{"id":202930,"date":"2026-09-04T16:48:13","date_gmt":"2026-09-04T16:48:13","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/202930\/"},"modified":"2026-09-04T16:48:13","modified_gmt":"2026-09-04T16:48:13","slug":"vlada-si-od-lidi-pujcila-desitky-miliard-dalsi-dluhopisy-nabidne-pred-vanoci","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/202930\/","title":{"rendered":"Vl\u00e1da si od lid\u00ed p\u016fj\u010dila des\u00edtky miliard, dal\u0161\u00ed dluhopisy nab\u00eddne p\u0159ed V\u00e1noci"},"content":{"rendered":"

\u201eSmyslem Dluhopisu Republiky je nab\u00eddnout ob\u010dan\u016fm v\u00fdnosn\u00fd a\u00a0spolehliv\u00fd zp\u016fsob zhodnocen\u00ed \u00faspor, d\u00edky kter\u00e9mu st\u00e1t diverzifikuje rizika a\u00a0m\u00edrn\u011b sn\u00ed\u017e\u00ed svou z\u00e1vislost na bank\u00e1ch a\u00a0velk\u00fdch investorech,\u201c uvedla Schillerov\u00e1.<\/p>\n

Podle ministryn\u011b to nen\u00ed tak, \u017ee by si st\u00e1t p\u0159es dom\u00e1cnosti p\u016fj\u010doval v\u00edce pen\u011bz. Jen \u010d\u00e1st pot\u0159eby financov\u00e1n\u00ed p\u0159esouv\u00e1 od velk\u00fdch investor\u016f, hlavn\u011b\u00a0bank, k\u00a0drobn\u00fdm st\u0159adatel\u016fm. \u201eNen\u00ed d\u016fvod, aby na st\u00e1tn\u00edm dluhu vyd\u011bl\u00e1valy jen oni, zat\u00edmco b\u011b\u017en\u00fd ob\u010dan tu mo\u017enost nem\u011bl,\u201c dodala \u0161\u00e9fka st\u00e1tn\u00ed kasy.<\/p>\n

Prvn\u00ed leto\u0161n\u00ed emise uk\u00e1zala, \u017ee z\u00e1jem lid\u00ed je zna\u010dn\u00fd. St\u00e1t p\u016fvodn\u011b po\u010d\u00edtal s\u00a0objemem 20\u00a0miliard korun, kv\u016fli vysok\u00e9 popt\u00e1vce ale limit nav\u00fd\u0161il a\u00a0ob\u010dan\u00e9 nakonec nakoupili dluhopisy za 74\u00a0miliard. O\u00a0stejnou \u010d\u00e1stku m\u00e9n\u011b tak podle ministerstva pot\u0159ebuje z\u00edskat na finan\u010dn\u00edch trz\u00edch.<\/p>\n

<\/a><\/p>\n

V \u010dervenci dr\u017eeli lid\u00e9 st\u00e1tn\u00ed dluhopisy za 130,7\u00a0miliardy korun, na za\u010d\u00e1tku roku to bylo 61,7\u00a0miliardy. Po\u010det dr\u017eitel\u016f vzrostl z\u00a052\u00a0tis\u00edc na 124\u00a0tis\u00edc.<\/p>\n

U druh\u00e9 emise, jej\u00ed\u017e upisovac\u00ed obdob\u00ed b\u011b\u017e\u00ed od 24.\u00a0srpna do 4.\u00a0\u0159\u00edjna, ministerstvo limit nestanovilo a\u00a0pr\u016fb\u011b\u017en\u00fd z\u00e1jem nezve\u0159ej\u0148uje. Nab\u00edz\u00ed pouze t\u0159\u00edm\u011bs\u00ed\u010dn\u00ed Flexi Bond s\u00a0v\u00fdnosem 3,75\u00a0procenta ro\u010dn\u011b.<\/p>\n

