l41_19760127.pdf

January 27, 1976 L.4.1 CONFIDENTIAL (FR)

SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF

DEPOSIT AT LARGE WEEKLY REPORTING BANKS

as of

December 31, 1975

Banking Section Division of Research and Statistics

Board of Governors of the Federal Reserve System

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 TABLE 1

1/ MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT AT

WEEKLY REPORTING BANKS

AS OF 31 DEC 1975

CD'S MATURING IN AMOUNT

(MILLIONS OF DOLLARS 1

PERCENTAGE DISTRIBUTION

CUMULATIVE PERCENTAGE

SALES SINCE PREVIOUS MONTH 2/

(MILLIONS OF DOLLARS)

1975 DECEMBER 31 .0 .0 .0 .0

1976 JANUARY 31,527.1 38. 1 38.1 12,226.9

FEBRUARY 15,419.0 18.6 56.7 4,759.4

MARCH 12,417.5 15.0 71.7 5,581.3

APRIL 6,961.4 8.4 80.1 1,271.0

MAY 4,371.9 5.3 85.4 567.1

JUNE 4,726.6 5.7 91.1 3,040.5

JULY 1,227.6 1.5 92.6 381 .9

AUGUST 1,034.5 1.2 93.8 76.5

SEPTEMBER 824.8 1.0 94.8 217.6

OCTOBER 963.2 1.2 96.0 76.4

NOVEMBER 687.8 .8 96.8 101.5

DECEMBER 801.0 1.0 97.8 678-2 3/

OVER 12 MONTHS 1,853.8 2.2 100.0 XXX

TOTAL 82 ,816.2 100.0 XXX 28,978.3

(MEMORANDUM: TAX AND DIVIDEND MATURITIES)

MARCH 10 MARCH 15 APRIL L C

648.7 1,775.5

613.1

.8 2.1 .7

XXX XXX XXX

1/ INCLUDES DNLY CFRTIF1C ATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS .

2/ SEE TECHNICAL APPENDIX A.

3/ SALES OP CD'S MATURING AFTER 11 MONTHS.


TABLE 2A


NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS

AS OF 31 DEC 1975

(IN MILLIONS OF DOLLARS)

CHICAGO NEW YORK CITY ALL OTHER WEEKLY REPORTING BANKS

CD'S MATURING IN AMOUNT SALES SINCE PREVIOUS MONTH 2/

AMOUNT SALES SINCE PREVIOUS MONTH 2/

AMOUNT SALES SINCE PREVIOUS MONTH 2

1975 DEC 31 .0 .0 .0 .0 .0 .0

1976 JANUARY 9,802.2 2*460.6 3,708.2 1,400.9 18,016.7 8,365.3

FEBRUARY 5,475.3 1,555.9 1.848.3 723.3 3,095.3 2,480.1

MARCH 4,669.6 2,049.3 912.5 425.8 6,834.7 3,105.5

APRIL 2,869.1 462.6 503.7 77.0 3,588.7 731.5

MAY 1,580.4 171.6 432.1 57.5 2,359.3 338.0

JUNE 1,805.0 1,495.5 535.1 171.7 2,386.5 * 1,373.4

JULY 362.8 163.1 108.1 8.1 756.7 210.7

AUGUST 240.6 8.8 106.5 1.4 687.4 66 .2

SEPTEMBER 241.9 95.1 127.2 28.3 455.7 94.2

OCTOBER 195.5 7.1 170.5 3.8 597.3

NOVEMBER 73.1 5.3 94.2 28.8 520.6 67.5

DECEMBER 226.7 126.4 /3 150.6 142.5 /3 423.7 409.4 /3

OVER 12 MONTHS 537.3 XXX 142.0 XXX 1,174.5 XXX

TOTAL * 28,079.5 8,601.3 8,839.0 3,069.1 45,897.1 17,307.3

NUMBER OF REPORTING BANKS 12 12 221

(MEMORANDUM: TAX AND DIVIDEND MATURITIES)

MARCH 10 MARCH 15 APRIL 15

280.2 605.7 230.2

40.4 184.0 104.7

328.1 985.7 2 78.2

1/ INCLUDES ONLY CERTIFICATES IN DENOMINATION OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS.


3/ SALES CF CD'S MATURING AFTER 11 MONTHS.

* TOTALS MAY NOT ADD DUE 10 - >JNOlNG. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 28


NEK YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS AS OF 31 DEC 1975 AND 26 NOV 1975

I PERCENTAGE DISTRIBUTION)

CD'S MATURING IN NEW YORK CITY CHICAGO ALL OTHER

31 DEC 26 NOV 31 DEC 26 NOV 31 DEC 26 NOV

0-6 DAYS 2/ .0 1.9 .0 2.0 ,0 2.8

01 *ONTHS 3/ 3&.* 31.6 42.0 27.5 39.3 35.0

C? MONTHS 19.5 25.1 20.9 29.2 17.6 21.0

TABLE 2C


NEW YORK CITY, CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS

AS OF 31 DEC 1975 AND 26 NOV 1975

(CUMULATIVE DISTRIBUTION)

