5.7 3.2 7.9 1.2 3.7 7.9 4.2 4.5 3.0 4.4 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 PHILADELPHIA CLEVtLAND 6 .4 10.7 5.3 8.4 6.7 32.1 21.8 30.0 25.3 25.1 16.4 15.3 18.3 15.0 13.1 APR 14.2 13.3 14.9 15.2 MAY 9.1 7.1 11.6 JUN 8.9 7.3 JUL 7.0 AUG 1978 JAN 26- JAN 31 FEB OR LATER TOTAL * NEW YORK R1CH— MONO ATLANTA CHICAGO / INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF S100,000 OR MORE BY WEEKLY REPORTING BANKS. r # # # # # # # # # # # • • • • • • • • • • • TABLE 60 * MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 25 JAN 1978 (CUMULATIVE PERCENTAGE) ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 7.8 6.6 9.6 7.1 7.4 10.1 30.1 31.5 36.1 29.9 42.1 32.9 33.7 53.1 46.4 46.7 53.1 47.0 59.0 46.4 48.5 59.6 67.4 59.3 62.5 64. 3 56.5 72.2 63.1 59.7 76.9 68.1 77.1 66.2 69.4 73.5 66.1 77.7 70.7 68.0 82.5 83.1 78.0 83.7 76.5 77.7 84.1 82.7 83.3 77.3 76.7 88.1 90.0 88.9 64.6 89.6 64.0 63.5 87.6 88.2 67.4 84.9 66.9 88.6 88.9 90.6 91.1 86.1 91.4 86.7 84.4 89.3 89.4 69.2 87.2 88.2 SEP 89.8 89.4 91.4 92.4 87.4 93.5 89.0 66.3 90.9 91.2 90.7 89.0 89.2 OCT 91.4 90.4 92.4 94.0 89.0 94.8 91.5 89.6 93.1 92.9 92.2 91.2 90.1 NOV 92.3 91,6 92.9 95.4 90.6 96.4 93.4 90.2 94.0 93.7 94.2 92.5 90.6 DEC 93.5 92.6 94.2 96.1 91.4 97.7 95.1 91.7 94.9 94.6 95.5 94.2 91.6 JAN 94.1 93.2 94.4 96.8 92.1 98.7 96.2 92.1 95.9 95.5 97.0 95.5 92.4 100.0 10Q.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 7.6 7.7 FEB 31.6 MAR MATURING IN RICHMOND ATLANTA PHILADELPHIA CLEVELAND 6.4 10.7 5.3 8.4 6.7 39.8 28.2 40.7 30.6 33.5 48.2 55.1 46.5 55.7 43.7 APR 62.4 68.4 61.4 70.9 MAY 71.5 75.5 73.0 JUN 80.4 82.8 JUL 87.4 AUG JAN 26- JAN 31 FEB 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 25 JAN 1978 (PERCENTAGE DISTRIBUTION) ST. LOUIS MINNEAPOL1S KANSAS CITY DALLAS SAN FRANCISCO 40.1 45.0 40.2 50.1 40.4 37.2 14.8 17.6 13.0 13.0 14.4 11.9 11.9 17.6 19.3 21.5 16.7 19.9 19.8 15.8 15.3 3.7 6.6 2.9 2.3 3.9 1.4 1.9 1.6 1.5 1.6 5.8 4.1 2.8 2.5 4.1 7.9 2.6 2.1 2.7 23.3 15.7 14.6 10.6 15.8 12.4 9.3 12.0 5.0 13.8 25.8 0.6 0.1 0.6 0.7 0.9 0.4 0.6 1.7 0.4 1.0 2.7 1.0 0.5 0.1 0.4 0.2 0.4 2.7 0.3 0.3 0.6 0.6 0.2 1.8 0.3 OCT 0.7 0.5 0.5 0.9 0.9 0.4 0.5 0.1 0.5 1.1 0.7 3.2 0.3 NOV 0.2 0.0 0.1 0.0 0.3 0.5 0.1 0.2 0.9 0.2 0.0 0.4 0.1 DEC 0.7 0.7 0.9 0.1 1.0 0.5 2.1 0.3 0.5 0.3 0.4 0.9 0.3 JAN OR LATER 2.3 0.7 0.9 2.0 1.6 3.2 5.4 2.2 3.8 3.0 3,9 5.1 3.4 100.0 100.0 lOO .0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100. G ALL DISTR1CTS BOSTON FEB 37.7 45.1 MAR 15.1 APR CD'S MATURING IN RICHMOND ATLANTA PHI LADELPHIA CLEVELAND 32.5 46.3 36.7 34.3 35.6 16.3 16.6 13.2 13.3 18.6 17.9 18.4 17.8 15.8 18.6 MAY 2.5 3.5 2.4 3.6 JUN 3.5 2.9 4.6 JUL 18.1 11.2 AUG 0.7 SEP 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 d a t e — a r e 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