l41_19750527.pdf

May 27, 1975 W L . ^ CONFIDENTIAL (FR)

SURVEY OF MATURITY STRUCTURE OF OUTSTANDING LARGE DENOMINATION CERTIFICATES OF

DEPOSITS AT LARGE WEEKLY REPORTING BANKS

as of

April 30, 1975

NOTE: Sales since the previous survey and comparison with previous data reflect revisions in the March report whereby $1.6 million in outstanding negotiable CD's have been deducted from the series.

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

TABLE T

1 / MATURITY D T ^ L S U T I M I 1 * OUTSTANFLING NFC-TLLARLF TIME CERTIFICATES GF DEPOSIT AT

WEEKLY REPORTING PANH<

AS OF 30 APR :*?*

CO** HATIPIRNS I N AMOUNT

( M I L L I O N S OF HOLLARS 1

PE*CENTAGF DISTRIBUTION

CUMULATIVE PERCENTAGE

SALES SINCF PREVIOUS MONTH 2 /

(M ILL IONS OF DOLLARS)

W W APRIL BO , 0 . 0 . 0 . 0

WAV 3 0 # 0 0 6 . 5 3 5 . 7 3 5 , 7 1 4 , 1 2 5 . 7

JUNE 1 7 , 0 7 3 . 7 2 0 . 3 5 6 . 0 5 , 3 9 5 . 7

J U L Y 1 2 , 9 3 9 . 3 1 5 . 4 7 1 . 4 6 , 6 0 1 . 7

AUGUST 6 . 4 5 2 . 5 7 . 7 7 9 . 1 2 , 0 6 6 . 4

SEPTEMBER 4 , 7 4 7 . 2 5 . 6 8 4 . 7 1 , 1 2 9 . 7

OCTOBER 4 , 3 0 6 . 4 5 . 1 8 9 . 8 2 , 7 7 8 . 5

NOVEMBER 1 , 1 9 1 . 9 1 . 4 9 1 . 2 2 2 2 . 6

DECEMBER 1 , 0 7 1 . 4 1 . 3 9 2 . 5 1 8 0 . 3

1 9 7 6 JANUARY 1 , 8 2 3 . 7 2 . 2 9 4 . 7 2 7 2 . 0

FEBRUARY 1 , 2 2 9 . 5 1 . 5 9 6 . 2 8 4 . 0

MARCH 1 , 0 1 6 . 5 1 . 2 9 7 . 4 1 9 7 . 3

APRIL 6 2 8 . 2 . 7 9 8 . 1 8 0 6 . 1 3 /

OVER 12 MONTHS 1 , 6 3 4 . 1 1 . 9 1 0 0 . 0 XXX

TOTAL 8 4 , 1 2 1 . 0 1 0 0 . 0 XXX 3 3 , 8 6 0 . 0

(MEMORANDUM: TAX AND DIVIDEND MATURITIES)

JUNE 10 JUNE 16

9 8 0 . 3 1 , 8 2 2 . 7

1 . 2 2 . 2

XXX XXX

2 8 8 . 8 5 3 6 . 9

1 / INCLUDES ONLY CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 * 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

2 / SEE TECHNICAL APPENDIX A ,

3 / SALES TIR CO*S MATURING AFIER I I MONTHS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 30 APR 1975

I I N M ILL IONS OF DOLLARS)

NEW YORK CITY CHICAGO ALL OTHER WEEKLY REPORTING BANKS

C D ' S MATURING I N AMOUNT SALES SINCE PREVIOUS MONTH 2 /

AMOUNT SALES SINCE PREVIOUS MONTH 2 /

AMOUNT SALES S I N C E ^ PREVIOUS M O N T H # #

W 5 APR 30 . 0 . 0 . 0 . 0 . 0 . 0

MAY 9 , 6 2 2 * 2 3 , 8 4 4 . 0 3 , 5 1 8 . 9 1 , 7 7 0 . 5 1 6 , 8 6 5 . 5 8 , 5 1 1 . 2

JUNE 6 , 4 0 6 . 3 1 , 5 4 8 . 0 1 , 5 9 1 . 8 5 8 8 . 4 9 , 0 7 3 . 1 3 , 2 5 8 . 8

JULY 5 , 3 4 5 . 7 2 , 6 6 0 . 0 1 , 1 6 3 . 9 6 5 0 . 6 6 , 4 2 9 . 5 3 , 2 9 0 . 9

AUGUST 2 * 6 1 1 . 4 1 , 0 2 8 . 4 4 7 7 . 6 2 4 2 . 4 3 , 3 6 3 . 6 7 9 5 . 7

SEPTEMBER 1 , 8 2 7 , 6 5 0 4 , 3 3 0 2 . 7 7 7 . 0 2 , 6 1 6 . 7 5 4 8 . 2

OCTOBER 1 , 6 1 2 . 6 1 , 2 2 6 . 9 4 0 2 . 8 2 6 2 . 1 2 , 2 9 1 . 1 1 , 2 8 9 . 6

NOVEMBER 2 9 2 . 5 4 2 . 1 1 3 2 . 4 3 5 . 7 7 6 6 . 9 1 4 4 . 7

DECEMBER 2 1 1 . 0 2 T . 5 7 3 . 9 2 0 . 0 7 8 6 . 5 1 3 2 . 8

1976 JANUARY 5 7 2 . 5 8 0 . 6 4 4 9 . 3 2 4 . 5 8 0 1 . 8 1 6 6 . 8

5 9 . 4 FEBRUARY 1 6 0 . 4 1 5 . 7 3 0 1 . 9 8 . 9 7 6 7 . 2

1 6 6 . 8

5 9 . 4

MARCH 8 3 . 1 2 8 . 8 1 9 0 . 7 7 , 2 7 4 2 . 7 1 6 1 . 3

APRIL 1 1 5 , 2 2 7 1 . 1 / 3 8 1 . 5 8 4 . 9 / 3 4 3 1 . 5 4 5 0 . 2 / 3

OVER 12 MONTHS 6 2 2 . 0 XXX 4 0 . 3 XXX 9 7 1 . 8 XXX

TOTAL * 2 9 , 4 8 4 , 5 1 1 , 2 7 7 . 4 8 , 7 2 7 , 7 3 , 7 7 2 . 2 4 5 , 9 0 7 . 9 1 8 , 8 0 9 . 6

NUMBER OF REPORTING BANKS 12 12 224

1MEMORANDUM: TAX AND DIVIDEND MATURITIES)

JUNE 1 0 JUNE 16

4 4 9 . 0 6 5 2 . 8

9 5 . 3 2 0 7 . 9

5 9 . 0 1 8 5 . 2

3 2 . 2 6 4 . 7

4 7 2 . 3 9 8 4 . 7

1 6 1 . 3 2 6 4 . 4

1 / INCLUDES ONLY CERTIFICATES I N DENOMINATION OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

2 / SEE TECHNICAL APPENDIX A ,

3 / SALES OF C D ' S MATURING AFTER 11 MONTHS.

