The market in sterling certificates of deposit was described in an article in the Bulletin last December. It was, however, then possible to give only a limited amount of information about the maturities of these instruments, as the returns made regularly by the banks at the end of each month relate only to the maturities of the certificates that they have issued, and not to those that they hold. The only information normally available concerning the maturity distribution of holdings of certificates is limited to those of the discount houses and a few banks which together make the secondary market. This information also relates to the month's end, and is published by the Bank, along with some other information concerning the maturities of issues and of certificates traded in the secondary market, in a series of monthly press notices.
Sterling certificates of deposit and the inter-bank market