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October 27, 1976 CONFIDENTIAL (FR) SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF DEPOSITS AT LARGE WEEKLY REPORTING BANKS as of September 29, 1976 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TABLE I 1/ MATURITY D I S T R I B U T I O N OF OUTSTANDING WEEKLY AS CD'S MATURING 1976 SEPTEMBER TIME CERTIFICATES OF DEPOSIT AT REPORTING BANKS OF AMOUNT (MILLIONS OF DOLLARS) IN 29 SEP 1976 PERCENTAGE DISTRIBUTION CUMULATIVE PERCENTAGE SALES SINCE PREVIOUS MONTH 2/ ( M I L L I O N S OF D O L L A R S ) .0 1,631.2 2.5 2.5 OCTOBER 21,209.0 32.1 34.6 9,005.6 NOVEMBER 12,439.4 18.9 5 3.5 3,668.3 DECEMBER 9,661.2 14.6 68.1 3,296.9 5,643.5 8.6 76.7 820.6 30 1977 JANUARY FEBRUARY 3,477.2 5.3 82.0 674.1 MARCH 3,591.8 5.4 87.4 2,311.3 APRIL 1,602.7 2.4 89.8 144.7 MAY 869.2 1.3 91.1 145.7 JUNE 1,144.5 1.7 92.8 210.7 JULY 882.6 1.3 94.1 32.7 AUGUST 995.9 1.5 95.6 195.1 SEPTEMBER 533.0 .8 96.4 852.0 3/ 2,288.2 3.5 100.0 XXX 65,969.3 100.0 XXX 21,358.0 OVER 12 M O N T H S TOTAL (MEMORANDUMS DECEMBER DECEMBER 1/ INCLUDES 2/ SEE 3/ SALES OF NEGOTIABLE 529.6 1,192.2 10 15 ONLY TECHNICAL CD'S CERTIFICATES APPENDIX IN D E N O M I N A T I O N S O F A. MATURING AFTER 11 MONTHS. TAX AND DIVIDEND MATURITIES) XXX XXX .8 1.8 $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TABLE 2A 1/ MATURITY DISTRIBUTION OF O U T S T A N D I N G NEGOTIABLE TIME CERTIFICATES N E W YORK C I T Y , C H I C A G O , A N D ALL OTHER W E E K L Y R E P O R T I N G AS OF 29 SEP (IN M I L L I O N S NEW CD'S 1976 1977 MATURING AMOUNT IN YORK OF DOLLARS) CHICAGO SINCE MONTH AT 1976 CITY SALES PREVIOUS OF D E P O S I T BANKS AMOUNT 2/ ALL SALES SINCE PREVIOUS MONTH OTHER AMOUNT 2/ WEEKLY REPORTING BANKS SALES PREVIOUS SINCE MONTH 2/ 507.9 .0 155.3 .0 968.1 .0 OCTOBER 6,863.5 2,040.8 2*291.1 1,102.1 12,054.4 5,862.7 NOVEMBER 4,562.3 1,077.2 1,208.2 457.3 6,669.0 2,133.8 228.1 5,207.5 1,892.0 SEP 30 DECEMBER 3,720.8 1,175.9 732.0 JANUARY 1,846.1 219.2 679.6 64.2 3,117.8 537.2 FEBRUARY 1,375.6 270.6 318.7 14.0 1,782.9 389.5 MARCH 1,395.9 1,148.7 279.2 50.7 1,916.8 1,111.9 APRIL 259.1 28.0 417.1 .7 926.5 116.1 MAY 190.2 55.0 92.0 13.4 587.0 77.3 JUNE 258.6 79.8 241.5 21.2 644.4 109.8 JULY 84.6 8.1 284.9 .6 513.1 24.1 143.8 45.0 270.9 33.7 581.2 116.4 83.3 137.2 22.8 201.1 426.8 513.7 /3 473.8 XXX 394.9 XXX 1,419.5 XXX 6,285.5 7,388.2 2,187.1 36,815.0 12,884.5 ( 4 AUGUST SEPTEMBER OVER 12 M O N T H S TOTAL NUMBER OF * 21,765.5 REPORTING BANKS /3 12 10 (MEMORANDUM: DECEMBER DECEMBER 1/ INCLUDES 2/ SEE ONLY TECHNICAL TAX AND CERTIFICATES APPENDIX IN D E N O M I N A T I O N A. 3/ SALES OF CD'S MATURING Af-TfcP 11 MONTHS. * TOTALS *AY NOT ADD DUE TO ROUNDING. DIVIDEND 217 MATURITIES) 30.7 87.2 261 .2 5 5 1 .8 10 15 Z3 OF $ 1 0 0 , 0 0 0 OR MORE I S S U E D BY 237.7 553.2 WEEKLY REPORTING BANKS. TABLI 28 1/ MATURITY DISTRIBUTION NEW YORK OF OUTSTANDING CITY, CHICAGO, AS O F 29 NEGOTIABLE AND ALL SEP 1976 (PERCENTAGE NEW CD'S * TURING DAYS AUG DEPOSIT AT REPORTING BANKS 1976 DISTRIBUTION) CITY CHICAGO ALL O T H E R 3/ 25 A U G SEP 29 SEP 25 AUG 29 SEP 25 AUG 5.7 2.1 6.4 2.6 6.5 31.5 28.4 31.0 21.5 32.7 30.1 17.1 12.5 02 MONTHS 21.0 21.2 16.4 17.0 18. 1 03 MONTHS 17.1 15.3 9.9 10.7 14. 1 0 4 MONTHS 8.5 11.2 9.2 7.2 8.5 9.2 MONTHS 6.3 7.2 4.3 8.8 4.8 7.1 06 MONTHS 6.4 4.9 3.8 4.3 5.2 3.8 07 MONTHS 05 1.2 1.1 5.6 3.3 2.5 2.2 MONTHS .9 1.0 1.2 5.9 1.6 2.2 09 MONTHS 1.2 .6 3.3 1.1 1.8 1.4 1.5 08 10 M O N T H S .4 .8 3.9 3.1 1.4 MONTHS .7 .3 3.7 4.1 1.6 1.4 12 M O N T H S .4 .4 .3 3.4 1.2 1.3 2.2 1.8 5.3 3.1 3.9 3.7 100.0 100.0 100.0 100.0 100.0 100.0 11 OVER 12 M O N T H S TOTAL. * 1/ I N C L U D E S O N L Y C E R T I F I C A T E S BANKS. 