f m c ui it IN MF* til . NEW YORK CITY CHICAGO ALL OTHER TU'I MA 1UK]NO IN 31 DEC 26 NOV 31 DEC 2 6 NOV 31 DEC 26 NOV

0-6 DAYS 2/ .0 1.8 .0 2.0 .0 2.8 01 MONTHS 3/ 34.9 33.4 42.0 29.5 39.3 37.8 02 MONTHS 54.4 58.5 62.9 57.7 56.9 58.8 03 MONTHS 71.0 71.9 73.2 71.5 71.8 71.0 04 MONTHS 81*2 mo.9 78.9 77.4 79.6 79.1 05 MONTHS 86.8 89.1 83.8 82.6 84.7 85.3 06 MONTHS 93.2 93.9 89.9 87.2 89.9 89.7 07 MONTHS 94.5 95.0 91.1 91.6 91.5 91.9 08 MONTH* 95.4 95.7 92.3 92.8 93.0 93.1 0 4 MONTHS 96.3 96.5 93.7 94.1 94.0 94.5 10 MONTHS 97.0 97.0 95.6 95.3 95.3 95.3 11 MONTHS 97.3 97.6 96.7 97.3 96.4 96.5 12 MONTHS 98*1 97.8 98.4 98.1 97.3 97.5

OVER 12 MONTHS 100.0 100.0 100.0 100.0 100.0 100.0

1/ INCLUDES ONLY CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS*

2/ NUMBER OF DAYS REMAINING IN SURVEY MONTH, THIS PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH.

3/ NUMBER OF MONTHS FOLLOWING THE SURVEY MONTH.


TASLE 34 MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/

AS OF 31 DEC 1975 (AMOUNTS IN MILLIONS OF DOLLARS)

$1 BILLION AND OVER

CD* S MATURING IN TOTAL *200

MILLION AND UNDER

S200 MILLION TO MILLION

$500 MILLION TO

SI BILLION

PRIME 3/ CD* S MATURING IN TOTAL

*200 MILLION AND UNDER $500

MILLION TO MILLION

$500 MILLION TO

SI BILLION TOTAL NEW YORK

C ITY

OUTSIDE NEW YORK

CITY

N ON -PRIME

197$ DEC 31 0,0 0.0 0.0 0.0 0 .0 0.0 0.0 0.0

1976 JANUARY 31,527.0 1,552.4 3,44 6.3 ,459.0 22 ,069.3 9,263.3 9,637.6 3 ,168.4 FEBRUARY 15,416.f 636.5 1,343.7 1,952.2 11,486.5 5,183.9 4,794.4 1 ,508.2 MAFCr 12,417.3 598.2 1,155.6 1,628.3 9 ,045.2 4,328.2 3,353.0 1 ,364.0 APRIL 6,961.4 260.6 600.5 943.0 5,157.1 2,726.1 1,712.7 718.3 MAY 4,371.6 187.1 369.1 5*6.8 3,218.8 I,516.0 1,276.1 4 2 6 ^ ^ JUNE 4,726.5 204.2 4oe.i 517.0 3,597.2 1,750.1 1,318.7 528.4 JUL* 1,227.5 5ft .4 91.1 1P3.9 888 .1 3 57.A 349.6 180.7 AUGUST 1,034.5 3*9.6 89.5 136.0 769,4 234.0 453.7 81.7 SEPTEMBER ?4.? 42.9 74. 8 144.3 562 .7 211.8 251.1 99.8 OCTOBER Cf>3.1 4t .0 70.3 169.9 676.9 189.3 437.6 51.0 NOVEMBER 687.F 35.9 76.5 89.8 485.6 67.3 357.1 61.2 DECEMBER 600.9 41.2 59.2 112.4 588.1 218.3 309 .6 60.2

1977 JANUARY 3R LATEF 1,852.8 111.0 86.9 205.9 1,450.0 493.8 759.6 196.6

TOTAL * 62,815.2 3,804.2 7,877.6 11 ,138.5 59 ,994.9 26,538.9 25,010.8 8 ,445.2 T * V A Klf\ r.T t#T n C MH MA Tl ID TT 1 C C 1

MARCH 10 648.8 15.& 42.8 48.7 541 .4 271.3 151.6 118.^^ MARCH 15 1,775.5 55.4 144.2 196.2 1,379.7 573.4 626.4 179.9 APRIL 15 613.0 1P.1 69.3 62.0 463.6 219.9 196.4 47.3

(MEMORANDUM: NUMBER OF BANKS)

24 7 P3 77 50 37 12 16

if INCLUDES CfkTJFiCAlFc DENTvINA TIONS HF SI00,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL DEPOSITS AS t^uSTED IN TnF CALL REPORT OF CONDITION ON DECEMBER 31, 1965. 3/ PRIMS ARE Tw-cr NrCTlABLE CERTIFICATES OF OEPCSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE

REPORT;9 ?v CEALFRS IT IRAOE xTTnlN 1 HO 2 BASIS POINTS 3C E&Cn ("THER WITHIN THE SECONDARY MARKET. * TOTALS MA* NOT ADD CUE 10 ROUNDING.