Dluhopisy pro ob\u010dany nejsou pro st\u00e1t zp\u016fsobem, jak si p\u016fj\u010dit levn\u011bji. Jejich v\u00fdznam spo\u010d\u00edv\u00e1 hlavn\u011b v\u00a0roz\u0161\u00ed\u0159en\u00ed okruhu investor\u016f, kte\u0159\u00ed financuj\u00ed \u010desk\u00fd dluh.<\/p>\n

\u201eSt\u00e1ty obecn\u011b pou\u017e\u00edvaj\u00ed retailov\u00e9 dluhopisy prim\u00e1rn\u011b s\u00a0c\u00edlem diverzifikace investorsk\u00e9 b\u00e1ze, \u010d\u00edm\u017e se sni\u017euje volatilita na stran\u011b popt\u00e1vky,\u201c uvedl analytik Komer\u010dn\u00ed banky Jarom\u00edr Gec. Podle n\u011bj m\u016f\u017ee b\u00fdt v\u00fdhodou i\u00a0sou\u010dasn\u00e1 situace na finan\u010dn\u00edch trz\u00edch. <\/p>\n

D\u00edky 74\u00a0miliard\u00e1m z\u00edskan\u00fdm od dom\u00e1cnost\u00ed m\u00e1 st\u00e1t p\u0159edfinancovanou v\u00fdznamnou \u010d\u00e1st leto\u0161n\u00ed pot\u0159eby. Ministerstvo financ\u00ed proto m\u016f\u017ee podle Gece v\u00a0dob\u011b zv\u00fd\u0161en\u00fdch v\u00fdnos\u016f na trz\u00edch do\u010dasn\u011b omezit emise dluhopis\u016f pro velk\u00e9 investory.<\/p>\n

Ministerstvo samo uv\u00e1d\u00ed, \u017ee Dluhopisy Republiky nejsou ani dra\u017e\u0161\u00ed, ani levn\u011bj\u0161\u00ed variantou financov\u00e1n\u00ed ne\u017e za kolik si p\u016fj\u010duje na trhu. V\u00fdnos nastavilo podle tr\u017en\u00edch podm\u00ednek.<\/p>\n

M\u016f\u017ee vyj\u00edt l\u00e9pe ne\u017e spo\u0159ic\u00ed \u00fa\u010det<\/p>\n

Pro dom\u00e1cnosti m\u016f\u017ee b\u00fdt nab\u00eddka st\u00e1tu zaj\u00edmav\u00e1. V\u00fdnos z\u00a0Dluhopisu Republiky je osvobozen od dan\u011b z\u00a0p\u0159\u00edjmu. \u00darok ze spo\u0159ic\u00edho \u00fa\u010dtu se naopak b\u011b\u017en\u011b dan\u00ed 15\u00a0procenty.<\/p>\n

\u201ePokud by tedy spo\u0159ic\u00ed \u00fa\u010det m\u011bl b\u00fdt pro klienta stejn\u011b atraktivn\u00ed jako Flexi Bond, musel by nab\u00edzet \u00farok zhruba 4,41\u00a0procenta, co\u017e u\u017e v\u00a0\u010cesku pravd\u011bpodobn\u011b nenajdete, anebo jen s\u00a0velmi specifick\u00fdmi podm\u00ednkami a\u00a0omezen\u00edmi. Tak\u017ee z\u00a0pohledu ob\u010dana se jedn\u00e1 o\u00a0velmi atraktivn\u00ed mo\u017enost,\u201c podotkl analytik spole\u010dnosti Investika V\u00edt Hradil.<\/p>\n

V\u00fdpo\u010det vych\u00e1z\u00ed z\u00a0toho, \u017ee \u00farok ze spo\u0159ic\u00edho \u00fa\u010dtu podl\u00e9h\u00e1 15procentn\u00ed dani, zat\u00edmco v\u00fdnos Flexi Bondu je od dan\u011b osvobozen. \u00darok 4,41\u00a0procenta na spo\u0159ic\u00edm \u00fa\u010dtu by tak po zdan\u011bn\u00ed odpov\u00eddal p\u0159ibli\u017en\u011b 3,75\u00a0procenta \u010dist\u00e9ho v\u00fdnosu.<\/p>\n