2/ 25 WEEKLY OF 2.3 2/ MONTHS 01 AND CERTIFICATES IN 29 0-6 YORK OTHER TINE IN D E N O M I N A T I O N S OF NUMBER OF D A Y S R E M A I N I N G IN S U R V E Y M O N T H . T H I S FOLLOWING THE LAST WEDNESDAY OF THE MONTH. 3/ NUMBER OF MONTHS FOLLOWING $ NOT TOTALS MAY ADD DUE TO THE SURVEY ROUNDING. MONTH. $100,000 OR PERIOD MORE ISSUED BY V A R I E S W I T H THE WEEKLY NUMBER OF REPORTING DAYS TABLE 2C 1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE NEW YORK CITY, CHICAGO* AS OF 29 A N D ALL SEP 1976 (CUMULATIVE NEW CD'S MATURING DAYS AND Z/ SEP WEEKLY 25 AUG REPORTING OF DEPOSIT AT BANKS 1976 DISTRIBUTION) CITY CHICAGO 25 A U G 29 SEP ALL O T H E R 25 AUG 29 SEP 25 AUG 2.3 5.7 2.1 6.4 2.6 6.5 34.1 33.1 27.9 35.3 36.6 49.5 44.9 53.4 53.7 01 MONTHS 3/ 33.8 02 MONTHS 54.8 55.3 03 70.6 59.4 55.6 67.5 66.2 81.8 68.6 62.8 76.0 75.4 ©5 MONTHS 86.7 89.0 72.9 71.6 82.5 CD 71.9 80.4 o MONTHS 0 4 MONTHS MONTHS 93.1 93.9 76.7 75.9 86. 0 86.3 07 MONTHS 94.3 95.0 82.3 79.2 88.5 88.5 08 MONTHS 95.2 96.0 83.5 85.1 90. 1 90.7 09 MONTHS 96.4 96.6 86.8 86.2 91.9 92.1 10 MONTHS 96.8 97.4 90.7 89.3 93.3 93.6 11 M O N T H S 97.5 97.7 94.4 93.4 94.9 95.0 06 12 MONTHS OVER 12 M O N T H S 97.9 98.1 94.7 96.8 100.0 100.0 100.0 100.0 1/ I N C L U D E S O N L Y C E R T I F I C A T E S BANKS. IN D E N O M I N A T I O N S OF 2/ N U M B E R OF FOLLOWING DAYS R E M A I N I N G IN SURVEY M O N T H . THIS T H E L A S T W E D N E S D A Y OF T H E M O N T H . 3/ NUMBER MONTHS CERTIFICATES IN 29 0-6 YORK OTHER TIME OF FOLLOWING THE SURVEY MONTH. $100,000 OR MORE 96. 1 96.3 100.0 100.0 ISSUED BY WEEKLY PERIOD VARIES WITH THE NUMBER OF REPORTING DAYS TABLE SA MATURITY D I S T R I B U T I O N 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 OF AT W E E K L Y R E P O R T I N G B A N K S B Y S I Z E O F B A N K S 2 / A S OF 2 9 S E P 1 9 7 6 I A M O U N T S IN M I L L I O N S OF D O L L A R S ) DEPOSIT 1/ $5 BILLION AND OVER MATURING M P IN TOTAL $500 MILLION AND UNDER $500 MILLION TO $1 B I L L I O N SI B I L L I O N TO $5 B I L L I O N TOTAL NEW YORK CITY OUTSIDE NEW YORK CITY 395.9 30 1,631.1 89.8 143. 1 546.6 851.6 455.7 OCTOBER 21,209.0 1,099.9 2,222.3 6,521.0 11,365.8 6,265.0 5,100.8 NOVEMBER 12*439.4 639.8 1,039.8 3,477.6 7,282.2 4,309.2 2,973.0 DECEMBER 9,661.2 461.8 737.2 2,896.8 5,565.4 3,488.3 2,077.1 JANUARY 5,643.6 279.6 449.4 1,493.4 3,421.2 1,793.9 1,627.3 FEBRUARY 3,477.2 152.7 251.8 763.1 2,309.6 1,289.9 1,019.7 MARCH 3,591.8 113.3 266.6 804.9 2,407.0 1,324.2 1,082.8 APRIL 1 ,602.6 58.5 131.2 526.6 886.3 237.7 648.6 869.2 38.4 95.3 234.9 500.6 164.6 336.0 JUNE 1,144.4 53.1 102.1 294.2 695.0 2 52.7 442.3 JULY 882.5 54.4 96.9 216.5 514.7 74.3 440.4 AUGUST 995.9 37.6 79.4 194.1 684.8 138.1 546.7 SEPTEMBER 533.0 41.9 60.6 222.6 207.9 68.2 139.7 OCTOBER OR LATER 2,288.3 60.0 93.9 534.5 1,599.9 463.4 1,136.5 5,769.6 18,726.8 38,292.0 20,325.2 17,966.8 MAY TOTAL $ 3,180.8 65,969.2 — CMEMORANDUM: TAX AND DIVIDEND MATURITIES) DECEMBER 10 529.5 14.3 13.6 83.0 418.6 260.2 158.4 DECEMBER 15 1,192.2 39.5 40.8 337.7 774.2 521.4 252.8 239 77 (MEMORANDUM: NUMBER 62 OF B A N K S ) 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. fasti SB SALES / 1 Z OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS AT WEEKLY REPORTING BANKS BY S H E OF BANKS 3/ MONTH 2/ A S OF 2 9 S E P 1976 (AMOUNTS IN M I L L I O N S OF D O L L A R S ! $5 B I L L I O N CD*: MAIt* IMC in ltT6 SEP TOTAL SSOO MILLION AND UNDER $500 MILLION 10 SI BILLION TOTAL NEW Y O R K CITY OUTSIDE NEW YORK CITY 9,00*.5 §77.3 1,164.3 2,915.2 4,328.7 1,745.8 2,582.9 I 1 3»666.2 213.1 416.4 1,237.0 1,801.7 989.9 811.8 DECEMBER 3,297.0 210.9 351.2 1,147.8 1,587.1 1,069.3 517.8 JANUARY 820.7 72.0 96.2 274.8 377.7 213.1 164.6 FEBRUARY 674.1 30.9 68.0 113.1 442.1 229.2 212.9 2,311.3 63.3 179.2 445.0 1,623.8 1,108.0 515.8 MARCH APRIL 144.7 3.3 25.2 54.4 61.8 28.0 33.8 MAY 14$. 