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1PNC defines our primary contingent liquidity sources as cash held at the Federal Reserve Bank, investment securities and unused 2borrowing capacity at the FHLB and Federal Reserve Bank. The following table summarizes our primary contingent liquidity sources 3at December 31, 2023 and December 31, 2022:4Table 27: Primary Contingent Liquidity Sources 5In billions December 31, 2023 December 31, 20226Cash balance with Federal Reserve Bank $ 43.3 $ 26.9 7Investment securities (a)  98.5 109.88Unused borrowing capacity from FHLB (b)  35.4 42.99Unused borrowing capacity from Federal Reserve Bank (c)  47.2 24.310    Total available contingent liquidity $ 224.4 $ 203.9 11(a) Represents the fair value of investment securities that are available for sale or that can be used for pledging or to secure other sources of funding.12(b) At December 31, 2023, total FHLB borrowing capacity was $73.4 billion and total FHLB borrowings were $38.0 billion. Comparable amounts at December 31, 2022 were 13$75.0 billion and $32.1 billion, respectively.14(c) Total borrowing capacity with the Federal Reserve Bank was $47.2 billion at December 31, 2023 and $24.3 at December 31, 2022. PNC had no outstanding borrowings with 15the Federal Reserve Bank at December 31, 2023 and 2022. 16Bank Liquidity17In addition to our primary contingent liquidity sources, under PNC Bank’s 2014 bank note program, as amended, PNC Bank may from 18time to time offer up to $40.0 billion aggregate principal amount outstanding at any one time of its unsecured senior and subordinated 19notes with maturity dates more than nine months (in the case of senior notes) and five years or more (in the case of subordinated notes) 20from their date of issue. At December 31, 2023, PNC Bank’s remaining capacity to issue under the program was $33.3 billion. 21Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to 22provide additional liquidity. As of December 31, 2023, there were no issuances outstanding under this program.23Additionally, PNC Bank may also access funding from the parent company through deposits placed at the bank or issuing 24intercompany senior unsecured notes. 25Parent Company Liquidity26In addition to managing liquidity risk at the bank level, we monitor the parent company’s liquidity. The parent company’s contractual 27obligations consist primarily of debt service related to parent company borrowings and funding non-bank affiliates. Additionally, the 28parent company maintains liquidity to fund discretionary activities such as paying dividends to our shareholders, share repurchases 29and acquisitions.30As of December 31, 2023, available parent company liquidity totaled $20.6 billion. Parent company liquidity is held in intercompany 31cash and investments. For investments with longer durations, the related maturities are aligned with scheduled cash needs, such as the 32maturity of parent company debt obligations.33The principal source of parent company liquidity is the dividends or other capital distributions it receives from PNC Bank, which may 34be impacted by the following:35• Bank-level capital needs,36• Laws, regulations and the results of supervisory activities, 37• Corporate policies,38• Contractual restrictions, and39• Other factors.40There are statutory and regulatory limitations on the ability of a national bank to pay dividends or make other capital distributions or to 41extend credit to the parent company or its non-bank subsidiaries. The amount available for dividend payments by PNC Bank to the 42parent company without prior regulatory approval was $6.3 billion at December 31, 2023. See Note 19 Regulatory Matters for further 43discussion of these limitations.44In addition to dividends from PNC Bank, other sources of parent company liquidity include cash and investments, as well as dividends 45and loan repayments from other subsidiaries and dividends or distributions from equity investments. We can also generate liquidity for 46the parent company and PNC’s non-bank subsidiaries through the issuance of debt and equity securities, including certain capital 47instruments, in public or private markets and commercial paper. Under the parent company’s 2014 commercial paper program, the 48parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At December 31, 2023, 49there were no issuances outstanding under this program.50 51The PNC Financial Services Group, Inc. –  2023 Form 10-K  71