{"id":42356,"date":"2026-04-01T13:42:42","date_gmt":"2026-04-01T13:42:42","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/42356\/"},"modified":"2026-04-01T13:42:42","modified_gmt":"2026-04-01T13:42:42","slug":"guverner-cnb-ales-michl-bere-vic-nez-sef-fedu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/42356\/","title":{"rendered":"Guvern\u00e9r \u010cNB Ale\u0161 Michl bere v\u00edc ne\u017e \u0161\u00e9f Fedu"},"content":{"rendered":"

\u010cesk\u00e1 n\u00e1rodn\u00ed banka (\u010cNB) zve\u0159ejnila \u00fadaje o\u00a0odm\u011b\u0148ov\u00e1n\u00ed a\u00a0benefitech vrcholn\u00e9ho veden\u00ed. Guvern\u00e9r Ale\u0161 Michl podle nich v\u00a0roce 2025\u00a0pobral \u010distou mzdu 6,85\u00a0milionu korun, tedy zhruba 571\u00a0tis\u00edc m\u011bs\u00ed\u010dn\u011b. Proti roku 2024, kdy jeho ro\u010dn\u00ed mzda \u010dinila 6,54\u00a0milionu, si polep\u0161il p\u0159ibli\u017en\u011b o\u00a0300\u00a0tis\u00edc korun.<\/p>\n

Ostatn\u00edch \u0161est \u010dlen\u016f bankovn\u00ed rady si podle Ro\u010dn\u00ed zpr\u00e1vy o\u00a0hospoda\u0159en\u00ed \u010cNB za rok 2025\u00a0vyd\u011blalo mezi 4,6\u00a0a\u00a05,6\u00a0milionu korun. Centr\u00e1ln\u00ed banka dokument v\u00a0\u00fater\u00fd p\u0159edstavila novin\u00e1\u0159\u016fm.<\/p>\n

Informace o\u00a0odm\u011bn\u00e1ch veden\u00ed centr\u00e1ln\u00ed banky ukazuj\u00ed, \u017ee v\u00a0mezin\u00e1rodn\u00edm srovn\u00e1n\u00ed s\u00a0dal\u0161\u00edmi centr\u00e1ln\u00edmi bank\u00e9\u0159i se Michl pohybuje sp\u00ed\u0161e n\u00ed\u017e. Nap\u0159\u00edklad guvern\u00e9r britsk\u00e9 centr\u00e1ln\u00ed banky Andrew Bailey pob\u00edral zhruba 13,9\u00a0milionu korun ro\u010dn\u011b a\u00a0prezidentka Evropsk\u00e9 centr\u00e1ln\u00ed banky Christine Lagardeov\u00e1 asi 11,8\u00a0milionu korun. V\u00a0obou p\u0159\u00edpadech jde o\u00a0\u00fadaje za rok 2024.<\/p>\n

P\u0159edseda americk\u00e9 centr\u00e1ln\u00ed banky (Fed) Jerome Powell m\u011bl pro rok 2025\u00a0podle ve\u0159ejn\u011b dostupn\u00fdch \u00fadaj\u016f n\u00e1rok na 250\u00a0600\u00a0dolar\u016f ro\u010dn\u011b, tedy v\u00a0p\u0159epo\u010dtu zhruba 5,3\u00a0milionu korun. To je m\u00e9n\u011b ne\u017e u\u00a0Michla, p\u0159esto\u017ee Powell vede nejvlivn\u011bj\u0161\u00ed centr\u00e1ln\u00ed banku sv\u011bta. Jeho plat je dan\u00fd feder\u00e1ln\u00ed platovou tabulkou pro nejvy\u0161\u0161\u00ed ve\u0159ejn\u00e9 \u010dinitele. <\/p>\n

Vedle z\u00e1kladn\u00edho platu m\u00e1 n\u00e1rok na standardn\u00ed zam\u011bstnaneck\u00e9 benefity, nikoli ale na bonusy \u010di v\u00fdkonnostn\u00ed odm\u011bny jako v\u00a0soukrom\u00e9m finan\u010dn\u00edm sektoru.<\/p>\n