# TOTALS MAY NOT ADO DUE TO ROUNDING, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 2B

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

NEW YORK C I T Y , CHICAGO, AM) ALL OTHER WEEKLY REPORTING BANKS

AS OF 30 APR 1975 AND 26 MAR 1975

(PERCENTAGE DISTRIBUTION)

CD'S MATURING I N NEW YORK CITY CHICAGO ALL OTHER

30 APR 26 MAR 30 APR 26 MAR 30 APR 26 MAR

0 - 6 DAYS 2 / 0 7 . 1 . 0 4 . 6 . 0 7 . 2

0 1 MONTHS 3 / 3 2 . 6 3 3 . 3 4 0 . 3 4 3 . 2 3 6 . 7 3 7 . 4

0 2 MONTHS 2 1 . 7 1 8 . 9 1 8 . 2 1 8 . 4 1 9 . 8 1 7 . 1

0 3 MONTHS 1 8 . 1 1 5 . 9 1 3 . 3 1 0 . 6 1 4 . 0 1 1 . 9

0 4 MONTHS 8 . 9 8 . 8 5 . 5 5 . 4 7 . 3 6 . 4

0 5 MONTHS 6 . 2 5 . 2 3 . 5 2 . 5 5 . 7 5 . 3

06 MONTHS 5 . 5 4 . 3 4 . 6 2 . 4 5 . 0 4 . 2

0 7 MONTHS 1 . 0 1 . 3 1 . 5 1 . 5 1 . 7 2 . 0

0 8 MONTHS . 7 . 8 , 8 1 . 0 1 . 7 1 . 3

0 9 MONTHS 1 . 4 6 5 . 1 . 6 1 . 7 1 . 3

10 MONTHS . 5 1 . 6 3 . 5 4 . 5 1 . 7 1 . 3

I I MONTHS . 3 5 2 . 2 3 . 1 1 . 6 1 . 4

12 MONTHS . 4 . 2 . 9 1 . 9 . 9 1 . 2

OVER 12 MONTHS 2 . 1 1 . 5 #5 . 6 2 . 1 1 . 9

TOTAL * 1 0 0 , 0 1 0 0 . 0 1 0 0 , 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

1 / INCLUDES ONLY CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

2 / NUMBER OF DAYS REMAINING I N SURVEY MONTH, T H I S PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH,

3 / NUMBER OF MONTHS FOLLOWING THE SURVEY MONTH.

* TOTALS MAY NOT ADD DUE TO POUNDING. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 2C

1 / MATURITY D I S T R I B U T I O N OF OUTSTANDING NEGOTIABLE TIME CERTIF ICATES OF DEPOSIT AT

NEW YORK C I T Y , CHICAGO, AND ALL OTHER WEEKLY REPORTING BANKS

AS OF 30 APR 1975 AND 26 MAR 1 9 7 5

(CUMULATIVE D ISTRIBUT ION)

NEW YORK C I T Y CHICAGO ALL OTHER CD ' S MATURING I N **** mtmm mm mm mmmm '

3 0 APR 26 MAR 30 APR 2 6 MAR 30 APR 26 MAR

0 - 6 DAYS 2 / . 0 7 . 1 . 0 4 * 6 . 0 7 . 2

0 1 MONTHS 3 / 3 2 . 6 4 0 . 4 & 0 . 3 4 7 . 8 3 6 . 7 4 4 . 6

0 2 MONTHS 5 4 . 3 5 9 . 3 5 8 . 5 6 6 . 2 5 6 . 5 6 1 . 7

0 3 MONTHS 7 2 . 4 7 5 . 2 7 1 . 8 7 6 . 8 7 0 . 5 7 3 . 6

0 4 MONTHS 8 1 . 3 8 4 . 0 7 7 . 3 8 2 . 2 7 7 . 8 8 0 . 0

0 5 MONTHS 8 7 . 5 8 9 . 2 6 0 . 8 8 4 . 7 8 3 . 5 8 5 . 3

0 6 MONTHS 9 3 . 0 9 3 . 5 8 5 . 4 8 7 . 1 8 8 . 5 8 9 . 5

0 7 MONTHS 9 4 . 0 9 4 . 8 8 6 . 9 89 . 6 9 0 . 2 9 1 . 5

0 8 MONTHS 9 4 . 7 9 5 . 6 6 7 . 7 8 9 . 6 9 1 . 9 9 2 . 8

0 9 MONTHS 9 6 . 6 9 6 . 2

CD 9 0 . 2 9 3 . 6 9 4 . 1

10 MONTHS 9 7 . 1 9 7 . 8 9 6 . 3 9 4 . 7 9 5 . 3 9 5 . 4

1 1 MONTHS 9 7 . 4 9 8 . 3 9 8 . 5 9 7 . A 9 6 . 9 9 6 . 8

1 2 MONTHS 9 7 . 8 9 8 . 5 9 9 . 4 9 9 . 7 9 7 . 8 9 8 . 0

OVER 12 MONTHS 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

1 / INCLUDES ONLY CERTIF ICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS#

2 / NUMBER OF DAYS REMAINING I N SURVEY MONTH. T H I S PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH.

3 / NUMBER OF MONTHS FOLLOWING THE SURVEY MONTH,


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 30 APR 1975 AND 26 MAR 1975

(PERCENTAGE DISTRIBUTION)

NEW YORK C ITY CHICAGO ALL OTHER C D ' S MATURING I N

30 APR 26 MAR 30 APR 26 MAR 30 APR 26 MAR

0 - 6 DAYS 2 / . 0 7 . 1 . 0 4 . 6 . 0 7 . 2

0 1 MONTHS 3 / 3 2 . 6 3 3 . 3 4 0 . 3 4 3 . 2 3 6 . 7 3 7 . 4

0 2 MONTHS 2 1 . 7 I F . 9 1 8 . 2 1 8 . 4 1 9 . 8 1 7 . 1

0 3 MONTHS 1 8 . 1 1 5 . 9 1 3 . 3 1 0 . 6 1 4 . 0 1 1 . 9

0 4 MONTHS 8 . 9 8 . 8 5 . 5 5 . 4 7 . 3 6 . 4

OS MONTHS 6 . 2 5 . 2 3 . 5 2 . 5 5 . 7 5 . 3

0 6 MONTHS 5.% 4 . 3 4 . 6 2 . 4 5 . 0 4 . 2

0 7 MONTHS 1 . 0 1 . 3 1 . 5 1 . 5 1 . 7 2 . 0

0 8 MONTHS . 7 . 8 . 8 1 . 0 1 . 7 1 . 3

0 9 MONTHS 1 . * . 6 5 . 1 . 6 1 . 7 1 . 3

10 MONTHS . 5 1 . 6 3 . 5 4 . 5 1 . 7 1 . 3

11 MONTHS . 3 . 5 2 . 2 3 . 1 1 . 6 1 . 4

12 MONTHS . 4 . 2 . 9 1 . 9 . 9 1 . 2

OVER 12 MONTHS 2 . 1 1 . 5 . 5 . 4 2 . 1 1 . 9

TOTAL * 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 100.0 100.0

1 / INCLUDES ONLY CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

2f NUMBER OF DAYS REMAINING I N SURVEY MONTH. T H I S PERIOD VARIES WITH THE NUMBER OF DAYS FOLLOWING THE LAST WEDNESDAY OF THE MONTH.

3 / NUMBER OF MONTHS FOLLOWING THE SURVFY MONTH.

TOTALS MAY NOT ADD DUE TO BOUNDING. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

AS OF SO APR 1975 FAMOUNTS I N MILL IONS OF DOLLARS)

$1 B I L L I O N AND OVER

$ MATURING I N TOTAL $200

M I L L I O N AND UNDER

$200

$900

MILL ION TO MILL ION

$42.8 1 , 7 7 0 . 6 1 , 3 3 4 . 3 43@P OCTOBER 4 , 3 0 6 . 4 1 0 B . 2 3 4 2 . 4 5 7 2 . 5 3 , 2 8 3 . 3 1 , 5 7 4 . 5 1 , 3 6 2 . 4 3 4 6 . 4

NOVEMBER 1 , 1 * 1 # * 41 #1 1 5 4 . 7 1 5 7 . 1 8 3 8 . 3 2 8 3 . 5 4 5 5 . 7 9 9 . 1

DECEMBER 1 , 0 7 1 . 4 4 1 . 3 1 0 0 . 6 1 7 8 . 8 7 5 0 . 7 2 0 0 . 6 401 . 6 1 4 8 . 5

1 9 7 # JANUARY 1 , T 2 3 * 6 4 7 . 3 1 1 9 . 4 1 7 8 . 2 1 , 4 7 8 . 7 5 3 9 . 7 7 2 2 . 0 2 1 7 . 0

FEBRUARY 1 , 2 2 9 . 6 4 1 . 0 99 .% 1 4 9 . 8 9 3 9 . 3 1 6 0 . 0 6 7 7 . 2 1 0 2 . 1

MARCH 1 . 9 1 6 . 5 5 0 . 1 8 0 . 3 1 3 8 . 1 7 4 8 . 0 7 0 . 6 5 7 6 . 6 1 0 0 . 8

APRIL 6 2 4 . 1 4 7 . 6 6 0 . 1 7 0 . 1 4 5 0 . 3 1 1 4 . 6 2 9 3 . 9

00

MAY OR LATER 1 , 6 3 4 . 0 8 1 . 5 1 0 9 . 4 1 8 5 . 9 1 , 2 5 5 . 1 5 * 5 . 1 5 4 3 . 2 1 5 6 . 8

TOTAL * # & * ! 2 0 . S 3 , 8 6 5 . 9 8 , 3 5 3 . 0 1 1 , 0 0 7 . 2 6 0 , 8 9 4 . 4 2 8 , 1 5 0 . 0 2 4 , 4 8 2 . 1 8 , 2 6 2 . 3