TABLE 36 SALES /!/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/

AS OF 31 DEC 1975 (AMOUNTS IN MILLIONS OF DOLLARS)

$1 BILLION AND OVER

$200 $200 MILLION $500 MILLION PRIME 4/ MATURING IN TOTAL MILLION TO TO *

AND UNDER $500 MILLION $1 BILLION TOTAL OUTSIDE NON-PRI M M NEW YORK NEW YORK

CITY CITY

L DEC 31

> JANUARY 12,226.9 806.7 1,619.8 1 ,916.7 7,883.7 2,212.3 4,320.8 1,350.6

FEBRUARY 4,759.2 212.2 488.6 746.6 3,311.6 1,471.9 1 ,265.6 574.1

MARCH 5,581.2 338.1 643.9 780.8 3,818.4 1,831.5 1,219.7 767.2

APRIL 1,2 70.9 55.4 163.9 218.1 833.5 440.9 226.9 165.7

MAY 567.2 26.5 71.5 85.1 384.1 150.4 138.8 94.9

JUNE 3,040.4 109.5 259.8 296.8 2,374.3 1,460.0 634.0 280.3

JULY 381.9 8.8 17.0 37.3 318.8 163.0 98.4 57.4

AUGUST 76.5 5.2 15.7 15.8 39.8 8.7 24.-8 6.3

SEPTEMBER 217.6 8.0 15.9 46.3 147.4 95.0 33.9 1 8

OCTOBER 76.3 3.6 5.0 6.5 61.2 7.0 48.9 5.3

NOVEMBER 101.7 6.0 20.4 9.2 66.1 5.3 52.0 8.8

DECEMBER OR LATER 676.3 48.1 51.8 107.7 470.7 123.5 303.5 43.7

TOTAL * 26,978.1 1,628.1 3,373.5 4,266.9 19,709.6 7,969.5 8 ,367.3 3,372.8

(MEMORANDUM: NUMBER OF BANKS)

247 83 77 50 37 7 12 18

1/ SEE TECHNICAL APPENDIX A. 2/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 3/ TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER 31, 1965. 4/ PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE

REPORTED BY DEALERS TO TRADE WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET. * TOTALS MAY NOT ADD DUE TO ROUNDING.


TABLE 3C MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/

AS OF 31 DEC 1974 PERCENTAGE DISTRIBUTION

$1 BILLION AND OVER

CD'S MATURING IN TOTAL $200

MILLION AND UNDER

$200 MILLION TO

$500 MILLION

$500 MILLION TO

$1 BILLION

PRIME 3/ CD'S MATURING IN TOTAL

$200 MILLION

AND UNDER

$200 MILLION TO

$500 MILLION

$500 MILLION TO

$1 BILLION TOTAL NEW YORK

CITY

OUTSIDE NEW YORK

CITY

NON-PRIME

1975 DEC 31 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1976 JANUARY 3B.1 40. e 43.7 40.0 36.8 34.9 38.5 37.5

FEBRUARY 18.6 16.7 17.1 17.5 19.1 19.5 19.2 17.9

MARCH 15.0 15.5 14.' 14.6 15.1 16.3 13.4 16.2

APRIL P.4 6.9 7.6 8.5 8.6 10.3 6.8 8.5

MAY 5.3 4 .9 4.7 5.4 5.4 5.7 5.1 5 . 1 ^ F

JUNE 5.7 5.4 5.2 4 .6 6.0 6.6 5.3 6.3

JULY 1.5 1 .5 1.2 1.7 1.5 1 .3 3 .4 2.1

AUGUST 1.2 1 ,0 ) .1 1 .2 1.3 0.9 3 .8 I -O

SEPTEMBER 1.0 1 .1 0.9 1.3 0.9 0.8 1.0 1.2

OCTOBER 1.2 1.2 0.9 1 .5 1.1 0.7 1.7 0 .6

NOVEMBER 0.8 0 .9 1.0 0.8 0 .8 0.3 1.4 0.7

DECEMBER 1 .0 1.1 0.8 1 .0 1.0 0.8 1.2 0 .7

1977 JANUARY OR LATER 2.2 2.9 1.1 1 .8 2.4 1.9 3.0 2 .3

TOTAL * 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

DIVIDEND MATURITIES) DIVIDEND MATURITIES) # 1.4 MARCH 10 0.8 J . 4 0.5 0.4 0.9 1. 0.6 #

1.4

MARCH 15 2.1 1.5 1.8 1 .8 2.3 2.2 2.5 2.1

APRIL 15 0.7 0.5 0.9 0.6 0.8 0 .8 0.8 0.6

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER 31, 1965. 3/ PPIME BANKS ARE THOS.F WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE

REPORTED BY DEALERS TO TRADE WITHI.N 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET. * TOTALS M A Y NOT ADD DUE TO ROUNDING.

1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 3D MATURITY DISTRIBUTION' OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2/

AS OF 31 DEC 1975 CUMULATIVE PERCENTAGE

SI BILLION AND OVER $200 $200 MILLION $500 MILLION PRIME 3/

CD'S MATURING IN TOTAL MILLION TO TO AND UNDER $500 MILLION $1 BILLION TOTAL OUTSIDE NON-PRIME

NEW YORK NEW YORK CITY CITY

1975 DEC 31 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

l7o JANUARY 36.1 40.8 43.7 40.0 36.8 34.9 38.5 37.5

FEBRUARY 56.7 57.5 60.8 57.5 55.9 54.4 h7.7 55.4

MARCH 71.7 73.0 75.5 72.1 71.0 70.7 71.1 71.6

APRIL 80.1 79.9 83.1 80.6 79.6 81.0 77.9 80.1 MAY 85.4 84.6 87.8 86.0 85.0 86.7 83.0 85.2

JUNE 91.1 90.2 93.0 90.6 91.0 93.3 88.3 . 91.5

JULY 92.6 91.7 94.2 92.3 92.5 94.6 89.7 93.6^^

AUGUST 93.8 92.7 95.3 93.5 93.8 95.5 91.5 94.6^^

SEPTEMBER 94.6 93.8 96.2 94.8 94.7 96.3 92.5 95.8

OCTOBER 96.0 95.0 97.1 96.3 95.8 97.0 94.2 96.4

NOVEMBER 96.8 95.9 98.1 97.1 96.6 97.3 95.6 97.1

DECEMBER 97.6 97.0 98.9 98.1 97.6 98.1 96.8 97.8 1977 JANUARY

OR LATER 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER 31, 1965. 3/ PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE

REPORTED BY DEALERS TO TRADE WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET.