7 1.7 25.5 38.2 80.3 45.1 35.2 JUNE 210.7 7.2 21.8 54.6 127.1 79.2 47.9 JULY 32.7 0.5 5.7 15.8 10.7 3.1 7.6 AUGUST 195.0 6.7 32.2 46.7 109.4 42.1 67.3 SEPTEMBER OR L A T E R 852.1 50.1 68.2 236.9 496.9 129.9 367.0 21,357.7 1,237.0 6,579.5 11,047.3 5,682.7 5 ,364.6 TOTAL * 2,493.9 (MEMORANDUM: 239 # $1 10 OCTOBER 1/ 2/ 3/ BILLION TO S5 BILLION AND OVER SEE TECHNICAL APPENDIX A. INTTL#OES 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 TOTAL ASSETS A S R E P O R T E D IN THE C A L L TOTALS MAY NOT ADD DUE TO ROUNDING. 77 NUMBER 62 OF BANKS) — 83 O F $ 1 0 0 , 0 0 0 OR M O R E I S S U E D B Y W E E K L Y R E P O R T I N G R E P O R T OF C O N D I T I O N O N J U N E 3 0 , 1 9 7 5 . 17 BANKS. 10 TABLE 3t MATURITY D I S T R I B U T I O N OF O U T S T A N D I N G N E G O T I A B L E T I M E C E R T I F I C A T E S A T W E E K L Y R E P O R T I N G B A N K S BY S I Z E OF B A N K S 2/ A S Of 2 9 SEP 19 7 6 PERCENTAGE DISTRIBUTION OF DEPOSIT 1/ S5 BILLION AND OVER CD'S MATURING IN TOTAL $500 MILLION AND UNDER $1 BILLION TO $5 B I L L I O N $500 MILLION TO $1 B I L L I O N TOTAL NEW YORK CITY 1976 1977 SEP 2.8 30 2.5 OCTOBER 32.1 34.6 NOVEMBER 18.9 20.1 DECEMBER 14.6 14.5 JANUARY 8.6 8.8 FEBRUARY 5.3 MARCH 5.4 2.2 2.2 OUTSIDE NEW YORK CITY 2.2 2.5 2.9 38.5 34.8 29.7 30.8 28.4 18.0 18.6 19.0 21.2 16.5 12.8 15.5 14.5 17.2 11.6 7. 8 8.0 8 .9 8.8 4.8 4.4 4.1 6.0 6.3 5.7 3.6 4.6 4.3 6.3 6.5 6.0 2.3 1.2 3.6 9.1 APRIL 2.* 1.8 2.3 2.8 MAY 1.3 1.2 1.7 1.3 1.3 0.8 1.9 JUNE 1.7 1.7 1.8 1.6 1.8 1.2 2.5 JULY 1.3 1.7 1.7 1.2 1.3 0.4 2.5 AUGUST 1.5 1.2 1.4 1.0 1 .8 0.7 3.0 SEPTEMBER 0.8 1.3 1.1 1.2 0.5 0.3 0.8 OCTOBER OR L A T E R TOTAL * 3.5 1.9 100.0 100.0 — DECEMBER DECEMBER 1.6 2.9 100.0 (MEMORANDUM: 4.2 100.0 100.0 TAX AND DIVIDEND 2.3 100.0 6.3 100.0 MATURITIES) 10 0.8 0.4 0.2 0.4 1.1 1.3 0.9 15 1.8 1.2 0.7 1.8 2.0 2.6 1.4 1/ INCLUDES C E R T I F I C A T E S IN D E N O M I N A T I O N S OF $ 1 0 0 , 0 0 0 OR M O R E ISSUED B Y WEEKLY R E P O R T I N G 2/ TOTAL ASSETS A S R E P O R T E D IN T H E C A L L R E P O R T O F C O N D I T I O N O N J U N E 3 0 , 1 9 7 5 . • TOTALS MAY NOT ADO DUE TO ROUNDING. i BANKS. TABLE MATURITY 3D D I S T R I B U T I O N 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 OF AT WEEKLY R E P O R T I N G BANKS BY SIZE OF BANKS 2/ A S OF 2 9 S E P 1 9 7 6 CUMULATIVE PERCENTAGE DEPOSIT 1/ $5 B I L L I O N CD'S MATURING IN TOTAL $500 MILLION AND UNDER $500 MILLION $1 $1 B I L L I O N $5 BILLION TO TO 2.8 TOTAL 2.2 2.2 30.6 50.9 54.2 47.1 71.8 65.4 71.4 58.7 79.8 74.3 80.2 67.8 84.0 83.9 80.3 86.5 73.5 88.2 86.6 93.0 79.5 88.9 94.2 83.1 2.5 2.5 2.9 34.6 37.4 41.0 37.7 NOVEMBER 53.5 57.5 59.0 56.3 DECEMBER 68.1 72.0 71.8 76.7 80.8 79.6 82.0 85.6 1977 JANUARY FEBRUARY OUTSIDE NEW YORK CITY 33.0 30 OCTOBER SEP OVER BILLION NEW YORK CITY 1976 AND 2.2 31.9 MARCH 87.4 89.2 88.6 APRIL 89.8 91.0 90.9 91.0 MAY 91.1 92.2 92.6 92.3 90.2 95.0 85.0 JUNE 92.8 93.9 94.4 93.9 92.0 96.2 87.5 JULY 94.1 95.6 96.1 95.1 93.3 96.6 90.0 AUGUST 95.6 96.8 97.5 96.1 95.1 97.3 93.0 98.6 97.3 95.6 97.6 93.8 100.0 100.0 100.0 100.0 SEPTEMBER 96.4 98.1 OCTOBER OR L A T E R 100.0 100.0 100.0 1/ I N C L U D E S C E R T I F I C A T E S IN D E N O M I N A T I O N S O F $ 1 0 0 , 0 0 0 O R M O R E 2/ T O T A L ASSETS A S R E P O R T E D IN THE C A L L R E P O R T OF C O N D I T I O N * T O T A L S MAY NOT A D D DUE TO R O U N D I N G . ISSUED BY WEEKLY REPORTING ON JUNE 30, 1975. BANKS. TABLE SALES 3E /!