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

Tak\u00e9 ve srovn\u00e1n\u00ed s\u00a0\u010desk\u00fdmi mana\u017eery a\u00a0\u0161\u00e9fy velk\u00fdch instituc\u00ed vych\u00e1z\u00ed Michl\u016fv p\u0159\u00edjem v\u00fdrazn\u011b n\u00ed\u017e ne\u017e odm\u011bny na vrcholu korpor\u00e1tn\u00ed sf\u00e9ry. Nap\u0159\u00edklad \u0161\u00e9f \u010cEZ Daniel Bene\u0161 m\u011bl v\u00a0roce 2024\u00a0p\u0159\u00edjem t\u00e9m\u011b\u0159 55\u00a0milion\u016f korun a\u00a0gener\u00e1ln\u00ed \u0159editel Monety Tom\u00e1\u0161 Spurn\u00fd 41,4\u00a0milionu korun.<\/p>\n

Mzdy \u010dlen\u016f bankovn\u00ed rady a\u00a0vedouc\u00edch zam\u011bstnanc\u016fJm\u00e9noRo\u010dn\u00ed \u010dist\u00e1 mzda (mil. K\u010d)Ale\u0161 Michl6,85Jan Frait5,61Eva Zamrazilov\u00e15,56Karina Kubelkov\u00e14,64Jan Kub\u00ed\u010dek4,63Jan Proch\u00e1zka4,61Jakub Seidler4,59Jm\u00e9noRo\u010dn\u00ed \u010dist\u00e1 mzda (mil. K\u010d)Jan Schmidt3,16Zuzana Silberov\u00e13,1Vladim\u00edr Tom\u0161\u00edk3,08Milan Zirns\u00e1k3,07Zden\u011bk Virius3,04Ladislav Kro\u010d\u00e1k3,03Daniel \u0160afr\u00e1nek2,98Libor Holub2,94Vojt\u011bch Belling2,92Simona Malovan\u00e12,89Vladim\u00edr Kruli\u0161 (do 30. 11. 2025)2,76Michaela Koz\u00e1kov\u00e1 (od 1. 4. 2025)2,12Petr Frydrych (od 1. 6. 2025)1,88Petr Sklen\u00e1\u0159 (od 1. 6. 2025)1,87Radek Urban (do 31. 3. 2025)0,54Pavel Zeman (do 17. 2. 2025)0,4Petr Kr\u00e1l (do 31. 1. 2025)0,27Helena Dybov\u00e1 (od 1. 12. 2025)0,16<\/p>\n

Zdroj: Ro\u010dn\u00ed zpr\u00e1va o\u00a0v\u00fdsledku hospoda\u0159en\u00ed \u010cNB<\/p>\n

Mezi ve\u0159ejn\u00fdmi institucemi je odstup men\u0161\u00ed. Gener\u00e1ln\u00ed \u0159editel Les\u016f \u010cR podle p\u0159ehledu pob\u00edr\u00e1 8,4\u00a0milionu korun ro\u010dn\u011b a\u00a0\u0161\u00e9f V\u0161eobecn\u00e9 zdravotn\u00ed poji\u0161\u0165ovny 6,9\u00a0milionu korun.<\/p>\n

\u010cNB z\u00e1rove\u0148 uv\u00e1d\u00ed, \u017ee mana\u017eersk\u00e9 benefity \u010dlen\u016f bankovn\u00ed rady a\u00a0vedouc\u00edch zam\u011bstnanc\u016f v\u00a0p\u0159\u00edm\u00e9 \u0159\u00edd\u00edc\u00ed p\u016fsobnosti rady odpov\u00eddaly v\u00a0pr\u016fm\u011bru 17\u00a0procent\u016fm jejich ro\u010dn\u00ed \u010dist\u00e9 mzdy.<\/p>\n

Benefity jsou ur\u010deny na zdrav\u00ed, regeneraci, osobn\u00ed rozvoj a\u00a0dopravu. Do roku 2024\u00a0m\u011bli tito mana\u017ee\u0159i vedle toho n\u00e1rok i\u00a0na bezplatn\u00e9 vyu\u017eit\u00ed slu\u017eebn\u00edho vozu, v\u010detn\u011b p\u0159\u00edsp\u011bvku na pohonn\u00e9 hmoty, od roku 2025\u00a0byl tento n\u00e1rok nahrazen p\u0159\u00edsp\u011bvkem na dopravu.<\/p>\n

Kurz poslal banku do ztr\u00e1ty<\/p>\n

Zve\u0159ejn\u011bn\u00e1 ro\u010dn\u00ed zpr\u00e1va se ale nev\u011bnuje jen odm\u011b\u0148ov\u00e1n\u00ed veden\u00ed. Hlavn\u00edm t\u00e9matem dokumentu je p\u0159edev\u0161\u00edm hospoda\u0159en\u00ed centr\u00e1ln\u00ed banky, kter\u00e9 v\u00a0roce 2025\u00a0v\u00fdrazn\u011b ovlivnil v\u00fdvoj kurzu koruny a\u00a0spr\u00e1va rozs\u00e1hl\u00fdch devizov\u00fdch rezerv.<\/p>\n