- * iHCUf lDAWAl l i i * Taw imn N i v inckin MA HID TTTCC I __

2 III 1 9 8 0 . 2 4 5 . 1 9 0 . 1 1 3 5 . 8 7 0 9 . 2 4 4 2 . 3 1 7 7 . 0 8 9 . 9 JUNE IS 1 , 4 2 2 . 4 6 7 . 8 1 6 4 . 0 2 1 6 . 7 1 , 3 7 4 . 0 6 0 4 . 4 5 6 3 . 6 2 0 6 . 0

IMEMORANDUMJ NUMBER OF BANKS)

M e 6? 50 37 12 18

1 / INCLUDES CERTIFICATES I S DENOMINATIONS OF F 1 0 0 * 0 0 0 O* *ORE ISSUED BY WEEKLY REPORTING BANKS. S / TOTAL DEPOSITS AS REPORT!D I N T | CALL REPORT OF CONDITION ON DECEMBER 3 1 , 196%. 1 / PRIME BANKS ARE THOSE KNF SE NEGOTIABLE C E R T f r f C A T f f o r i r p r s i T ARE REGARDED AS BEING OF THE HIKHFST QUALITY AND WHICH ARE

REM)RTED #Y DEALERS TO T&AOE MLTWIN 1 OR 2 e S $ I $ POfNV ">p r ACH OTHER WITHIN THF SECONDARY MARKET. $ TOTALS MAY NCT A!>T> OUT T OUNOINC.

I


TABLE SB SALES Z1Z OF NEGOTIABLE TIME CERTIF ICATES OF DEPOSIT

TABLE SC MATURITY D I S T R I B U T I O N OF OUTSTANDING NEGOTIABLE TIME CERTIF ICATES OF AT WEEKLY REPORTING BANKS BY SIZE OF BANKS 2 /

AS OF 30 APR 1975 PERCENTAGE D ISTRIBUT ION

DEPOSIT 1 /

$ 1 B I L L I O N AND OVER

COS MATURING I N TOTAL * 2 0 0

M I L L I O N AND UNDER

$ 2 0 0 M I L L I O N TO

$ 5 0 0 M I L L I O N

* 5 0 0 M I L L I O N TO

V I B I L L I O N

PRIME 3 / COS MATURING I N TOTAL

* 2 0 0 M I L L I O N

AND UNDER

$ 2 0 0 M I L L I O N TO

$ 5 0 0 M I L L I O N

* 5 0 0 M I L L I O N TO

V I B I L L I O N TOTAL NEW YORK

CITY

OUTSIDE NEW YORK

CITY

NON-PRIME

1 9 7 5 APR 3 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 .0

MAY 3 5 . 7 4 2 . 7 4 0 . 0 3 8 . 6 3 4 . 1 3 2 . 2 3 4 . 9 3 8 . 0

JUNE 2 0 . 3 2 1 . 1 2 2 . 1 2 1 . 5 1 9 . 8 2 1 . 6 1 7 . 2 2 1 . 3

JULY 1 5 * 4 1 3 . 7 1 3 . 4 1 4 . 1 1 6 . 0 1 6 . 4 1 3 . 6 e 5 . 6 AUGUST 7 . 7 5 . 9 6 . 2 5 . 9 8 . 3 9 . 1 8 . 4 e

5 . 6

SEPTEMBER 5 . 6 4 . 7 5 . 6 5 . 0 5 . 6 6 . 3 5 . 5 5 . 3

OCTOBER 5 . 1 2 . 8 4 . 1 5 . 2 5 . 4 5 . 6 5 . 6 4 . 2

NOVEMBER 1 . 4 1 . 1 1 . 9 1 . 4 1 . 4 1 . 0 1 . 9 1 . 2

DECEMBER 1 . 3 1 . 1 1 . 2 1 . 6 1 . 2 0 . 7 1 . 6 1 . 8

1 9 7 6 JANUARY 2 . 2 1 . 2 1 . 4 1 . 6 2 . 4 1 . 9 2 . 9 2 . 6

FEBRUARY 1 . 5 1 . 1 1 . 2 1 . 4 1 . 5 0 . 6 2 . 8 1 . 2

MARCH 1 . 2 1 . 3 1 . 0 1 . 3 1 . 2 0 . 3 2 . 4 1 . 2

A P R I L 0 . 7 1 . 2 0 . 7 0 . 6 0 . 7 0 . 4 1 . 2 0 . 5

MAY OR LATER 1 . 9 2 . 2 1 . 3 1 . 7 2 . 1 2 . 0 2 . 2 1 . 9

i o c } TOTAL * 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 100 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

1 . 9

i o c }

(MEMORANDUM: TAX AND D IV IDEND MATURIT IES)

JUNE 10 1 . 2 1 . 2 1 . 1 1 . 2 1 . 2 1 . 6 0 . 7 1 . 1

JUNE 1 6 2 . 2 1 . 8 2 . 0 2 . 0 2 . 3 2 . 1 2 . 3 2 . 5

1 / INCLUDES CERTIF ICATES I N DENOMINATIONS OF $ 1 0 0 * 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2 / TOTAL DEPOSITS AS REPORTED IN THF CALL REPORT OF CONDITION ON DECEMBER 3 1 , 1 9 6 5 . 3 / PRIME BANKS ARf THOSE WH >SE NEGOTIABLE CERTIFICATES OF DEPOSIT A-E REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE

REPORTED BY OEALFRS TO TRADE WITHTN 1 OR 2 B A S K POINTS OF EACH iTHER WITH IN THE SECONDARY MARKET * TOTALS MAY NOT ADD DUE T 3 ROUNDING.