/ OF N E G O T I A B L E TIME C E R T I F I C A T E S OF D E P O S I T SINCE P R E V I O U S AT W E E K L Y R E P O R T I N G B A N K S B Y S I Z E OF B & N K S 3 / AS OF 2 9 SEP 1976 PERCENTAGE DISTRIBUTION MONTH 2/ $5 B I L L I O N CD'S MATURING 1976 SEP IN TOTAL $500 MILLION AND UNDER $530 MILLION TO $1 B I L L I O N NEW YORK CITY OUTSIDE NEW YORK CITY 30.7 48.1 TOTAL 30 46.7 47.5 44.3 17.2 17.2 16.7 18.8 16.3 17.4 15.1 15.4 17.0 14.1 17.4 14.4 18.8 9.7 3.8 5.8 3.9 4.2 3.4 3.7 3.1 4.0 4.0 4.0 14.7 19.5 9.6 0.6 OCTOBER 42.2 NOVEMBER DECEMBER 1977 JANUARY FEBRUARY 39.2 3.2 2.5 3.5 1.7 MARCH 10.8 5.1 7.2 6.8 APRIL 0.7 0.3 1.0 0.8 0.6 0.5 MAY 0.7 0.1 1.0 0.6 0.7 0.8 0.7 0.6 0.9 0.8 1.2 1.4 0.9 JULY 1.0 0.2 0.0 0.2 0.2 0.1 0.1 0.1 AUGUST 0.9 0.5 1.3 0.7 1.0 0.7 1.3 SEPTEMBER OR LATER 4.0 4.1 2.7 3.6 4.5 2.3 6.8 JUNE TOTAL $ 100.0 100.0 100.0 100.0 1MEMORANDUM: 239 1/ 2/ 3/ * BILLION TO $5 B I L L I O N AND OVER $1 77 62 100.0 83 17 SEE TECHNICAL APPENDIX A. INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. TOTAL ASSETS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. TOTALS MAY NOT ADD DUE TO ROUNDING. 100.0 100.0 NUMBER OF BANKS I 10 T A B L E 4A AVERAGE MATURITY OF OUTSTANDING NEGOTIABLE TIME C E R T I F I C A T E S OF DEPOSIT 1/ AT W E E K L Y R E P O R T I N G BANKS AT VARIOUS SURVEY DATES (IN M O N T H S ) DATE BANK OF SURVEY CLASSIFICATION 29 SEP 1976 2 5 AUG 1976 28 JUL 1976 IBY L O C A T I O N ) ALL REPORTING BANKS ISSUING CD'S N E W YORK C I T Y 2.9 3.0 3.0 2.5 2.6 2.7 CHICAGO 3.6 4.0 3.5 OTHER 3.0 3.1 3.1 IBY SIZE UNDER SSOO MILLION S500-SI,000 MILLION / SMUUDES LOFST 2.6 2.7 2.7 2.6 2.6 2.6 SLEOOO-SSTOOO MILLION 2.7 2.8 2.8 3.1 3.2 3.2 2.6 2.6 2.7 3.6 3.9 3.7 CERTIFICATES ISSHS B A N K ) 2/ OVER S5 BILLION IN N E W </ OF YORK CITY OUTSIDE NEW YORK IN D E N O M I N A T I O N S AS REPORTED IN FMFC C A L L OF CITY SI 0 0 , 0 0 0 OR REPORT OF MORE I S S U E D BY CONDITION ON JUNE WEEKLY 30, 1975. REPORTING BANKS. TABLE AVERAGE 46 MATURITY OF NEGOTIABLE TINE S O L D BY DURING THE CERTIFICATES WEEKLY OF REPORTING M O N T H OF VARIOUS DEPOSIT 1/ BANKS SURVEYS (IN M O N T H S ) DATE BANK OF SURVEY CLASSIFICATION 29 SEP 1976 25 AUG 1976 28 JUL 1976 (BY L O C A T I O N ) ALL REPORTING BANKS ISSUING CD'S 2.5 2.8 2.6 NEW YORK CITY 2.8 2.9 2.7 CHICAGO 2.5 4.0 3.3 OTHER 2.4 2.5 2.4 IBY SIZE OF BANK) 2/ UNDER *500 MILL ION 2.2 2.4 2.2 SSOO-SleOOO MILLION 2.3 2.1 2.1 SleOOO-SSeOOO MILLION 2.2 2.4 2.3 OVER fl BILLION 2.8 3.3 2.9 IN NEW YORK CITY 2.9 2.9 2.8 OUTSIDE NEW YORK CITY 2.7 3.7 3.1 It INCLUDES CERTIFICATES IN DENOMINATIONS OF $100*000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOVAi ASSETS AS REfORIEO IN 1H| CALL REPORT OF CONDITION ON J W t 30, 1975. N O # E — W E *EC###I€A& APPEND:# B. I TABLE 5A HAT10 OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ TO TOTAL DEPOSITS AT VARIOUS SURVEY DATES (PER CENT) DATE OF SURVEY TOTAL ASSETS 2/ U N MILLIONS OF DOLLARS! 29 SEP 1976 25 AUG 1976 28 JUL 1976 ALL BANKS ISSUING CD'S 18.4 18.8 19.1 UNDER 500 14.2 14.0 13.8 500 - 1000 15.3 15.2 14.8 1000 - 5000 14.9 15.2 15.3 23.5 22.2 22.9 IN NEW YORK CITY 25.4 27.3 27.8 OUTSIDE NEW YORK CITY 19.5 19.0 19.7 OVER 5000 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 SB RATIO OF OUTSTANDING NEGOTIABLE TOTAL ASSETS M I L L I O N S OF 2/ DOLLARS I DEPOSITS AS OF SEP 29 OF 20 15 TO TO 41 3* 52 1/ 25% OR MORE TO 25% 20% ALL BANKS ISSUING CD'S DEPOSIT BANKS) 15% 10% OF 1976 10 5 TO 5* OR LESS CERTIFICATES TO TOTAL CNUMBER U N TIME 22 A V E R A G E CD TO D E P O S I T R A T I O (PER C E N T ) 44 18.4 UNDER SOD 15 12 21 11 12 14.2 500 - 1000 11 10 13 10 11 15.3 15 10 16 22 14 14.9 1000 - 5000 OVER 5000 IN N E W YORK CITY NEW YORK OUTSIDE 1/ INCLUDES CERTIFICATES 2/ TOTAL NOTE- ASSETS CITY 0 2 2 3 7 22.2 0 0 1 0 3 25.4 0 2 1 3 4 19.5 IN D E N O M I N A T I O N S OF AS R E P O R T E D IN THE CALL $ 1 0 0 , 0 0 0 OR REPORT OF D E P O S I T S IN T H E D E N O M I N A T O R OF THE R A T I O INTERBANK AND U.S. GOVERNMENT DEPOSITS. MORE CONDITION IN T H I S T A B L E ISSUED BY ON J U N E ARE TOTAL WEEKLY REPORTING 30, BANKS. 