1


TABLE BE

CD'S MATURING IN

SALES /!/ OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS month 2/ AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 3/

AS OF 31 DEC 1975 PERCENTAGE DISTRIBUTION

TOTAL *200

MILLION AND UNDER

$200 MILLION TO

$50C MILLION $500 MILLION

TO $1 BILLION TOTAL

SI BILLION AND OVER

PRIME 4/

NEW YORK CITY

OUTSIDE NEW YORK

CITY

NON-PRIME

1976 DEC 31

JANUARY &2.Z 49.5 48.0 44.9 40.0 27.8 51.6

O o

FEBRUARY 16.4 13.0 14.5 17.5 16.8 18 .5 15.1 17.0

MARCH t

TABLE 4A AVERAGE MATURITY

OF

OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS AT VARIOUS SURVEY DATES

(IN MONTHS)

BANK CLASSIFICATION 31 DEC 1975

DATE OF SURVEY

26 NOV 1975

IBY LOCATION)

29 OCT 1975

ALL REPORTING BANKS IfSUING CD'* 2.6 2.7 2.7

NEW YORK CITY 2.5 2.6 2.6

CHICAGO 2.5 2.9 3.0

OTHER 2.6 2.7 2.8

(BY SIZE OF BANK) 2/

UNDER $200 MILLION 2.6 2.5 2.6 t200-S500 MILLION 2.3 2.3 2.3 $500-*$ 1 tOOO MILLION 2.5 2.6 2.6

OVER $1 BILLION 2.6 2.8 2.8 PFIM6 IN NEW YORK CITY 3/ 2.5 2.6 2.6 PRIMS OUTSIDE NEW YORK CITY 3/ 2.7 3.0 3.1 NON-PRIME 2.5 2.6 2.7

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. :/ T0TA1 DEPOSITS AS PEPORTPO IN iHt CALL REPORT Of CONDITION ON DECEMBER 31, 1965. 3/ PCI*' *A%< ARE I-*"' ; *" : C&~T|FILATI U^^SIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND

WH3C^ At: i&pf.rt*' '*A*-i TO T&A'F tllnlN 1 CP , %&Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 48

AVERAGE MATURITY

OF

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/

SOLO 9Y WEEKLY REPORTING BANKS

DURING THE MONTH OF VARIOUS SURVEYS

(IN MONTHS)

4ANK CLASSIFICATION DATE OF SURVEY

4ANK CLASSIFICATION 31 DEC 1975 26 NOV 1975 29 OCT 1975

(BY LOCATION)

ALL REPORTING BANKS

ISSUING CD'S 2.3 2.4 2.6

NEW YORK LITY 2.7 2.5 3.0 CHICAGO 2.2 2.3 2.8 OTHER 2.1 2.4 2.4

1 BY SIZE OF BANK) 2/

UNDER *200 MILLION 2.0 2.0 2.1 $200-1*00 MILLION 2.0 2.1 2.1 1500-si,rmo million 2.1 2.3 2.4 ?VER si KILLICN 2.4 2.5 2.8

PRIME IN NEW YORK CITY 3/ 2.7 2.5 3. 1 PRIM: OUTSIDE NEW YORK CITY 3/ 2.1 2.6 2.7 NON-PRIME 2.1 2.4 2.2

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. ?/ TOTAL DEPOSITS AS REPORTED IN THC CALL REPORT OF CONDITION ON DECEMBER 31, 1965.

3/ PRI*= BANKS ARE Those WHOSE \'rGPTI ABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHl C- ARE cppgsifc faY DEALERS T1 TRADE WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET.

NCTESEE TECH'ICAL A(*BNDI* L. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 5A RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/

TO TOTAL DEPOSITS

AT VARIOUS SURVEY DATES

(PER CENT)

JATE OF SURVEY

TOTAL DEPOSITS 2/ (IN MILLIONS OF DOLLARS) 31 DEC 1975 26 NOV 1975 29 OCT 1975

ALL BANKS ISSUING CD'S 21.5 22 .9 23.8

UNDER 200 13.0 14.0 14.5

200 - 500 16.2 17.4 19.0

- 500 - 1000 16.8 16.2 18.7

OVER 1000 25.0 26.4 27.5

PRIME IN NEW YORK 3/ 29 .0 31.6 32.7

PRIME OUTSIDE NEW YORK 3/ 23.8 24.2 25.3

NONPRIME 19.5 20.7 21.4

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

2/ TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER 31, 1965 3/ PRIME

WHICH BANKS ARE T^OSE WHOSE NEGOTIABLE ARE REPORTE BY DEALERS TO TRADE

CERTIFICATES OF DEPOSIT ARE REGARDED AS WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER

BEING OF THE HIGHEST QUALITY AND WITHIN THE SECONDARY MARKET.