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

AS OF 30 APR 1975 CUMULATIVE PERCENTAGE

$1 B I L L I O N AND OVER

$ 2 0 0 $ 2 0 0 M I L L I O N $500 MILL ION PRIME 3 / w C D ' S MATURING I N TOTAL M I L L I O N TO TO

AND UNDER $ 5 0 0 M I L L I O N $1 B I L L I O N TOTAL OUTSIDE NON-PRIME NEW YORK NEW YORK

CITY CITY

1 9 1 5 APR 3 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 .0

MAY 3 5 . 7 4 2 . 7 4 0 . 0 3 8 . 6 3 4 . 1 3 2 . 2 3 4 . 9 3 8 . 0

JUNE 5 6 . 0 6 3 . 8 6 2 . 1 6 0 . 1 5 3 . 9 5 3 . 8 5 2 . 1 5 9 . 3

JULY 7 1 . 4 7 7 . 5 7 5 . 5 7 4 . 2 6 9 . 9 7 2 . 2 6 5 . 7 7 4 . 4

AUGUST 7 9 . 1 8 3 . 4 8 1 . 7 8 0 . 1 7 8 . 2 8 1 . 3 7 4 . 1 8 0 . 0

SEPTEMBER P 4 . 7 8 8 . 1 8 7 . 3 8 5 . 1 8 4 . 0 8 7 . 6 7 9 . 6 8 5 . 3

OCTOBER 8 9 . 8 9 0 . 9 9 1 . 4 9 0 . 3 8 9 . 4 9 3 . 2 8 5 . 2 8 9 . 5

NOVEMBER 9 1 . 2 9 2 . 0 9 3 . 3 9 1 . 7 9 0 . B 9 4 . 2 8 7 . 1 9 0 . 7

DECEMBER 9 2 . 5 9 3 . 1 9 4 . 5 9 3 . 3 9 2 . 0 9 4 . 9 8 8 . 7 9 2

1 9 7 6 JANUARY 9 4 . 7 9 4 . 3 9 5 . 9 9 4 . 9 9 4 . 6 9 6 . 8 9 1 . 6 9 5 . 1

FEBRUARY 9 6 . 2 9 5 . 4 9 7 . 1 9 6 . 3 9 5 . 9 9 7 . 4 9 4 . 4 9 6 . 3

MARCH 9 7 . 4 9 6 . 7 9 8 . 1 9 7 . 6 9 7 . 1 9 7 . 7 9 6 . 8 9 7 . 5

APRIL 9 8 . 1 9 7 . 9 9 8 . 8 9 8 . 2 9 7 . 8 9 8 . 1 9 8 . 0 9 8 . 0

MAY OR LATER 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

1 / INCLUDES CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED 9Y WEEKLY REPORTING BANKS. 2/ TOTAL DEPOSITS AS REPORTED I N THE CALL REPORT OF CONDITION ON DECEMBER 3 1 , 1 9 6 5 . 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.


TABLE 3E

C D ' S MATURING I N

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

AS OF 3 0 APR 1975 PERCENTAGE DISTRIBUTION

S I B I L L I O N AND OVER

$200 $200 MILL ION S500 MILLION PRIME 4 / TOTAL MILL ION TO TO

AND UNDER $500 MILL ION $1 B ILL ION TOTAL OUTSIDE NON-PRIME NEW YORK NEW YORK

CITY CITY

1 9 7 5 APR 3 0

MAY 4 1 . 7 5 1 . 5 4 9 . 1 4 4 . 0 3 9 . 2 3 3 . 0 4 2 . 6 4 9 . 5

JUNE I S . 9 1 7 . 8 1 8 . 5 1 8 . 5 1 4 . 8 1 3 . 3 1 5 . 0 1 8 . 7

JULY 1 9 . 5 1 7 . 0 1 5 . 8 1 8 . 2 2 0 . 6 2 4 . 1 1 8 . 0 1 6 . 5

AUGUST 6 . 1 3 . 5 3 . 7 4 . 0 7 . 2 9 . 4 5 . 8 3g

SEPTEMBER 3 . 3 1 . 7 2 . 3 3 . 3 3 . 6 4 . 6 3 . 2 1 . 9

OCTOBER 8 . 2 4 . 1 5 . 6 7 . 3 9 . 2 1 1 . 2 7 . 8 6 . 3

NOVEMBER 0 . 7 0 . 3 1 . 1 0 . 6 0 . 6 0 . 4 0 . 9 0 . 7

DECEMBER 0 . 5 0 . 3 0 . 5 0 . 8 0 . 5 0 . 2 0 . 8 0 . 5

1 9 7 6 JANUARY 0 . 8 0 . 4 0 . 7 0 . 9 0 . 8 0 . 7 0 . 9 0 . 9

FEBRUARY 0 . 2 0 . 1 0 . 3 0 . 4 0 . 2 0 . 1 0 . 4 0 . 0

MARCH 0 . 6 O . < 0 . 4 0 . 5 0 . 6 0 . 3 1 . 2 0 . 3

APRIL OR LATER

TOTAL *

2 . 4

1 0 0 . 0

2 . 9

100.0

2 . 1

100.0

1 . 5

100.0 2.6

100.0 2 . 5

100.0 3 . 4

100.0 0.8

100.0

JUNE 10

JUNE 16

0 . 9

1.6

248

(MEMORANDUM: TAX AND DIVIDEND MATURITIES)

0 . 7 0 . 8 1 . 0 0 . 8

1 . 6 1 . 4 1 . 7 1 . 6

(MEMORANDUM: NUMBER OF BANKS )

82 79 50 37

0 . 9

1 . 7

0.8 1 . 3 1.8

12 18

1 / SEE TECHNICAL APPENDIX A . 2 / INCLUDES CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 3 / TOTAL DEPOSITS AS REPORTED I N THE CALL REPORT OF CONDITION ON DECEMBER 3 1 , 1 9 6 5 . 4 / PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT APE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE

REPORTED BY DEALERS TO WADE WITHIN 1 OR 2 PAS IS POINTS nc EACH OTHER WITH? N THE SECONDARY MARKET. * TOTALS MAY NOT AOD DUE T ' ROUNDING. Digitized for FRASER

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

TABLE 4A

AVERAGE MATURITY

OF

OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 /

AT WEEKLY REPORTING BANKS

AT VARIOUS SURVEY DATES

U N MONTHS 1

DATE OF SURVEY BANK CLASSIFICATION

3 0 APR 1975 26 MAR 1975 26 FEB 1975

IBY LOCATION)

ALL REPORTING BANKS

ISSUING CD'S 2.6 2 . 5 2 . 3

NEW YORK CITY

CHICAGO

OTHER

2 . 5

2 . 7

2 . 7

2 . 4

2.6 2.6

2.2 2 . 5

2 . 3

UNDER 200 MILL ION

S200-S500 MILLION

SSOO-SLTOOO MILL ION

OVER S I B I L L I O N

PRIME I N NEW YORK CITY 3 /

PRIME OUTSIDE NEW YORK CITY 3 /

NON-PRIME

2 . 3

2 . 4

2 . 5

2 . 7

2 . 5

3 . 0

2 . 5

IBY SIZE OF BANK) 2 /

2 . 3

2.2 2 . 3

2.6 2 . 4

2 . 9

2.6

2.1 2.1 2.1 2 . 4

2 . 3

2.6 2 . 3

1 Z INCLUDES CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

1 / TOTAL DEPOSITS AS REPORTED I N THE CALL REPORT OF CONDITION ON DECEMBER 3 1 , 1 9 6 5 .

SZ 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. Digitized for FRASER

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

TABLE 48

AVERAGE MATURITY

OF

NEGOTIABLE TINE CERTIFICATES OF DEPOSIT 1 / SOLO 6V WEEKLY REPORTING BANKS

DURING THE WJNTH OF VARIOUS SURVEYS

ITN MONTHS)

BANK CLASSIFICATION DATE OF SURVEY

BANK CLASSIFICATION 30 APR 1975 26 WAR 1975 26 FEB 1975

IBY LOCATION!

ALL REPORTING BANKS

ISSUING CD'S 2 . 3 2 . 5 2 . 6

NEW YORK C l t V 2 . 5 2 . 6 2 . 5

CHICAGO 2 . 1 2 . 5 3 . 3

OTHER 2 . 2 2 . 5 2 . 6

(BY SIZE OF BANK) 2 /

2 . 2 1 . 9

2.2 2.1 2.2 2.1 2 . 7 2 . 9

2 . 6 2 . 5

2 . S * 3 . *

2 . 4 2 . 2

1/ Memoes CERTIFICATES IN DENOMINATIONS OF #100 .000 OR MORE ISSUED BY WEEKLY REPORTING BANKS. 2 / TOTAL OEHHITS I S REPORTED I N THE CALL REPORT OF CONDITION ON 0ECEN6ER 3 1 , 1965 .

> / PRIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES OF DEPOSIT ARE REGARDS:: AS BEING OF THE HIGHEST QUALITY AND MHtCM ARE REPORTED BY DEALERS TO TRADE WITHIN 1 OR 2 BASIS POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET.

NOTESEE TECHNICAL SPPENOt* B .