1975. DEMAND AND TIME DEPOSITS, INCLUDING TABLE 5C PER C E N T C H A N G E IN OUTSTANDING 25 AUG NEGOTIABLE 1976 TO (NUMBER DECLINES TOTAL ASSETS 2/ IIN MILLIONS OF DOLLARS) REDUCED C D ' S TO ZERO I OX OR MORE ALL BANKS ISSUING CD'S OF 2 9 SEP OF D E P O S I T /I 1976 BANKS) OF I N C R E A S E S OF 5% OR LESS 5 TO 10* 23 TIME CERTIFICATE NO CHANGE 5 % OR LESS 5 TO 10% OR MORE 10% 43 47 53 26 UNDER 500 3 12 10 20 10 11 500 - 1000 0 9 13 10 10 14 18 5 12 1000 - OVER 5000 5000 IN N E W OUTSIDE 1/ INCLUDES 2/ TOTAL NOTE- YORK CITY NEW YORK CERTIFICATES ASSETS AS CITY 0 19 19 0 3 5 5 1 2 0 1 4 1 0 0 0 2 1 4 I 2 IN D E N O M I N A T I O N S REPORTED IN T H E CALL OF $100,000 REPORT OF OR MORE CONDITION I S S U E D BY ON JUNE 30, T H E N U M B E R O F B A N K S IN T H I S T A B L E D I F F E R S F R O M T H O S E IN M O S T O T H E R H A D O U T S T A N D I N G C D ' S ON THE LAST S U R V E Y R E D U C E D THEIR O U T S T A N D I N G S WEEKLY REPORTING ISSUED CD'S BUT HAD NONE OUTSTANDI N G ON B A S E D A T E BANKS. 1975. T A B L E S TO THE E X T E N T T H A T TO ZERO ON T H I S S U R V E Y . BANKS THAT TABLE PER CENT CHANGE IN 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 30 JUN 1976 T O 29 ( N U M B E R OF TOTAL DEPOSITS /2 (IN M I L L I O N S OF *LI REDU- DOLLARS) OF 15 20 TO 10 25% at s 10 BANKS) 5 TO 10% 18 32 27 15% 10 12 I N C R E A S E OF 51 OH LESS TO D E P O S I T /I 1976 NO CHANGE 5% OR LESS 10 5 TO TO 10% 29 27 15% 20 15 TO TO 2 5% 20* 25% OR MORE ISSUED C D ' S BUT H A D NONE OUT S T A N D I N G ON B A S E D A T E 37 500 2 4 0 3 3 9 8 5 11 8 6 7 3 11 G - 1000 0 s 0 2 3 8 4 0 5 10 2 6 4 15 0 12 1 12 8 4 3 2 11 0 UNFF& i ) , - 5000 VFR SEP D E C L I N E S OF CD'S 2 5 * TO OR ZERO MORE T!#NKS I S S U I N G CD* S 5D SJOO IN N E W Y O R K C I T Y OUTSIDE NEW YORK CITY 0 4 5 3 7 11 0 1 0 2 5 4 3 0 1 1 0 0 0 0 0 0 0 0 2 I 1 2 0 1 0 0 0 0 0 0 0 1 0 0 4 3 1 0 0 1 0 0 0 0 0 1/ I N C L U D E S C E R T I F I C A T E S 2/ T O T A L NOTE- ASSETS IN DENOMINATIONS AS R E P O R T E D IN T H E CALL OF $ 1 0 0 , 0 0 0 OR REPORT OF MORE I S S U E D BY WEEKLY REPORTING BANKS. C O N D I T I O N ON J U N E 3 0 , 1975. T H E N U M B E R O F B A N K S IN T H I S T A B L E D I F F E R S F R O M T H O S E IN MOST O T H E R T A B L E S TO T H E E X T E N T T H A T B A N K S T H A T HAD O U T S T A N D I N G C D ' S ON THE SURVEY THREE MONTHS PRIOR TO THE C U R R E N T 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 25 AUG 1976 TO 29 SEP 1976 (NUMBER OF BANKS) TOTAL ASSETS 2/ U N MILLIONS OF DOLLARS 1 DECLINES. 3* AND OVER OF I TO 2% 2 TO 31 1 I N C R E A S E S OF 1% AND NO CHANGE LESS 1% 1 AND LESS TO 3% 2 TO AND OVER 3% 2% ALL BANKS ISSUING CD'S 2 8 31 73 7 70 26 9 12 UNDER 500 0 2 9 20 5 28 7 4 2 500 • 1000 0 2 7 19 0 16 9 1 7 1000 - 5000 2 2 14 26 2 22 8 4 1 OVER 5000 0 2 1 6 0 4 2 0 2 IN NEW YORK CITY 0 2 1 3 0 1 0 0 0 OUTSIDE NEW YORK CITY 0 0 0 3 0 3 2 0 2 1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL HOTE- ASSETS DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON JUNE 30, 1975. IH THE DENOMINATOR OF THE RATIO INTERBANK AND U.S. GOVERNMENT DEPOSITS. IN T H I S T A B L E ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING TABLE CHANGE OVER IN O U T S T A N D I N G NEGOTIABLE THE MONTHS AS LAST THREE AT THE 1976 TO (NUMBER TOTAL ASSETS 2/ CERTIFICATES OF 29 OF CENT THE SEP OF OF TOTAL DEPOSIT 1/ DEPOSITS PERIOD 1976 BANKS) D E C L I N E S OF ss AND *#4 *ltl:ONS 9* UOLLARSI * 3 5* TO 4% 10 OVER INCREASES 2 TO it 1 TO IS It NO CHANGE AND LESS at SI ISSUING CF'S TIME A