On 29 July 2014, Ireland's Minister of State at the Department of Finance, Simon Harris TD, published the Irish Collective Asset-Management Vehicle (ICAV) Bill 2014. According to the press statement, the purpose of the proposed ICAV structure is to minimize the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland. The ICAV Bill and Explanatory Memorandum can be found on the Irish Department of Finance website.