UNOCR MOO MILLION 1 . 6

MOO-*500 MILLION 1 . 9

5 0 0 - * 1 . 0 0 0 MILLION 2 . 1

OVER I I B ILLION 2 . 4

PRIME I N NEW YORK CITY 3 / 2 . 6

PRIME OUTSIDE NEW YORK CITY 3 / 2 . 4

NON-PRIME 1 . 6


TABLE SA

HAT 10 OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 /

TO TOTAL DEPOSITS

AT VARIOUS SURVEY DATES

(PER CENT)

DATE OF SURVEY

III1AL DEPOSITS 2/ I I H MILLIONS OF DOLLARS I 3D A*R 1*75 26 MAR 1975 26 FEB 1975

ALL BANKS ISSUING CD'S 2 3 . 3 2 5 . 1 2 5 . 0

UNDER 200 1 4 . 9 1 5 . 9 16 .3

200 - 4G0 1 8 . 0 1 9 . 6 19 .6

400 - 1000 1 8 . 1 1 9 . 3 19 .8

OVER 1000 2 6 . 8 2 8 . 7 2 8 . 4

m t n E I N NEW YORK 3 / 3 1 . 4 3 2 . 7 3 2 . 7

PRIME OUTSIDE NEW YORK 3 / 2 5 . 0 2 7 . 7 2 6 . 9

NPMflI*E 2 0 . 8 2 2 . 1 2 2 . 6

1 / INCLUDES CERTIFICATES I N DENOMINATIONS OF S100 ,000 Ok MORE ISSUED BY WEEKLY REPORTING BANKS.

2 / TOTAL DEPOSITS AS REPORTED IN THE CALL REPORT OF CONDITION ON DECEMBER 3 1 , 1965 .

3 / RIME BANKS ARE THOSE WHOSE NEGOTIABLE CERTIFICATES uF DEPOSIT ARE REGARDED AS BEING OF THE HIGHEST QUALITY AND WHICH ARE REPORTED BY DEALERS TO TRADE WITHIN 1 OR 2 M S I S POINTS OF EACH OTHER WITHIN THE SECONDARY MARKET.

NOTE- DEPOSITS I N THE DENOMINATOR OF THE RATIO I N THIS t&LE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U . S . GOVERNMENT DEPOSITS.


TABLE 59

RATIO OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 /

TO TOTAL DEPOSITS

AS OF 3 0 APR 1 9 7 *

(NUMBER OF BANKS)

TOTAL DEPOSITS 2 /

( I N M I L L I O N S OF DOLLARS)

5% 5 10 15 20 2 5% AVERAGE CD OR TO TO TO TO OR 70 DEPOSIT

LESS 1 0 * 15% 20% 25% MORE RATIO (PER CENT)

ALL BANKS I S S U I N G CD'S 3 7 22 49 3 4 2 3 . 3

UNDER 2 0 0 11 13 2 4 8 15 11 1 4 . 9

2 0 0 - 5 0 0 16 6 1 1 13 14 19 1 8 . 0

5 0 0 - 1000 8 2 10 6 10 14 1 8 . 1

OVER 1000 2 1 4 7 8 15 2 6 . P

PRIME I N NEW YORK 3 / 0 0 0 0 2 5 3 1 . 4

PRIME OUTSIDE NEW YORK 3 / 0 0 0 4 3 5 2 5 . 0

NONPRIME 2 1 4 3 3 5 2 0 . 6

1 / INC WOES CERTIF ICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED 8Y WEEKLY REPORTING BANKS.


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.

NOTE- DEPOSITS I N THE DENOMINATOR OF THE RATIO I N TH IS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U . S . GOVERNMENT DEPOSITS.


TABLE 5C

PER CENT CHANGE I N OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT / I

26 MAR 1975 TO 30 APR 1975

(NUMBER OF BANKS)

TOTAL DEPOSITS 2 / DECLINES OF

REDUCED CO*S TO 1 0 * OR 5 TO H% OR NO

INCREASES OF ISSUED CD * 5 BUT

5% OR 5 TO 10% OR HAD NONE OUTSTAND-( I N MILL IONS OF DOLLARS) ZERO MORE 10% LESS CHANGE LESS 10% MORE ING ON BAS

ALL BANKS ISSUING CD'S 1 7 0 5 6 4 4 8 38 12 19 1

UNDER 200 1 22 18 17 3 14 3 5 0

2 0 0 - 500 0 2 4 18 10 5 12 4 5 1

5 0 0 - 1000 0 14 11 12 0 6 0 7 0

OVER 1000 0 10 9 5 0 6 5 2 0

PRIME I N NEW YORK 3 / 0 1 2 1 0 1 2 0 0

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

NON PRIME 0 S 5 1 0 3 2 2 0

1 / INCLUDES CERTIFICATES I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.


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*

NOTE THE NUMBER OF BANKS IN THIS TABLE DIFFERS FROM THOSE I N 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 I N OUTSTANDING NEGOTIABLE TIME CERTIFICATE OF DEPOSIT Z1

29 JAN 1975 TO 30 APR 1975

INUMBER OF BANKS)

TOTAL DEPOSITS Z2

( I N MILL IONS OF DOLLARS)

ALL BANKS ISSUING CD'S

REDU-CED CD'S 25% TO OR

DECLINES OF

2 0 15 10 TO TO TO

ZERO MORE 2 5% 20% 15%

33 18

5 5% TO OR 10% LESS

31 33 35 29

NO

CHANGE

INCREASE OF

5% OR

LESS

5 TO 1 0 *

10 TO

15%

15 TO

20%

20 TO

25%

25% OR

MORE

21 13 12

ISSUED CD'S BUT HAD NONE OUTSTANDING ON BASE OA

UNDER 2 0 0 1 10 5 7 10 14 8 0 8 5 2 5 2 5 1

200 - 5 0 0 0 12 7 11 12 11 8 1 6 4 1 2 0 3 1

500 - 1000 0 6 4 8 4 9 5 0 4 2 3 0 2 3 0

OVER 1000 0 5 2 5 7 1 8 0 3 2 2 0 1 1 0

PRIME I N NEW YORK 3 / 0 0 0 1 2 0 1 0 2 0 1 0 0 0 0

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

NONPRIME 0 4 0 3 2 1 3 0 1 2 1 0 0 1 0



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

NOTE- THE NUMBER OF BANKS I N THIS TABLE DIFFERS FROM THOSE I N MOST OTHER TABLES TO THE EXTENT THAT BANKS THAT HAD OUTSTANDING C D ' S ON THE SURVEY THREE MONTHS PRIOR TO THE CURRENT SURVEY, REDUCED THEIR OUTSTANDINGS TO ZERO.


TABLE 5E

CHANGE I N OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 1 /

OVER THE MONTH AS A PER CENT OF TOTAL DEPOSITS

AT THE BEGINNING OF THE PERIOD

26 MAR 1975 TO 30 APR 1975

(NUMBER OF BANKS)

TOTAL DEPOSITS 2 / DECLINES OF INCREASES OF

U N MILLIONS OF DOLLARS! 3 1 2 1 11 NO 11 1 2 3 1 AND TO TO AND CHANGE AND TO TO AND OVER 3 1 2 1 LESS LESS 2 1 3% OVER

ALL BANKS ISSUING CD'S 32 2 5 67 39 19

UNDER 200 9 7 17 25 3 15 4 2 0

200 - 500 11 6 17 13 5 12 7 1 1

5 0 0 - 1000 4 8 8 17 0 7 2 2 2

OVER 1000 8 4 5 7 0 * 6 1 1

PRIME IN NEW YORK 3 / 1 1 1 1 0 1 1 1 0

PRIME OUTSIOI NEW YORK 3 / 3 2 2 2 0 2 1 0 0

NON PRIME 4 1 2 4 0 2 4 0 1




NOTE- DEPOSITS I N THE DENOMINATOR OF THE RATIO I N THIS TABLE ARE TOTAL DEMAND AND TIME DEPOSITS, INCLUDING INTERBANK AND U . S . GOVERNMENT DEPOSITS.