PER BEGINNING 30 JUN All 5F AND UNDER 1 TO 2% 3 TO 2 TO 3% 26 27 OF 4t 5* AND OVER 4 TO b% 18 12 10 UNDER 500 0 0 2 3 7 15 4 15 14 3 8 3 3 500 ~ 1000 0 0 2 5 4 9 0 14 9 6 3 4 5 1000 * 5000 1 3 3 6 11 19 1 24 3 8 1 3 0 OVER 5000 2 2 2 1 5 3 0 1 0 1 0 0 0 I I 0 1 1 2 0 1 0 0 0 0 0 I I 2 0 4 1 0 0 0 1 0 0 0 IN N E W YORK CITY OUTSIDE NEW YORK CITY IZ INCLUDES CERTIFICATES 2/ TOTAL NOTE- ASSETS DEPOSITS I N DENOMINATIONS OF A S REPORTED I N THE C A L L IN THE DENOMINATOR OF THE $ 1 0 0 , 0 0 0 OR REPORT OF RATIO INTERBANK AND U.S. GOVERNMENT DEPOSITS. MORE CONDITION IN THIS TABLE ISSUED BY ON ARE JUNE TOTAL WEEKLY 30, REPORTING BANKS. 1975. D E M A N D AND TIME DEPOSITS, INCLUDING TABLE 6A MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY FEDERAL RESERVE DISTRICT AS OF 29 SEP 1976 1AMOUNTS IN MILLIONS OF DOLLARS) CD*$ MATURING IN ALL DISTRICTS BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND ATLANTA CHICAGO ST. LOUIS MINNEAPOLIS DALLAS SAN FRANCISCO 1631.3 54*8 548.5 71.0 93.2 68.3 73.6 225.7 15.8 12.0 29.8 123.9 314.7 OCT 21209.1 1009.3 7720.2 1095.7 980.1 561.5 857.6 3300.8 228.2 155.6 640,1 1436.6 3223.4 NOV 12439.3 504.9 4953.4 534.2 633.2 362.0 563.6 1674.8 163.0 71.7 303.3 691.3 1983.9 I9T6 SEP 30 DEC 9660.2 445.6 4014.2 304.8 536.2 276.4 385.7 1225.0 172.1 63.2 187.3 680.2 T369.5 1977 JAN 5643.6 166.5 1919.6 189.4 290.3 235.8 243.2 877. 0 92.5 40.0 114.6 495.9 978.8 FEB 3477.3 110.3 1416.7 69.4 125.7 105.5 128.o 446.6 52.3 53.3 59.2 185.8 723.6 MAR 3591.6 104.7 1424.7 124.6 214.3 71.1 131.3 394.3 51.1 38.1 85.9 166.0 785.7 APR 1602.7 51.1 279.1 38.5 117.3 36.4 62.7 474.5 21.3 5.7 33.7 169.7 312.7 WAY 869.2 26.5 211.7 30.6 54.2 19.1 31.5 113.0 15.8 3.3 29.6 76.9 257.0 204.1 JUN 1144.7 40.7 277.7 83.5 49.6 58.4 40.2 267.8 22.1 3.1 29.4 68. 1 JUi 882.7 22.2 92.7 47.0 35.7 12.6 29.2 309.5 6.6 1.4 37.7 135.4 152.7 AUG 995.9 17.5 150.2 29.0 84.8 16.8 29.8 292.4 4.0 7.0 29.6 79.3 255.5 47.9 119.9 47.6 593. 1 SEP OCT OR LATER M 533.0 5.1 98.8 29.8 63.9 15.4 32.0 48.9 37.4 14.7 19.2 2288.1 142.5 497.2 120.3 299.3 42.6 62.2 412.5 18.6 9.5 42.7 2701.7 23604.7 2767.8 3577.8 1881.9 2671.5 10062.8 900 .8 478.6 1642.1 2.9 2.7 2.8 3.3 18 23 28 65968.9 TOTAL • AG* KAtye 1TY ?/ *U*BE* m #ANK*" REPORTING 2*8 2W 2.6 2.4 2# 7 3.6 2.7 2.6 3.2 3.1 16 36 10 16 19 21 36 11 1/ 1MCLUDIS 0*1 > mTIFICAlfcS ISSUED IN DENOMINATIONS OF SI00•000 OR MORE BY WEEKLY REPORTING BANKS. 2/ * KANSAS CITY IftMNltai APPENOI* 8. "W* NOW AC# TO TOTALS DUE TO POUNDING. 4404.6 11274.6 TA9LE 1/ SALES OF NEGOTIABLE AS 1AMOUNTS CD'S WATURINK IN OCT 1*77 ALL DISTRICTS BOSTON 9004.8 4 5 1 .8 NEW YORK 2514.3 66 2/ T I M E C E R T I F I C A T E S OF D E P O S I T WEEKLY REPORTING BANKS BY F E D E R A L R E S E R V E D I S T R I C T OF 29 SEP IN M I L L I O N S SINCE PREVIOUS MONTH 1976 OF D O L L A R S ) PHILADELPHIA CLEVELAND 519.1 422.4 210.3 360.1 RICHATLANTA MOND ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 1463.5 94.2 114.2 367.5 749.7 1736.7 CHICAGO NOV 3668.2 176.4 1262.8 193.9 235.6 100.1 164.5 604.2 48.4 19. 5 133.8 254.7 474.3 DEC 3296.1 155.8 1324.3 101.8 178.3 9A.9 161.9 424.6 62.6 16.2 101.5 268.8 403.4 ™ JAN 820.6 33.6 237.4 42.0 48.8 55.7 46.4 113.9 8.1 2.7 27.2 80.1 124.7 15.5 33.1 22.2 25.7 32.8 9.0 10.2 24.8 21.9 188.7 79.6 151.7 46.2 76.1 126.7 24.2 19.3 52.5 95.6 418.9 FEB 674. 1 11.9 278.3 MAR 2311.4 53.4 1167.2 APR 144.8 11.6 28.9 9.3 6.8 9.6 13.5 12.1 1.1 0.5 2.1 7.9 41.4 MAY 145.7 6.6 58.2 5.1 20.5 5.9 2.4 13.9 2.7 0.2 5.6 7.7 16.9 j m 210.9 6.0 81.6 23.3 3.6 7.9 6.3 23.8 6.6 0.2 6.0 17.5 28.1 2.1 1.7 11.4 32.7 0.5 8.4 2.1 1.2 1.6 0.2 2.0 1.1 0.4 AUG 195.0 6.2 47.9 3.7 21.0 9.9 10.3 43.7 0.3 0.7 12.0 12.5 26.8 SEP OR LATER 851.9 8.3 161.2 37.5 62.6 18.2 34.5 226.1 22.9 9.9 23.9 61.9 184.9 21357.2 922.1 7170.5 1032.9 1185.6 584.5 901.9 3087.3 281.2 194.0 759.0 1580.0 3658.2 2.5 1.8 2.6 2.2 2.8 2.6 2.4 2.4 3.0 2.1 2.2 2.2 2,i JUL TOTAL $ AVERAGE MATURITY IN MONTHS 3/ 1/ SEE TECHNICAL APPENDIX A. 