Hradil ale z\u00e1rove\u0148 upozor\u0148uje na omezenou dostupnost pen\u011bz. Flexi Bond m\u00e1 splatnost t\u0159i m\u011bs\u00edce, tak\u017ee se hod\u00ed hlavn\u011b pro pen\u00edze, kter\u00e9 \u010dlov\u011bk nebude pot\u0159ebovat okam\u017eit\u011b. Pokud chce investor po t\u0159ech m\u011bs\u00edc\u00edch pen\u00edze vyplatit, mus\u00ed o\u00a0to v\u010das po\u017e\u00e1dat, jinak se dluhopis automaticky vym\u011bn\u00ed za dal\u0161\u00ed emisi.<\/p>\n

Podle Gece p\u0159edstavuj\u00ed retailov\u00e9 st\u00e1tn\u00ed dluhopisy pro ob\u010dany konkurenci spo\u0159ic\u00edm \u00fa\u010dt\u016fm a\u00a0term\u00ednovan\u00fdm vklad\u016fm. Tak\u00e9 podle n\u011bj jejich atraktivitu zvy\u0161uje osvobozen\u00ed v\u00fdnosu od dan\u011b z\u00a0p\u0159\u00edjmu, proti tomu ale stoj\u00ed to, \u017ee pen\u00edze nejsou tak snadno dostupn\u00e9 jako na spo\u0159ic\u00edm \u00fa\u010dtu.<\/p>\n

St\u00e1tn\u00ed dluh v\u00a0prvn\u00edm pololet\u00ed vzrostl o\u00a049,2\u00a0miliardy korun na rekordn\u00edch 3,727\u00a0bilionu.<\/p>\n

Od Kalouska k\u00a0Schillerov\u00e9<\/p>\n

St\u00e1t za\u010dal spo\u0159ic\u00ed st\u00e1tn\u00ed dluhopisy pro ob\u010dany ve velk\u00e9m vyd\u00e1vat v\u00a0roce 2011\u00a0za ministra financ\u00ed Miroslava Kalouska. Objem dluhopis\u016f v\u00a0rukou ob\u010dan\u016f tehdy vystoupal a\u017e na 87\u00a0miliard korun.<\/p>\n

Schillerov\u00e1 program v\u00a0roce 2018\u00a0obnovila pod n\u00e1zvem Dluhopis Republiky a\u00a0do konce roku 2023\u00a0vzrostl objem dluhopis\u016f v\u00a0ob\u011bhu na 92,6\u00a0miliardy korun.<\/p>\n

Letos po obnoven\u00ed programu lid\u00e9 v\u00a0prvn\u00ed emisi nakoupili dal\u0161\u00ed dluhopisy za 74\u00a0miliard korun. <\/p>\n

Celkov\u00e1 jmenovit\u00e1 hodnota st\u00e1tn\u00edch dluhopis\u016f dr\u017een\u00fdch ob\u010dany dos\u00e1hla letos v\u00a0\u010dervenci 130,7\u00a0miliardy korun. Kolik k\u00a0t\u00e9to \u010d\u00e1stce p\u0159idaj\u00ed druh\u00e1 a\u00a0pl\u00e1novan\u00e1 t\u0159et\u00ed leto\u0161n\u00ed emise, zat\u00edm nen\u00ed jasn\u00e9. <\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\u201eSmyslem Dluhopisu Republiky je nab\u00eddnout ob\u010dan\u016fm v\u00fdnosn\u00fd a\u00a0spolehliv\u00fd zp\u016fsob zhodnocen\u00ed \u00faspor, d\u00edky kter\u00e9mu st\u00e1t diverzifikuje rizika a\u00a0m\u00edrn\u011b sn\u00ed\u017e\u00ed…\n","protected":false},"author":2,"featured_media":202931,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,26742,883,69,3737],"class_list":["post-202930","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-dluhopisy-republiky","tag-finance","tag-investice","tag-statni-dluh"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117213797687981133","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/202930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=202930"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/202930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/202931"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=202930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=202930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=202930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}