NOTE- 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 31 DEC 1975

(NUMBER OF BANKS)

TOTAL DEPOSITS 2/ 5% 5 OR TO

(IN MILLIONS CF DOLLARS) LESS 10%

10 TO 15%

15 TO

20% 20 2 5% AVERAGE CD TO OR TO DEPOSIT

25% MORE RATIO (PER CENT)

ALL BANKS ISSUING CD'S 43 41 46 37 21.5

UNDER 2C0 16 14 24 11 8 10 13.0

200 - 500 16 10 7 17 14 13 16.2

5 00 - 1000 9 6 5 11 8 11 16.8

OVER 1000 2 2 * 7 7 14 25.0 PRIME IN NEW YORK 3/ 0 0 0 1 0 6 29.0

PRIME OUTSIDE NEW YORK 3/ 0 0 1 4 3 4 23.8

NONPRIME 2 2 4 2 4 4 19.5

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100 ,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS . 2/ TOTAL DEPOSITS AS REPORTED IN THE CALL RE POR T OF CONDITION ON DECEMBER 31, 1965.

3/ PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST WHICH ARE REPORTED 6Y DEALERS TO TRADE WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET.



TABLE 5C

PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 26 NOV 1975 TO 31 DEC 1975

(NUMBER OF BANKS)

DECLINES OF INCREASES OF TOTAL DEPOSITS 2/ REDUCED - ISSUED CD'S BUT

CD'S TO 10% OR 5 TO 5% OR NO 5% OR 5 TO 10% OR HAD NONE OUTSTAND-(IN MILLIONS OF DOLLARS) ZERO MORE 10% LESS CHANGE LESS 10% MORE ING ON BASE DATE

ALL BANKS ISSUING CD'S 0 51 35 53 13 41 30 22 2

UNDER 200 0 23 9 19 5 11 10 6 0

200 - 500 0 13 10 19 7 14 7 6 1

500 - 1000 0 10 9 10 1 10 4 5 1

OVER 1000 0 5 7 5 0 6 9 5 0 A PRIME IN NEW YORK 3/ 0 1 1 3 0 1 1 0 0 w

PRIME OUTSIDE NEW YORK 3/ 0 0 4 1 0 2 3 2 0

NONPRIME 0 4 2 1 0 3 5 3 0

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER 31, 1965. 3/ PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND

WHICH ARE REPORTED BY DEALERS TO TRADE WITHIN I OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET. NOTE- 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 50

PER CENT CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT /I 24 SEP 1975 TO 31 DEC 1975

(NUMBER OF BANKS)

* TOTAL DEPOSITS /2 U N MILLIONS OF DOLLARS I

REOU-CD'S 25% 20 TO OR TO

ZERO MORE 25%

DECLINES OF INCREASE OF

15 TO 20%

10 TO 15%

5 TO 10%

5% OR

LESS NO

CHANGE 5% OR LESS

5 TO 10%

10 TO

15% 15 TO 20%

20 TO

25% 25% OR

MORE

ISSUED CD'S BUT HAL NONE OUTSTANDING ON BASE DATE

ALL BANKS ISSUING CD'S 0 14 8 16 14 32 30 5 37 33 22 8 4 21 3

UNDER 200 0 8 5 5 5 11 6 1 8 12 10 1 2 8 1

200 - 500 0 1 1 6 3 7 11 4 17 10 4 4 0 7 2

500 - 1000 0 5 2 2 3 7 7 0 8 7 4 1 1 3 0

OVER 1000 0 0 0 3 7 6 0 4 . 4 ... ... 4 2 1 & C.

PRIME IN NEW YORK 3/r 0 0 0 1 2 ' 1 13 0 0> 1 1 0 0 0

PRIME OUTSIDE NEW YORK 3/ 0 0 0 0 1 ; 3 , 3 o " " A " 0" O O ~

NONPRIME o : 0 I 0 2 1 2 2 O % , 2 % 2*: 1 ' Z 1 3 0

1/ INCLUDES CERTIFICATES IN DENOMI NATIONS OF $ 100 t000 OR MORE ISSUED BY MEEKLY REP^ORtf NGBANKS* 2/ TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER Bit 1965. 3/ PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY A l A

WHICH ARE REPORTED BY DEALERS TO TRADE W M # I N 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET * NOTE- THE NUMBER OF BANKS IN THIS TABLE DIPPERS FRO* THOSE I# 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. ~ # ~ . - - * ^ U c


TABLE 5E

CHANGE IN OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ OVER IHt HONTh AS A PER CENT OF TOTAL DEPOSITS

AT THE BEGINNING OF THE PERIOD 26 NOV 1975 TO 31 DEC 1975

(NUMBER OF BANKS)

TOI&& ^(POSITS DECLINES OF INCREASES OF M M I1110^5 r3llA*S# 3% 2 1 1% NO 1% 1 2 3%

AND TO TO AND C MANGE AND TO TO AND OVER 3% 21 LESS LESS 2% 3% OVER

All GAWKS ISSUING GO'S 20 16 25 77 13 45 24 11 14

20f* % 10 31 5 13 7 4 3 7 $ ~ 27 7 16 6 3 3

*

TABLE *F

(MANGE ri PUT! TAWING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ IWIH IMF t*St iNftf f MONTHS AS A PfcR CENT OF TOTAL DEPOSITS