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. 3/ SEE TECHNICAL APPENDIX 8. • DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. TABLE MATURITY DISTRIBUTION OF A S OF 29 (PERCENTAGE CD'S 1976 1977 ALL DISTRICTS BOSTON 2.5 2.0 OCT 32.2 NOV 18.9 DEC 14.6 JAN M A T U R I N G IN 1/ SEP CERTIFICATES MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO 2.2 1.8 2.5 1.8 2.8 2.8 32.1 32.8 25.3 32.5 39.0 32.6 28.6 21.1 16.6 18.1 15.0 18.5 15.7 17.6 14.7 14.4 12.2 19.1 13.2 11.4 15.4 12- 1 8.1 12.5 9.1 8.7 10.3 8.4 7.0 11.3 8.7 3.5 5.6 4.8 4.4 5.8 11.1 3.6 4.2 6.4 4.5 6.0 3.8 4.9 3.9 5.7 8.0 5.2 3.8 7.0 ATLANTA 2.3 2.6 2.6 3.6 2.8 37.4 32.7 39.6 27.4 29.8 18.7 21.0 19.3 17.7 19.2 16.5 17.0 11.0 15.0 8.6 6.2 8.1 6.8 FEB 5.3 4.1 6.0 2.5 MAR 5.4 3.9 6.0 APR 30 1/ ST. LOUIS R1CH— MONO SEP DEPOSIT DISTRIBUTION) CLEVELAND NEW YORK OF 1976 PHILADELPHIA CHICAGO 2.4 1.9 1.2 1.4 3.3 1.9 2.3 4.7 2.4 1.2 2. 1 3.9 2.8 MAY 1.3 1.0 0.9 1.1 1.5 1.0 1.2 1.1 1.8 0.7 1.8 1.7 2.3 JUN 1.7 1.5 1.2 3.0 1.4 3. 1 1.5 2.7 2.5 0.6 1.8 1.5 1.8 JUL 1.3 0.8 0.4 1.7 1.0 0.7 1.1 3.1 0.7 0.3 2.3 3.1 1.4 1.0 2.4 0.9 1.1 2.9 0.4 1.5 1.8 1.8 2.3 1.1 1.8 0.8 1.2 0.5 4.2 3.1 1.2 1.1 1.1 AUG 1.5 0.6 0.6 SEP 0.8 0.2 0.4 OCT TOTAL 6C OUTSTANDING NEGOTIABLE TIME AT W E E K L Y R E P O R T I N G B A N K S BY F E D E R A L R E S E R V E D I S T R I C T OR LATER * 3.5 5.3 2.1 4.3 8.4 2.3 2.3 4.1 2.1 2.0 2.6 1.1 5.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 INCLUDES ONLY CERTIFICATES ISSUED IN D E N O M I N A T I O N S OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. TABLE MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME AT W E E K L Y R E P O R T I N G B A N K S BY F E D E R A L R E S E R V E D I S T R I C T A S OF 29 (CUMULATIVE CD'S MATURING IN DISTRICTS 1976 SEP 30 OCT 1977 BOSTON NEW YORK 6D PHILADELPHIA CLEVELAND SEP CERTIFICATES OF DEPOSIT 1/ 1976 PERCENTAGE) RICHMOND ATLANTA 2.5 2.0 2.3 2.6 2.6 3.6 34.7 39.4 35.0 42.2 30.0 33.4 CHICAGO SAN ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS FRANCISCO 2.8 2.2 1.8 2.5 1.8 2.8 2.8 34.9 35.0 27.1 35.0 40.8 35.4 31.4 NOV 53.6 58.1 56.0 61. 5 47.7 52.6 56.0 51.6 45.2 50.0 59.3 51.1 49.0 DEC 68.2 74.6 73.0 72.5 62.7 67.3 70.4 63. 8 64.3 63.2 70.7 66. 5 61.1 JAN 76.8 80.8 81.1 79.3 70.8 79.8 79.5 72.5 74.6 71.6 77.7 77.8 69.8 FEB 82.1 84.9 87.1 81.8 74.3 85.4 84.3 76.9 80.4 82.7 81.3 82.0 76.2 MAR 87.5 88.8 93.1 86.3 80.3 89.2 89.2 80.8 86.1 90.7 86.5 85.6 83.2 90.7 94.3 87.7 83.6 91.1 91.5 85.5 88.5 91.9 88.6 89.7 86.0 APR 89.9 MAY 91.2 91.7 95.2 88.8 85.1 92. 1 92.7 86. 6 90.3 92.6 90.4 91.4 88.3 JUN 92.9 93.2 96.4 91.8 86.5 95.2 94.2 89.3 92.8 93.2 92.2 92.9 90.1 JUL 94.2 94.0 96.8 93.5 87.5 95.9 95.3 92.4 93.5 93.5 94.5 96.0 91.5 AUG 95.7 94.6 97.4 94.5 89.9 96.8 96.4 95.3 93.9 95.0 96.3 97.8 93.8 SEP 96.5 94.8 97.8 95.6 91.7 97.6 97.6 95.8 98.1 98.1 97.5 98.9 94.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 OCT OR LATER 1/ INCLUDES ONLY CERTIFICATES ISSUED IN D E N O M I N A T I O N S O F $ 1 0 0 , 0 0 0 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 29 SEP 1976 (PERCENTAGE DISTRIBUTION) CD'S MATURING IN OCT ALL DISTRICTS BOSTON 42.2 49.0 SAN NEW YORK RICHMOND ATLANTA PHILADELPHIA CLEVELAND 35.1 50.3 35.6 36.0 39.9 CHICAGO 47.4 ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS CISCO FRAN- 33.5 58.9 48.4 47.4 47.5 NOV 17.2 19.1 17.6 18.8 19.9 17.1 18.2 19.6 17.2 10.1 17.6 16.1 13.0 DEC IS.4 16.9 18.5 9.9 15.0 16.6 18.0 13.8 22.3 8.4 13.4 17.0 11.0 197? JAN 3.8 3.6 3.3 4.1 4.1 9.5 5.1 3.7 2.9 1.4 3.6 5.1 3.4 3.3 1.4 5.2 FEB 3.2 1.3 3.9 1.5 2.8 3.8 2.8 1.1 3.2 5.3 MAR 10.8 5.8 16.3 7.7 12.8 7.9 8.4 4.1 8.6 9.9 6.9 6. 