TABLE 5F

CHANGE I N 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

29 JAN 1975 TO 30 APR 1975

(NUMBER OF BANKS)

TOTAL DEPOSITS 2/ DECLINES OF INCREASES OF

I I N M ILL IONS OF DOLLARS 1 S t 4 3 2 1 1% NO IX 1 2 3 4 AND TO TO TO TO AND CHANGE AND TO TO TO TO OVER 5 t 4% 3 * 2% LESS UNDER 2% 3% 4% 5%

A l l BANKS ISSUING COeS SB 12 2 3 30 35 4 1 1 30 13 6 8 4

UNDER 2 0 0 9 2 9 11 7 16 0 14 2 4 3 3

200 - 5 0 0 12 4 8 10 12 14 1 6 5 0 2 1

5 0 0 - 1 0 0 0 9 2 5 3 14 4 0 7 3 0 2 0

OVER 1 0 0 0 8 4 1 6 2 7 0 3 3 2 1 0

PRIME I N NEW YORK 3 / 0 3 0 0 1 0 0 2 0 1 0 0

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

WOSIPRIME 4 1 1 3 0 4 0 1 3 1 0 0

: / INCLUDES CERTIFICATES I N DENOMINATIONS OF 1 0 0 , 0 0 0 OR MORE ISSUED BY WEEKLY REPORTING BANKS.

2/ TOTAL DEPOSITS AS REPORTED I N THE CALL REPORT OF CONDITION ON DECEMBER 3 1 , 1 9 6 5 .


NOTE- DEPOSITS I I I THE DENOMINATOR OF THE RATIO I N TH IS 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 3 0 APR 1975

(AMOUNTS I N MILL IONS OF DOLLARS)

CO#S MATURING I N ALL 0 1 S -

TRICTS BOSTON NEW YORK

P H I L A -DELPHIA

CLEVE-LAND

R ICH-MOND ATLANTA

C H I -CAGO

ST. LOUIS

MINNE-APOLIS

KANSAS CITY DALLAS

FRATT-CISCO

197$ APR SO 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

MAY 3 0 0 0 6 . 6 1 3 9 1 . 8 1 0 8 8 3 . 5 1 3 9 1 . 3 1 3 4 3 . 7 8 1 1 . 0 1 2 0 3 . 9 4 6 6 6 . 5 4 1 2 . 0 2 8 1 . 2 6 3 0 . 7 1 5 5 7 . 9 5 4 3 3 . 1

JUN 1 7 0 7 3 . 1 7 * 8 . 6 7 0 2 9 . 1 6 9 3 . a 8 2 6 . 0 5 0 0 . 0 6 3 3 . 9 2 4 1 7 . 4 1 6 8 . 6 1 3 7 . 3 4 1 9 . 5 8 7 7 . 1 2 6 5 1 . 8

JUL 1 2 9 3 9 . 1 4 4 5 . 3 5 6 5 0 . 6 4 7 6 . 0 6 6 0 . 6 3 5 3 . 5 4 9 7 . 0 1 6 5 5 , 8 1 4 0 . 6 6 9 . 8 2 5 8 . 1 7 2 7 . 8 2 0 0 4 . 0

AUG 6 4 5 2 . 6 3 1 6 . 4 2 6 9 9 . 4 1 9 9 . 3 3 0 7 . 0 1 6 0 . 1 2 2 8 . 6 6 7 7 . 8 4 4 . 7 3 2 . 9 9 5 . 4 2 7 4 . 0 1 4 1 7 . 0

SEP 4 7 4 6 . 8 1 6 8 . 4 1 8 8 6 . 2 1 5 7 . 8 2 2 2 . 8 1 4 1 . 0 2 0 0 . 8 4 7 9 . 6 6 0 . 1 3 9 . 1 8 8 . 7 2 4 2 . 1 1060 .2

OCT 4 3 0 6 . 6 1 7 0 . 0 1 6 6 5 . 4 1 2 1 . 4 2 5 8 . 8 1 0 8 . 4 1 8 4 . 2 6 3 7 . 5 4 5 . 4 3 9 . 8 4 7 . 7 1 9 1 . 7 8 3 6 . 3

NOV 1 1 9 1 . 7 7 8 . 0 3 0 4 . 2 3 5 . 8 1 0 1 . 0 3 3 . 7 7 8 . 0 1 7 6 . 6 1 0 . 4 4 . 4 2 7 . 6 3 9 . 3 3 0 2 . 7

DEC 1 0 7 1 . S 6 1 . 3 2 3 3 . 1 7 1 . 1 5 6 . 2 3 6 . 1 4 5 . 7 1 0 6 . 1 2 9 . 9 1 2 . 0 1 8 . 2 5 1 . 5 35 0 . 3

1976 JAN 1 8 2 3 . 7 6 5 . 3 5 8 6 . 9 7 0 . 5 6 9 . 9 3 0 . 9 6 0 . 8 4 7 0 . 6 2 1 . 1 2 3 . 3 2 0 . 7 7 5 . 1 32S

FEB 1 2 2 9 . 7 3 1 . 5 1 7 0 . 0 2 3 . 9 4 9 . 4 1 9 . 2 5 2 . 1 3 3 2 . 6 1 1 . 4 3 1 . 1 2 0 . 3 4 8 . 3 4 3 9 . 9

MAR 1 0 1 6 . 5 6 1 . 5 9 4 . 0 4 1 . 6 4 0 . 9 1 6 . 2 2 9 . 5 2 1 5 . 2 1 1 . 7 8 . 4 2 5 . 6 5 3 . 2 4 1 8 . 7

APR 6 2 8 . 1 5 6 . 1 1 2 2 . 0 7 . 7 4 5 . 0 1 7 . 1 2 1 . 8 9 2 . 8 1 1 . 5 4 . 3 1 5 . 1 4 7 . 6 1 8 7 . 1

MAY OR LATER 1 6 3 4 . 0 9 1 . 8 6 3 9 . 6 5 9 . 5 3 5 9 . 0 1 1 . 4 8 3 . 8 5 9 . 4 3 4 . 3 1 0 . 7 2 6 . 0 5 0 . 4 2 0 8 . 1

TOTAL * 8 4 1 2 0 . 0 3 6 5 6 . 0 3 1 9 6 4 . 0 3 3 4 9 . 7 4 3 4 0 . 3 2 2 3 8 . 6 3 3 2 0 . 1 1 1 9 8 7 . 9 1 0 0 1 . 7 6 9 4 . 3 1 6 9 3 . 6 4 2 3 6 . 0 1 5 6 3 7 . 8

AVERAGE MATURITY I N MONTHS 2 / 2 . 6 2 . 7 2 . 4 2 . 3 3 . 3 2 . 3 2 . 7 2 . 6 2 . 7 2 . 7 2 . 3 2 . 4 2 . 9

NUMBER OF REPORTING BANKS 2 * 8 16 4 1 10 18 17 22 36 11 5 17 25 30

1 / INCLUDES ONLY CERTIFICATES ISSUED I N DENOMINATIONS OF

2 / SEE TECHNICAL APPENDIX B .

# DEVAILS MAY NOW ADD TO WOTALS DUE TO ROUNDING.

$ 1 0 0 , 0 0 0 OR MORE BY WEEKLY REPORTING BANKS.


TABLE 68 1/ 2/

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


AS OF 30 A*R 1975

IAMOUNTS I N MILLIONS OF DOLLARS!

