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Investments in equity-accounted associates and joint ventures
 12 Months Ended
Oct. 31, 2022
Text Block [Abstract]  
Investments in equity-accounted associates and joint ventures
 
Note  25
 
Investments in equity-accounted associates and joint ventures
 

Joint ventures
CIBC is a 50/50 joint venture partner with The Bank of New York Mellon in two joint ventures: CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company (collectively referred to as CIBC Mellon), which provide trust and asset servicing, both in Canada. As at October 31, 2022, the carrying value of our investments in the joint ventures was $426 million (2021: $592 million), which was included in Corporate and Other.
As at October 31, 2022, loans to the joint ventures totalled nil (2021: $
5
 million) and undrawn credit commitments totalled $130 million (2021: $
122 million).
CIBC, The Bank of New York Mellon, and CIBC Mellon have, jointly and severally, provided indemnities to customers of the joint ventures in respect of securities lending transactions. See Note 2
1
for additional details.
There was no unrecognized share of losses of any joint ventures, either for the year or cumulatively. In 2022 and 2021, none of our joint ventures experienced any significant restrictions to transfer funds in the form of cash dividends or distributions, or repayment of loans or advances.
The following table provides the summarized aggregate financial information related to our proportionate interest in the equity-accounted joint ventures:

 
$ millions, for the year ended October 31
  
2022
 
 
2021
 
Net income
   
$
52
 
    $ 51  
OCI
   
 
    (218
)
 
          (44 ) 
Total comprehensive income
 (loss)
   
$
(166
)
 
    $ 7  
Associates
As at October 31, 2022, the total carrying value of our investments in associates was $206 million (2021: $66 million). These investments comprise: listed associates with a carrying value of $33 million (2021: nil) and a fair value of $33 million (2021: nil
), based on quoted prices in an active market categorized as level 1 valuation inputs within the fair value hierarchy;
and unlisted associates with a carrying value of $173 million (2021: $66 million) and a fair value of $197 million (2021: $89 million
), based on non-observable valuation inputs categorized as level 3 valuation inputs within the fair value hierarchy.
Of the total carrying value of our investments in associates, $18 million (2021: $9 million) was included in Canadian Personal and Business Banking, $33 million (2021:
nil) in Canadian Commercial Banking and Wealth Management, $7 million (2021: nil) in U.S. Commercial Banking and Wealth Management, $109 million (2021: $
37
million) in Capital Markets, and $
39
 million (2021: $
20
million) in Corporate and Other.
As at October 31, 2022, loans to associates totalled nil (2021: $
34
million) and undrawn credit commitments totalled $1 million (2021: $
1
million). We also had commitments to invest up to nil (2021: 
nil
) in our associates. 
There was no unrecognized share of losses of any associate, either for the year or cumulatively. In 2022 and 2021, none of our associates experienced any significant restrictions to transfer funds in the form of cash dividends or distributions, or repayment of loans or advances.
The following table provides the summarized aggregate financial information related to our proportionate interest in equity-accounted associates
:
 
$ millions, for the year ended October 31
  
2022
 
 
2021
 
Net income
 (loss)
   
$
(5
)
 
  
 $ 4  
OCI
   
 
–
 
  
   1  
Total comprehensive income
 (loss)
   
$
   (5
)
 
  
 $     5