Iceland plans to make its first payments to the British and the Dutch later this year for debts which resulted from the collapse of the country’s banks, according to Reuters.

Icelandic Finance Minister Steingrimur Sigfusson told Reuters Insider Television, “In autumn the state should be ready to begin payments.”

He said it would not take many months before 30 to 40 percent of the main amount was repaid, but the remaining amount would take more time.

The Dutch and British governments want to be reimbursed four billion euros for the money they paid to Icesave account holders. 

Icesave was an internet bank which attracted customers in the UK and the Netherlands with high interest rates. It was a subsidiary of the Icelandic bank Landsbanki, before it went bankrupt during the financial crisis in 2008. The Dutch paid out 1.3 billion euros to help Dutch nationals who lost savings up to 100,000 euros.