\u010cesk\u00e1 n\u00e1rodn\u00ed banka v\u00a0roce 2025\u00a0vyk\u00e1zala ztr\u00e1tu 73\u00a0miliard korun, p\u0159esto\u017ee jej\u00ed devizov\u00e9 rezervy vynesly rekordn\u00edch 253\u00a0miliard korun. Hlavn\u00edm d\u016fvodem z\u00e1porn\u00e9ho v\u00fdsledku bylo pos\u00edlen\u00ed koruny v\u016f\u010di dolaru i\u00a0dal\u0161\u00edm rezervn\u00edm m\u011bn\u00e1m. Pr\u00e1v\u011b kurzov\u00e1 ztr\u00e1ta podle \u010cNB dos\u00e1hla 224\u00a0miliard korun.<\/p>\n

Pokud by kurz z\u016fstal po cel\u00fd rok stabiln\u00ed, hospoda\u0159en\u00ed \u010cNB by podle jej\u00edho vy\u010d\u00edslen\u00ed skon\u010dilo ziskem p\u0159ibli\u017en\u011b 150\u00a0miliard korun. Centr\u00e1ln\u00ed banka ale z\u00e1rove\u0148 upozor\u0148uje, \u017ee po p\u0159edchoz\u00edch dvou ziskov\u00fdch letech nejde podle n\u00ed o\u00a0obrat k\u00a0hor\u0161\u00edmu, ale o\u00a0d\u016fsledek \u00fa\u010detn\u00edho p\u0159epo\u010dtu v\u00fdnos\u016f z\u00a0aktiv dr\u017een\u00fdch hlavn\u011b v\u00a0eurech a\u00a0dolarech do \u010desk\u00fdch korun.<\/p>\n

V roce 2023\u00a0skon\u010dila \u010cNB v\u00a0zisku 55\u00a0miliard korun, o\u00a0rok pozd\u011bji v\u00a0zisku 151\u00a0miliard. Za roky 2023\u00a0a\u017e 2025\u00a0banka vyk\u00e1zala kumulovan\u00fd zisk 133\u00a0miliard korun. K\u00a020.\u00a0b\u0159eznu leto\u0161n\u00edho roku pak hospoda\u0159ila s\u00a0pr\u016fb\u011b\u017en\u00fdm ziskem 95\u00a0miliard korun.<\/p>\n

V\u00fdsledek hospoda\u0159en\u00ed \u010cNB (v miliard\u00e1ch K\u010d)RokHospod\u00e1\u0159sk\u00fd v\u00fdsledekKumulovan\u00e1 ztr\u00e1ta ke konci roku2022-412-4872023 +55 -4292024+151 -277*2025 -73-350pr\u016fb\u011b\u017en\u00fd v\u00fdsledek k 20. 3. 2026+95-255<\/p>\n

Zdroj: Ro\u010dn\u00ed zpr\u00e1va o\u00a0v\u00fdsledku hospoda\u0159en\u00ed \u010cNB<\/p>\n

Zm\u011bna p\u0159\u00edstupu<\/p>\n

Guvern\u00e9r \u010cNB Ale\u0161 Michl p\u0159ipom\u00edn\u00e1, \u017ee veden\u00ed banky p\u0159eb\u00edral v\u00a0roce 2022\u00a0v\u00a0situaci, kdy kumulovan\u00e1 ztr\u00e1ta \u010dinila 487\u00a0miliard korun. Podle n\u011bj byl probl\u00e9m v\u00a0tom, \u017ee v\u00fdnosy z\u00a0aktiv, tedy hlavn\u011b z\u00a0devizov\u00fdch rezerv, byly n\u00edzk\u00e9 ve srovn\u00e1n\u00ed s\u00a0n\u00e1klady na pasiva.<\/p>\n

