They are the benefits that come from radio transactions through the CRTC. For example, there's a 6% levy on the amount that one pays in a transaction for a radio group. You might remember there was a large deal not that many years ago, maybe four or five years ago, between Astral and Standard, another between CHUM and CTV, and a recent one between Astral and Bell. All of these generated fairly large sums of tangible benefits. The board decided not to spend the money immediately but to set it aside for when those transactions weren't happening anymore.
We have a financial plan that shows the diminishment of those tangible benefits starting in about 2017. Then the reserve becomes an income generator, plus we're going to access the capital to keep FACTOR at a constant level of about $16 million, at least until 2020, so that far out. Beyond that, it just depends on the conditions.
I would say that was a prudent approach because if we hadn't done that and had started to invest the capital, we might see no FACTOR past 2020, or a very small FACTOR past 2020, and we couldn't meet the commitments we've built up in the industry today. The choice was made by the board at the time, and Susan may want to comment on it, but I think it was financially prudent. I think it was the right thing to do. I think we're now seeing the fruits of having made that decision.