1 11.5 APR 0.7 1.3 0.4 0.9 0.6 1.6 1.5 0.4 0.4 0.3 0.3 0.5 1.1 MAY 0.7 0.7 0.8 0.5 1.7 1.0 0.3 0.5 1.0 0.1 0.7 0.5 0.5 JUN 1.0 0.7 1.1 2.3 0.3 1.4 0.7 0.8 2.3 0.1 0.8 1.1 o.al JUL 0.2 0.1 0.1 0.2 0.1 0.3 0.0 0.1 0.4 0.2 0.3 0.1 0.3 AUG 0.9 0.7 0.7 0.4 1.8 1.7 1.1 1.4 0.1 0.4 1.6 0.8 0.7 SEP OR LATER 4.0 0.9 2.2 3.6 5.3 3.1 3.8 7.3 8.1 5.1 3.1 3.9 5.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 TOTAL * IZ SEE TECHNICAL APPENDIX A. 2/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY WEEKLY REPORTING BANKS. NOIt - SALFS IN THIS TABLE ARE NOT ADJUSTED FOR CD'S THAT HAVE MATURED. • DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. TECHNICAL APPENDIX A DERIVATION OF GROSS SALES OF CERTIFICATES OF DEPOSIT Sales of CD's between survey dates are derived in the following manner: Outstanding CD's maturing in each month of the previous survey are subtracted from maturities in the same month of the current survey. Those CD's maturing in the remaining portion of the month in which the current survey is taken are ignored. Those CD's maturing after the last Individual month shown in the current survey (i.e. CD's with the longest maturity) are added to those CD's maturing in the last individual month shown on that survey in order to derive an outstanding quantity for a time period com- parable* to the longest maturity CD's shown on the previous survey. The procedure used produces gross sales of CD's between survey dates maturing in each of the eleven full months after the currect survey, and combines sales of CD's maturing in twelve or more months. are also loat by the method described above. Sons 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 tiwi deposits under current regulation's is 30 days, the time period between monthly survey dates (28 to 34 days) suggeata that very few aalee are lost from the aeries as derived in this manner. Total derived sales will differ from the change In total out* standings between survey datea by (1) the amount of CD'a that have matured between surveys and (2) the amount, if any, of ealea between survey datea that mature in the remaining days of the calender month in which the current aurvey ia 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 4 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 arc 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 madt 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 snd 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 comparibility between average maturities of outstandings and of sales as a result of using two different starting dates for the calculations. If the assumption is made that all CD's are sold at the mid-point between surveys, the average maturity of sales would be lengthened relative to the average maturity of outstandings, by, in effect, using an earlier starting date for sales than for outstandings. Sales of CD's maturing in a particular month are often a large and highly variable proportion of total sales while changes in outstandings due in any particular month are a small and rather stable proportion of the leve 1 of total outstandings. As a result, the average maturity of sales lis much more sensitive to month-to-month variation in the maturity structure of sales than is the esse with the outstandings series. Thus, large changes In the calculated average maturity of sales. or situations in which the average maturity of sales differ sharply from the average maturity of outstandings. should be Interpreted with care and references should be made to actual dollar asles bv 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