CO*S MATURING IN ALL D I S -

TRICTS BOSTON NEW YORK

P H I L A -DELPHIA

CLEVE-LAND

RICH-MOND ATLANTA

C H I -CAGO

ST. LOUIS

MINNE-APOLIS

KANSAS CITY DALLAS

SAN FRAN-CISCO

%97S MAY 1412%.9 7 0 8 . 8 4 6 6 7 . 5 6 8 4 . 3 6 4 0 . 6 3 9 7 . 2 6 5 1 . 2 2 3 2 0 . 7 2 2 3 . 6 1 5 8 . 8 3 3 2 . 4 9 3 9 . 8 2 4 0 1 . 0

JUN 5 3 9 * . T 2 8 8 . 7 1 8 5 2 . 1 2 6 5 . 1 3 0 5 . 3 2 0 4 . 0 1 7 4 . 7 8 9 0 . 9 5 3 . 7 4 2 . 1 1 5 9 . 7 3 1 6 . 8

JUL 6 6 0 1 . 4 2 0 6 . 7 2 8 6 5 . 2 2 4 2 . 7 3 2 6 . 1 1 9 5 . 7 2 6 5 . 1 8 9 5 . 9 7 4 . 5 4 2 . 2 1 4 8 . 3 3 8 3 . 3 9 5 5 . 7

AUG 2 0 6 6 . 6 3 4 . 8 1 0 5 8 . 5 5 3 . 6 1 0 3 . 8 6 3 . 2 4 3 . 8 3 1 9 . 0 1 5 . 9 8 . 1 2 4 . 7 7 3 . 3 2 6 7 . 9

SEP 1 1 2 9 . 6 2 6 . 4 5 1 7 . 5 2 8 . 0 6 9 . 3 3 8 . 9 4 5 . 3 1 4 7 . 2 1 6 . 0 1 5 . 4 1 2 . 3 4 1 . 4 1 7 1 . 9

OCT 2 7 7 8 . 4 3 9 . 6 1 2 6 5 . 8 6 1 . 3 1 6 8 . 7 8 8 . 1 1 2 3 . 8 4 2 3 . 2 3 1 . 1 2 5 . 7 3 0 . 7 1 3 5 . 0 3 8 5 . 4

NOV 2 2 2 . 6 6 . 6 4 5 . 9 1 3 . 6 2 7 . 7 7 . 2 3 9 . 3 4 1 . 5 1 . 6 0 . 1 2 . 4 7 . 9 2 8 . 8

DEC 1 8 0 . 2 7 . 6 3 1 . 6 4 . 8 1 6 . 7 4 . 6 1 3 . 3 3 4 . 0 2 . 7 4 . 1 3 . 1 3 . 8 5 3 . 9

1976 JAN 2 7 2 . 0 4 . 7 8 6 . 6 6 . 3 3 0 . 2 1 2 . 4 2 3 . 1 2 8 . 5 5 .8 0 . 1 3 . 8 9 . 8 6 0 . 7

FEB 8 4 . 0 0 . 1 1 9 . 2 0 . 0 5 . 6 2 . 8 1 2 . 2 9 . 1 2 . 0 0 . 3 0 . 4 0 . 7 3 1 . 6

MAR 1 9 7 , 4 7 . 4 3 0 . 1 2 . 6 7 . 0 8 . 2 6 . 0 1 2 . 0 0 . 4 2 . 3 5 . 9 6 . 5 1 0 9 . 0

APR OR LATER 8 0 6 . 1 4 9 . 0 2 7 8 . 6 6 . 5 4 9 . 5 2 2 . 5 2 6 . 3 9 6 . 0 1 5 . 1 4 . 4 1 7 . 2 3 3 . 4 2 0 7 . 6

TOTAL * 3 3 8 5 9 . 3 1 3 8 0 . 4 1 2 7 1 8 . 6 1 3 6 8 . 8 1 7 5 0 . 5 1 0 4 4 . 8 1 4 2 4 . 1 5 2 1 8 . 0 4 4 2 . 4 3 0 3 . 6 7 4 0 . 9 1 9 5 1 . 7

AVERAGE MATURITY I N MONTHS 3 / 2 . 2 L . B 2 . 3 1 . 6 2 . 5 2 . 3 2 . 3 2 . 0 2 . 1 1 . 9 1 . 9 1 . 9 2 . 4

1 / SEE TECHNICAL APPENDIX A .

2 / INCLUDES ONLY CERTIFICATES ISSUED I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY REPORTING BANKS.

3 / SEE TECHNICAL APPENDIX B .

* DETAILS MAY m i ADD 10 TOTALS DUE TO ROUNDING.


TABLE 6C

MATURITY D I S T R I B U T I O N OF OUTSTANDING NEGOTIABLE T IME CERTIFICATES OF DEPOSIT 1 / AT WEEKLY REPORTING BANKS


AS OF 3 0 APR 1975

(PERCENTAGE D I S T R I B U T I O N )

C D ' S MATURING I N ALL SAN D I S - NEW P H I L A - CLEVE- R I C H - C H I - S T . MINNE- KANSAS FRAN-

TRICTS BOSTON YORK DELPHIA LAND MOND ATLANTA CAGO LOUIS APOLIS C.I TY DALLAS CISCO

1 9 7 5 APR 30 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

MAY 3 5 . 7 3 8 . 1 3 4 . 0 4 1 . 5 3 1 . 0 3 6 . 2 3 6 . 3 3 8 . 9 4 1 . 1 4 0 . 5 3 7 . 2 3 6 . 8 3 4 . 7

JUN 2 0 . 3 1 9 . 7 2 2 . 0 2 0 . 7 1 9 . 0 2 2 . 3 1 9 . 1 2 0 . 2 1 6 . 8 1 9 . 8 2 4 . 8 2 0 . 7 1 7 . 0

JUL 1 5 . 4 1 2 . 2 1 7 , 7 1 4 . 2 1 5 . 2 1 5 . 8 1 5 . 0 1 3 . 8 1 4 . 0 1 0 . 1 1 5 . 2 1 7 . 2 1 2 . 8

AUG 7 . 7 8 . 7 8 . 4 5 . 9 7 . 1 7 . 2 6 . 9 5 . 7 4 . 5 4 . 7 5 . 6 6 . 5 9 . 1

SEP 5 . 6 4 , 6 5 . 9 4 . 7 5 . 1 6 . 3 6 . 0 4 . 0 6 . 0 5 . 6 5 . 2 5 . 7 M OCT 5 . 1 4 . 6 5 . 2 3 . 6 6 . 0 4 . 8 5 . 5 5 . 3 4 . 5 5 . 7 2 . 8 4 . 5

NOV 1 . 4 2 . 1 1 . 0 I . 1 2 . 3 1 . 5 2 . 3 1 . 5 1 . 0 0 . 6 1 . 6 0 . 9 1 . 9

DEC 1 . 3 1 . 7 0 . 7 2 . 1 1 . 3 1 . 6 1 . 4 0 . 9 3 . 0 1 . 7 1 . 1 1 . 2 2 . 2

1 9 7 6 JAN 2 . 2 1 . 8 1 . 8 2 . 1 1 . 6 1 . 4 1 . 8 3 . 9 2 . 1 3 . 4 1 . 2 1 . 8 2 . 1

FEB 1 . 5 0 . 9 0 . 5 0 . 7 1 . 1 0 . 9 1 . 6 2 . 8 1 . 1 4 . 5 1 . 2 1 . 1 2 . 8

MAR 1 . 2 1 . 7 0 . 3 1 . 2 0 . 9 0 . 7 0 . 9 1 . 8 1 . 2 1 . 2 1 . 5 1 . 3 2 . 7

APR 0 . 7 1 . 5 0 . 4 0 . 2 1 . 0 0 . 8 0 . 7 0 . 8 1 . 1 0 . 6 0 . 9 1 . 1 1 . 2

MAY OR LATER 1 . 9 2 . 5 2 . 0 1 . 8 8 . 3 0 . 5 2 . 5 0 . 5 3 . 4 1 . 5 1 . 5 1 . 2 1 . 3

TOTAL * 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 '

1 / INCLUDES ONLY CERTIF ICATES ISSUED I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY REPORTING BANKS.


