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Mietavalkonten

English translation: rent guarantee accounts

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Mietavalkonten
English translation:rent guarantee accounts
Entered by: Emily Plank
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06:51 Apr 1, 2007
German to English translations [PRO]
Bus/Financial - Accounting / Annual Account Audit
German term or phrase: Mietavalkonten
In the section on Contingent Liabilities and other financial obligations:

"Bei der Privatbank sind Mietavalkonten eingerichtet, die mit 56 000 Euro in Anspruch genommen sind."

What sort of accounts are these? I guess literally they're something like "guarantee leasing accounts" but is there a proper term for them?

I would be very grateful if someone could actually help me translate this entire sentence, as I am also unsure of the best word for "in Anspruch nehmen" in this context. Would you use "draw upon"??

Many thanks for your help because finance is not my speciality!
Emily Plank
Australia
Local time: 15:13
rent guarantee account
Explanation:
Das Bankaval (von italienisch avallo - "Wechsel", dieses von arabisch hiwala - "Mandat", "Wechsel") umfasst als Sammelbegriff sowohl Bürgschaften und Garantien als auch Wechselbürgschaften, die ein Kreditinstitut im Auftrag eines ihrer Kunden gegenüber einem Dritten übernimmt. Der Begriff Aval stammt aus dem Italienischen und
steht für die Unterzeichnung eines Wechsels durch eine zusätzliche Person, die damit ebenso haftet wie der Aussteller des Wechsels.
http://www.blinkbits.com/de_wikifeeds/Bankaval

In order to allow CPAS structures to recover the rent guarantees granted for low-income people, the bank has also devised a reconstitution system allowing the CPAS to be – in the long run – automatically released from its commitments through the use of a
***rent guarantee account***.

As of December 31, 2005, Dexia Bank was managing – in different formats e.g. current accounts, debt mediation accounts and ***rent
guarantee accounts*** – some 100,000 social accounts for destitute and low-income people.

http://www.dexia.com/docs/2006/20060510_AG/VoletC_UK/2006051...

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Note added at 51 mins (2007-04-01 07:42:34 GMT)
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Mietaval: zur Absicherung eines Mietvertrages, die Kautionsstellung durch den Mieter kann entfallen.
http://www.blinkbits.com/de_wikifeeds/Bankaval
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casper
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46 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Mietavalkonto
rent guarantee account


Explanation:
Das Bankaval (von italienisch avallo - "Wechsel", dieses von arabisch hiwala - "Mandat", "Wechsel") umfasst als Sammelbegriff sowohl Bürgschaften und Garantien als auch Wechselbürgschaften, die ein Kreditinstitut im Auftrag eines ihrer Kunden gegenüber einem Dritten übernimmt. Der Begriff Aval stammt aus dem Italienischen und
steht für die Unterzeichnung eines Wechsels durch eine zusätzliche Person, die damit ebenso haftet wie der Aussteller des Wechsels.
http://www.blinkbits.com/de_wikifeeds/Bankaval

In order to allow CPAS structures to recover the rent guarantees granted for low-income people, the bank has also devised a reconstitution system allowing the CPAS to be – in the long run – automatically released from its commitments through the use of a
***rent guarantee account***.

As of December 31, 2005, Dexia Bank was managing – in different formats e.g. current accounts, debt mediation accounts and ***rent
guarantee accounts*** – some 100,000 social accounts for destitute and low-income people.

http://www.dexia.com/docs/2006/20060510_AG/VoletC_UK/2006051...

--------------------------------------------------
Note added at 51 mins (2007-04-01 07:42:34 GMT)
--------------------------------------------------

Mietaval: zur Absicherung eines Mietvertrages, die Kautionsstellung durch den Mieter kann entfallen.
http://www.blinkbits.com/de_wikifeeds/Bankaval

casper
Native speaker of: Native in EnglishEnglish
PRO pts in category: 33
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