AT THE BEGINNING QF fNf PERIOD 24 SEP 1975 TO 31 DEC 147%

(NUMBER OF BANKS)

10TAI 2/ DECLINES OF INCREASES OF #:* M i i i m s uf DciiAws# 5% 4 3 Z 1 It NO It 1 2 3 4 5%

AND TO TO TO TO AND CHANGE AND TO TO TO TO AND OVER 4? 3t 2% LESS UNDER 2% 3% 4% 5% OVER

All 9ANKS ISSUING E 1 n 14 26 49 5 48 28 21 9 7 ^ 0

UNDER 20C 4 0 6 ' e V 1 14 12 5 4 7 4 300 - s o o A n 4 4 9 13 4 20 9 6 3 1 2 soo - :ooo 3 ft 4 3 4 12 0 9 4 7 1 1 1 OVER 1000 1 1 3 3 5 6 0 5 3 3 1 3 3

PRIME IN NEW Y5%K 3/ 1 0 1 2 1 0 0 0 0 1 0 1 0 ^RIME OUTSIDE &EW YORK 3/ 0 1 1 0 2 3 0 1 2 1 0 0 1 NONPRlMf 0 0 1 I 2 ? 0 4 1 1 1 2 2

1/ INCLUDES CERTIFICATES IN DENOMINATIONS OF $100,000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2/ TOTAL DEPOSITS AS REPORTED IN 1Hfc CALL REPORT OF CONDITION JN DECEMBER 31, 1965. 3/ PRIME BANKS tkl THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND

WHICH ARE REPORTED fiV r FALERS TO TRADE WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET.



MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1/ AT WEEKLY REPORTING BANKS

BY FEDERAL RESERVE DISTRICT AS OF 31 DEC 1975

CAMOUNTS IN MILLIONS OF DOLLARS)

CD'S MATURING IN ALL DIS- NEW PHILA- CLEVE- RICH- CHI-

AVERAGE MATURITY IN MONTHS 2/ NUMBER OF REPORTING BANKS

2.5

245

3.0

16

2.4

39

2.6 10

3.4

17

2.4

18

2.5

23

2.4

36

ST.

1975 DEC s i i i i i i i ! 1 1 TRICTS

0.0 BOSTON YORK DELPHIA

0.0 0.0 0.0 LAND

0.0 MONO ATLANTA

0.0 0.0 CAGO

0.0 LOUIS

0.0 1976 JAN 31527.2 1255.6 10945.5 1289.9 1404.4 943.7 119 7.4 4905.4 383.2

FEB 15419.1 645.2 5902.1 661.2 537.7 359.4 591.5 2335.8 153.5 MAR 12416.8 685.3 4975.0 554.7 581.7 309.9 392.9 1428.3 154.2 APR 6961.7 311.9 2983.4 300.4 297.1 206.7 220.0 865.8 83.1 MAY 4371.9 146.7 1641.7 182.4 209.9 159.3 178.2 595.8 45.2 JUN 4726.6 183.0 1884.2 243.2 201.9 116.8 188.6 702. 1 47.9 JUL 1227.6 42 .6 377.9 65.6 106.4 46.0 34.0 154.3 24.2 AUG 1034.5 71.3 247.1 46.3 85.3 23.1 36.5 133.4 12.3 SEP 824.8 72.4 251.3 39.1 43.0 22.9 46.5 151.2 16.0 OCT 963.1 120.1 207.8 67.4 50.4 19.3 39.5 191.5 15.6 NOV 687.8 34.1 63.4 19.0 59.9 19.5 31.5 124.6 15.7 DEC 801.0 77.3 239.6 31.4 34.3 15.B 32.0 164.2 11.3

1977 JAN OR LATER 3853.9 119.7 556.2 89.1 338.8 42.4 58.8 162.6 34.2 TOTAL * 82816.0 3765 .2 30295.2 3589.7 3950.8 2284.8 3047.4 11915.0 996.4

MINNE-APOLIS

0.0 275.4 113.4 85.6 41.9 34.0 28.3 15.4 7.6 5.4 5.8 1.9 5.1 9.7

629.5

KANSAS CITY DALLAS

SAN FRAN-CISCO

0.0 649.6 266.4 254.1 120.6 87.3 73.6 22.4 26.6 19.8 24.4 27.9 18.7 19.7

1611.1

0.0 1866.7 697.2 681.1 367.3 288.3 253.1 130.2 66.8 37.3 45.1 39.3 46.7 121.7

4640.8

0.0 6410.4 3155.7 2314.0 1163.5 803.1 803.9 208.6

119.9 176.2 231.0 124.6 301.0

16090. 1

2.8

11

2.2 2.5 2.6 2.4 17 24 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 6B 1/ 2/

SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS

BY FEDERAL RESERVE DISTRICT

AS OF 31 DEC 1975

(AMOUNTS IN MILLIONS OF DOLLARS >

CD'S MATURING IN ALL DIS-

TRICTS BOSTON NEW YORK

PHILA-DELPHIA

CLEVE-LAND

RICH-MOND ATLANTA

CHI-CAGO

ST. LOUIS

MINNE-APOLIS

KANSAS CITY DALLAS

SAN FRAN-CISCO

1976 JAN 12226.9 590.0 3092.1 521.0 631.6 403.8 435.2 1856.0 183.8 73.4 315.5 884.7 3239.8

FEB 4759.4 281.2 1771.0 298.8 148.7 138.2 227.1 905. 4 52.6 36.0 87.1 214.8 598.5 MAR 5580.5 251.7 2251.0 272.8 226.1 165.3 189.6 708.3 76.9 39.8 137.1 376.9 8 8 ^ ^ APR 1271.0 52.2 504.1 75.1 69.9 47.1 35.1 161.4 24.5 15.7 27.9 76.6 181.4 MAY 567.2 17.6 185.2 51.6 15.4 41.3 19.3 93.4 6.3 3.6 17.0 18.1 98.4

JUN 3040.5 128.5 1543.6 103.1 87.8 71.2 119.3 294.5 23.7 20.4 37.8 167.3 443.3 JUL 381.8 7.1 167.4 10.4 68.3 7.3 5.2 23. 1 5.4 2.9 3.0 49.8 31.9 AUG 76.6 5.7 9.5 3.8 11.3 1.5 5.1 11.8 2.3 1.3 7.0 4.0 13.3 SEP 217.7 25.2 95.4 7.8 10.3 4.8 3.5 32.3 10.9 1.8 1.0 10.9 13.8 OCT 76.4 51.3 7.6 1.5 4.0 1.7 1.3 4.4 0.1 0.1 0.0 0.5 3.9 NOV 101.4 1.8 6.5 3.4 9.0 3.2 6.2 30.6 0.6 0.0 13.5 2.6 24.0

1977 DEC OR LATER 678.5 82.2 137.7 24.6 28.1 18.1 31.5 156.2 9. 1 4.4 20.0 39.2 127.4 TOTAL * 28977.9 1494.5 9771.1 1373.9 1310.5 903.5 1078.4 4277.4 396.2 199.4 666 . 9 1845.4 5660.7 AVERAGE MATURITY IN MONTHS 3/ 2.2 2.7 2.5 2.1 2.2 2.1 2.2 2.1 2.1 2.3 2.1 2.1

" S 1.8


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



AS OF 31 DEC 1975

(PERCENTAGE DISTRIBUTION)



PHILA-DELPHIA

CLEVE-LAND

RICH-MOND ATLANTA

CHI-CAGO

ST. LOUIS

MINNE-AP0L1 S

KANSAS CITY DALLAS

ITT' FRAN-CISCO

1975 DFC 21 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0. 0 0.0 0.0 0.0 0.0 0.0

I 976 JAN 36.1 33.3 36. 1 35.9 35.5 41 .3 39.3 41.2 38.5 43.7 40.3 40.2 39.8

FEB 18.6 17.1 19.5 IP.4 13.6 15.7 19.4 19.6 1 5.4 18.0 16.5 15.0 19.6

MAR 15.0 18.2 16.4 15.5 14.7 13.6 12.9 12.0 15.5 13.6 15.8 14.7 14.4

APR 9.4 8.3 9.8 9.4 7.5 9.0 7.2 7.3 8.3 6.7 7.5 7.9 7.2

MAY 5.3 3.Q 5.4 5. 1 5.3 7.0 5.8 5.0 4.5 5.4 5.4 6.2 5.0

JUN 5.7 4.9 6.2 6.8 5.1 5.1 6.2 5.9 4.8 4.5 4.6 5.5 5.0

JUL 1.5 1.1 1.2 1.8 2.7 2.0 1.1 1.3 2.4 2.4 1.4 2.8 1.3

AUG 1.2 1.9 C.8 1.3 2.2 1.0 1.2 1.1 1.2 1.2 1.7 1.4 # SEP 1.0 1.9 0.6 1.1 1.1 1 .0 1.5 1.3 1.6 0.9 1.2 0.8 0.7

OCT 1.2 3.2 0.7 1.9 1.3 0.6 1.3 1.6 1.6 0.9 1.5 1.0 1.1

NOV 0.8 0.9 0.3 0.5 1.5 0.9 1.0 1.0 1.6 0.3 1.7 0.8 1.4

DEC 1.0 2.1 0.9 0.9 0.9 0.7 1.1 1.4 1.1 0.8 1.2 1.0 0.8

1

TABLE 6D



AS OF 31 DEC 1975

(CUMULATIVE PERCENTAGE)



PHILA-DELPHIA

CLEVE-LAND

RICH-MOND ATLANTA

CHI-CAGO

ST. LOUIS

MINNE-APOLIS

KANSAS CITY DALLAS

SAN FRAN-CISCO

i75 DEC 31 0,0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 # 1976 JAN 38.1 33.3 3o. 1 35.9 35.5 41.3 39.3 41.2 38.5 43.7 40.3 40.2 39.8

FE8 56*7 50.4 55.6 54.3 49.1 57.0 58.7 60.8 53.9 61. / 56.8 55.2 59.4

MAR 71.7 68.6 72.0 69.8 63 . A 70.6 71.6 72.8 69.4 75.3 72.6 69.9 73.8

APR BO. 1 76.9 81.8 78.2 71.3 79.6 78.8 80.1 77.7 82.0 80.1 77.8 81.0 MAY 65.6 80.8 87.2 83.3 76.6 86.6 84.6 85.1 82.2 87.4 85.5 84.0 86.0