TABLE 60

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


AS OF 30 APR 1975

(CUMULATIVE PERCENTAGE)

CD 'S MATURING I N ALL D I S -

TRICTS BOSTON

1975 APR 30 0 . 0

MAY 3 5 . 7

JUN 5 6 . 0

JUL 7 1 . 4

AUG 7 9 . 1

SEP 8 4 . 7

OCT 8 9 . 8

NOV 9 1 . 2

DEC 9 2 . 5

1976 JAN 9 4 . 7

FEB 9 6 . 2

MAR 9 7 . 4

APR 9 8 . 1

MAY OR LATER 1 0 0 . 0

0.0

3 8 . 1

5 7 . 8

7 0 . 0

7 8 . 7

8 3 . 3

8 7 . 9

9 0 . 0

9 1 . 7

9 3 . 5

9 4 . 4

9 6 . 1

9 7 . 6

100.0

NEW PHILA - CLEVE- R ICH- C H I - ST. MINNE- KANSAS SAN

FRAN YORK DELPHI A LAND MONO ATLANTA CAGO LOUIS APOLIS CITY DALLAS CISCO

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 # 3 4 . 0 4 1 . 5 3 1 . 0 3 6 . 2 3 6 . 3 3 8 . 9 4 1 . 1 4 0 . 5 3 7 . 2 3 6 . 8 3 4 . 7

5 6 . 0 6 2 . 2 5 0 . 0 5 8 . 5 5 5 . 4 5 9 . 1 5 7 . 9 6 0 . 3 6 2 . 0 5 7 . 5 5 1 . 7

7 3 . 7 7 6 . 4 6 5 . 2 7 4 . 3 7 0 . 4 7 2 . 9 7 1 . 9 7 0 . 4 7 7 . 2 7 4 . 7 6 4 . 5

8 2 . 1 8 2 . 3 7 2 . 3 8 1 . 5 7 7 . 3 7 8 . 6 7 6 . 4 7 5 . 1 8 2 . 8 8 1 . 2 7 3 . 6

8 8 . 0 8 7 . 0 7 7 . 4 8 7 . 8 8 3 . 3 8 2 . 6 8 2 . 4 8 0 . 7 8 8 . 0 8 6 . 9 8 0 . 4

9 3 . 2 9 0 . 6 8 3 . 4 9 2 . 6 8 8 . f t 8 7 . 9 8 6 . 9 8 6 . 4 9 0 . 8 9 1 . 4 8 5 . 7

9 4 . 2 9 1 . 7 8 5 . 7 9 4 . 1 9 1 . 1 8 9 . 4 8 7 . 9 8 7 . 0 9 2 . 4 9 2 . 3 8 7 . 6

9 4 . 9 9 3 . 8 8 7 . 0 9 5 . 7 9 2 . 5 9 0 . 3 9 0 . 9 8 8 . 7 9 3 . 5 9 3 . 5 8 9 . 8

9 6 . 7 9 5 . 9 8 8 . 6 9 7 . 1 9 4 . 3 9 4 . 2 9 3 . 0 9 2 . 1 9 4 . 7 9 5 . 3 9 1 . 9

9 7 . 2 9 6 . 6 8 9 . 7 9 8 . 0 9 5 . 9 9 7 . 0 9 4 . 1 9 6 . 6 9 5 . 9 9 6 . 4 9 4 . 7

9 7 . 5 9 7 . B 9 0 - 6 9 8 . 7 9 6 . 8 9 8 . 8 9 5 . 3 9 7 . 8 9 7 . 4 9 7 . 7

9 7 . 9 9 8 . 0 9 1 . 6 9 9 . 5 9 7 . 5 9 9 . 6 9 6 . 4 9 8 . 4 9 8 . 3 9 8 . 8 9 8 . 6

1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

1 / INCLUDES ONLY CERTIFICATES ISSUED I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY REPORTING BANKS.

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

TABLE 6E 1/ 2/

SALES OF NEGOTIABLE TIME CERTIF ICATES OF DEPOSIT SINCE PREVIOUS MONTH WEEKLY REPORTING BANKS

BY FEDERAL RESERVE D I S T R I C T

AS OF 3 0 APR 1975

(PERCENTAGE D I S T R I B U T I O N )

C D ' S MATURING I N ALL D I S -

TRICTS BOSTON NEW P H I L A - CLEVE- R I C H - C H I -YORK DELPHIA LAND MONO ATLANTA CAGO

ST. LOUIS

MINNE- KANSAS A * 0 L I S CITY DALLAS

SAN FRAN-CISCO

1*75 5 MAY 4 1 . 7 5 1 . 3 3 6 . 7 5 0 . 0 3 6 . 6 3 8 . 0 4 5 . 7 4 4 . 5 5 0 . 5 5 2 . 3 4 4 . 9 4 8 . 2 4 3 . 5 JUN I S . 4 2 0 . 9 1 4 . 6 1 9 . 4 1 7 . 4 1 9 . 5 1 2 . 3 1 7 . 1 1 2 . 1 1 3 . 9 2 1 . 6 1 6 . 2 1 5 . 3

JUL 1 9 . 5 1 5 . 0 2 2 . 5 1 7 . 7 1 8 . 6 1 8 . 7 1 8 . 6 1 7 . 2 1 6 . 8 1 3 . 9 2 0 . 0 1 9 . 6 1 7 . 3

AUG 6 . 1 2 . 5 8 . 3 3 . 9 5 . 9 6 . 0 3 . 1 6 . 1 3 . 6 2 . 7 3 . 3 3 . 8 4 . 9

SEP 3 . 3 1 . 9 4 . 1 2 . 0 4 . 0 3 . 7 3 . 2 2 . 8 3 . 6 5 . 1 1 . 7 2 . 1 3 . 1

OCT 8 . 2 2 . 9 1 0 . 0 4 . 5 9 . 6 8 . 4 8 . 7 8 . 1 7 . 0 8 . 5 4 . 1 6 . 9 7 . 0

NOV 0 . 7 0 . 5 0 . 4 1 . 0 1 . 6 0 . 7 2 . 8 0 . 8 0 . 4 0 . 0 0 . 3 0 . 4 0 . 5

DEC 0 . 5 0 . 6 0 . 2 0 . 4 1 . 0 0 . 4 0 . 9 0 . 7 0 . 6 1 . 4 0 . 4 0 . 2 lai 1 9 7 6 JAN 0 . 8 0 . 3 0 . 7 0 . 5 1 . 7 1 . 2 1 . 6 0 . 5 1 . 3 0 . 0 0 . 5 0 . 5 L . R

FEB 0 . 2 0 . 0 0 . 2 0 . 0 0 . 3 0 . 3 0 . 9 0 . 2 0 . 5 0 . 1 0 . 1 0 . 0 0 . 6

MAR 0 . 6 0 . 5 0 . 2 0 . 2 0 . 4 0 . 8 0 . 4 0 . 2 0 . 1 0 . 8 0 . 8 0 . 3 2 . 0

APR OR LATER 2 . 4 3 . 5 2 . 2 0 . 5 2 . 8 2 . 2 1 . 8 1 . 8 3 . 4 1 . 4 2 . 3 1 . 7 3 . 8

TOTAL * 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

I Z SEE TECHNICAL APPENDIX A ,

2 / INCLUDES ONLY CERTIF ICATES ISSUED I N DENOMINATIONS OF $ 1 0 0 , 0 0 0 OR MORE BY WEEKLY REPORTING BANKS.

NOTE - SALES I N T H I S TABLF ARE NOT ADJUSTED FOR CD'S THAT HAVE MATURED.

* D E T A I L S HAY 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. Some sales

are 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 tim

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

monthly survey date# (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

survey is taken.


TECHNICAL NOTE B CALCULATION OF AVERAGE MATURITIES OF NEGOTIABLE TIME CERTIFICATES OF DEPPSTT

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

monthafter the survey date--are assumed to mature in the middle of the

period between the survey date and the end of the calendar month in which

the survey is taken. The weights are the quantity of CD's maturing in each

month or fraction thereof as a proportion of total CD's outstanding and the

starting date for calculations is the survey date.

A downward bias in the calculated average maturity develops from

the fact that all CD's maturing in more than twelve months after the survey

date are lumped together. All of these CD's are assumed to mature in the

middle of the twelfth full month after the survey date, regardless of the

actual, but unknown, maturity of the CD's maturing in more than twelve full months.

SALES

Average maturity of negotiable time certificates of deposit sold

between survey dates are calculated in exactly the same way. That i s , they

are weighted averages calculated from the survey date with the assumption made

that all CD's nature 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 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.

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 o f t o t a l outstandings. As a result, the average maturity of sales ta

much more sensitive to month-to-month variation in the maturity structure of

sales than Is the case with the outstandings series. Thua. 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 referencea should be made to actual dollar ales b month.

Sales of CD's maturing In a particular month are often a large

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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