JUN 91.1 85.7 93.4 90. 1 82.7 91.7 90.8 91 .0 87.0 91.9 90.1 89.5 91.0

JUL 92.6 86.6 94.6 91.9 84.4 93.7 91.9 92.3 89.4 94.3 91.5 92.3 92.3

AUG 93. e 88.7 95.4 93.2 86.6 94. 7 93.1 93.4 90.6 95.5 93.2 93.7 94.0

SEP 94.8 90.6 96.2 94.3 87.7 95.7 94.6 94.7 92.2 96.4 94.4 94.5 94.7

OCT 96.0 93.8 96.9 96.2 89.0 96. b 95.9 96.3 93.8 97.3 95.9 95.5 9^.8

NOV 96.8 94.7 97.2 96.7 90.5 97.4 96.9 97.3 95.4 97.6 97.6 96.3 F^.2 DEC 97.8 96.9 98.0 97.6 91.4 98.1 98.0 98.7 96.5 98.4 98.8 97.3 98.0

1977 JAN OR LATER 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

1/ INCLUDES ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF $100,000 Oft MORE BY WEEKLY REPORTING BANKS.


CD'S MATURING 1%

TABLE 66 1/ 2/

SALES OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS

BY FEDERAL RESERVE DISTRICT AS OF 31 DEC 1975

I PERCENTAGE DISTRIBUTION?

A l l DIS-

TRICTS NEW PHILA- CIEVE- RICH- CHI-

BOSTON YORK DELPHIA LAND MONO ATLANTA CAGO ST.

LOUIS MINNE- KANSAS APOLIS CITY DALLAS

SAN FRAN-CISCO

1976 JAN *2.2 39.5 31.6 37.9 46.2 44.7 40.4 43.4 46.4 36.8 47.3 47.9 57.2 FEB 16.4 18.8 18.1 21.7 11.3 15.3 21.1 21.2 13.3 18.1 13.1 11.6 10.6 MAR 19.3 16.E 23.0 19.9 17.3 18.3 17.6 16.6 19.4 20.0 20.6 20.4 15.6 A^R * 3.5 5.2 5.5 5.3 5.2 3.3 3.8 6.2 7.9 4.2 4.2 3.2 WAY 2.0 1.2 1.9 3.8 1.2 4.6 1.8 2.2 1.6 1.8 2.5 1.0 1.7 jm 10.5 8.6 15.8 7.5 6.7 7.9 11.1 6.9 6.0 10.2 5.7 9.1 7.8 JUL 1.3 0.5 1.7 0.8 5.2 0.8 0.5 0. 5 1.4 1.5 0.4 2.7 #

0.2 AUG 0.3 0.4 0.1 0.3 0.9 0.2 0.5 0.3 0.6 0.7 1.0 0.2 # 0.2

SEP 0.8 1.7 1.0 0.6 0.8 0.5 0.3 0.8 2.8 0.9 0.1 0.6 0.2 OCT 0.3 3.4 0.1 0.1 0.3 0.2 0.1 0.1 0.0 0.1 0.0 0.0 0.1 NOV 0.3 0.1 0.1 0.2 0.7 0.4 0.6 0.7 0.2 0.0 2.0 0.1 0.4

1^77 DEC OR LATE* 2.3 4.5 1.4 1.8 2.1 2.0 2.9 3.7 2.3 2.2 3.0 2.1 2.3 TOTAL * 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

I/ SEE TECHNICAL APPENDIX A. 2/ INCLUDE? ONLY CERTIFICATES ISSUED IN DENOMINATIONS OF S100,000 OR MORE BY WEEKLY REPORTING BANKS. #9U - SALES IN T*IS TABLE ARE NOT ADJUSTED FOR CD'S THAT HAVE MATURED. * Q M M l i *"AY \DT ADD TO T 9 T & l t DUE TO ROUNDIN&.


TECHNICAL APPENDIX A

DERIVATION OF GROSS SALES OF CERTIFICATES OF DEPOSIT

Sales of CD's between survey dates are derived in the following

manner. Outstanding CD s maturing in each month of the previous survey are

subtracted from maturities in the same month of the current survey. Those

CD s maturing in the remaining portion of the month in which the current

survey is taken are ignored. Those CD's maturing after the last individual

month shown in the current survey (i.e. CD's with the longest maturity) are

added to those CD's maturing in the last individual month shown on that

survey in order to derive an outstanding quantity for a time period com-

parable to the longest maturity CD's shown on the previous survey.

The procedure used produces gross sales of CD's between survey

dates maturing in each of the eleven full months after the currect survey,

and combines sales of CD's maturing in twelve or more months. Some sales

re also lost by the method described above. Sales of CD's between the

survey dates that mature in the remaining days of the calendar month of the

current survey are ignored However, since the minimum maturity for tins

deposits under current regulation's is 30 days, the time period between

monthly survey dstes (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 out-

standings between survey dates by (1) the amount of CD's that have matured

between surveys and (2) the amount, if any, of sales between survey dates

that mature in the remaining days of the calendar month in which the current

aurvey la 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 c*nd 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'1 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 CD18 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 assume? 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

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 esse with the outstandings series. Thus, large changes in

the calculated average maturity of sales. or situations in which the average

maturity of sales differ sharply from the average maturity of outstandings.

should be interpreted with care and references should be made to actual dollar sales by month.

Formulas for calculation of average maturities are available on

request from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.


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