\u201eTo jsme podstatn\u011b zm\u011bnili. V\u00fdrazn\u011b jsme nav\u00fd\u0161ili dlouhodob\u00fd o\u010dek\u00e1van\u00fd v\u00fdnos aktiv, m\u00e1me v\u00edce akci\u00ed a\u00a0zlata. Z\u00e1rove\u0148 jsme sn\u00ed\u017eili n\u00e1klady na pasiva\u00a0\u2013 zv\u00fd\u0161ili jsme m\u00edru povinn\u00fdch minim\u00e1ln\u00edch rezerv bank a\u00a0p\u0159estali je \u00faro\u010dit. Odstranili jsme p\u0159\u00ed\u010dinu dlouhodob\u00e9ho probl\u00e9mu,\u201c \u0159\u00edk\u00e1.<\/p>\n

Podstatn\u00e9 podle Michla je, \u017ee aktiva ji\u017e jsou sestavena tak, \u017ee maj\u00ed dlouhodob\u011b vy\u0161\u0161\u00ed o\u010dek\u00e1van\u00fd v\u00fdnos, ne\u017e jsou p\u0159edpokl\u00e1dan\u00e9 n\u00e1klady na pasiva. \u201eBudou roky, kdy budeme ve ztr\u00e1t\u011b. Dlouhodob\u011b bychom ale m\u011bli b\u00fdt v\u00a0zisku. Pokud se vyrovn\u00e1 kumulativn\u00ed ztr\u00e1ta a\u00a0vytvo\u0159\u00ed se rezervn\u00ed fond, budou moci na\u0161i n\u00e1sledovn\u00edci v\u00a0souladu se z\u00e1konem o\u00a0\u010cNB odv\u00e1d\u011bt \u010d\u00e1st zisku do st\u00e1tn\u00edho rozpo\u010dtu,\u201c vysv\u011btluje guvern\u00e9r.<\/p>\n

Co jsou aktiva a\u00a0pasiva \u010cNBAktiva \u010cNB vyd\u011bl\u00e1vaj\u00ed – pat\u0159\u00ed sem hlavn\u011b devizov\u00e9 rezervy investovan\u00e9 do dluhopis\u016f, akci\u00ed nebo zlata.Pasiva \u010cNB naopak \u010dasto n\u011bco stoj\u00ed – nap\u0159\u00edklad \u00faroky, kter\u00e9 centr\u00e1ln\u00ed banka plat\u00ed komer\u010dn\u00edm bank\u00e1m z jejich ulo\u017een\u00fdch pen\u011bz.V\u00fdsledek hospoda\u0159en\u00ed pak ovliv\u0148uje i kurz koruny, proto\u017ee aktiva m\u00e1 \u010cNB z velk\u00e9 \u010d\u00e1sti v ciz\u00edch m\u011bn\u00e1ch, \u00fa\u010detnictv\u00ed ale vede v korun\u00e1ch.<\/p>\n

Pr\u00e1v\u011b devizov\u00e9 rezervy z\u016fst\u00e1vaj\u00ed hlavn\u00ed polo\u017ekou aktiv \u010cNB. Ke konci lo\u0148sk\u00e9ho roku m\u011bly hodnotu 3,6\u00a0bilionu korun. Za cel\u00fd rok se zhodnotily o\u00a010,3\u00a0procenta a\u00a0p\u0159inesly v\u00fdnos 253\u00a0miliard korun, co\u017e banka ozna\u010duje za historicky nejvy\u0161\u0161\u00ed v\u00fdsledek. Nejv\u00fdnosn\u011bj\u0161\u00ed slo\u017ekou rezerv byly akcie, kter\u00e9 vynesly 163\u00a0miliard korun.<\/p>\n

Centr\u00e1ln\u00ed banka do nich investuje p\u0159es akciov\u00e9 indexy a\u00a0na z\u00e1klad\u011b rozhodnut\u00ed bankovn\u00ed rady z\u00a0roku 2023\u00a0jejich pod\u00edl postupn\u011b zvy\u0161uje. Do roku 2029\u00a0maj\u00ed tvo\u0159it a\u017e 30\u00a0procent celkov\u00e9ho objemu devizov\u00fdch rezerv.<\/p>\n

Zlato vyd\u011blalo<\/p>\n

Vedle akci\u00ed banka navy\u0161uje tak\u00e9 objem zlata. To m\u00e1 v\u00a0rezerv\u00e1ch plnit hlavn\u011b diverzifika\u010dn\u00ed roli a\u00a0podle \u010cNB v\u00a0roce 2025\u00a0pom\u00e1halo m\u00edrnit dopad kurzov\u00fdch rozd\u00edl\u016f. Zisk z\u00a0investic do zlata \u010dinil za cel\u00fd rok 57\u00a0miliard korun. Ke konci lo\u0148ska m\u011bla centr\u00e1ln\u00ed banka t\u00e9m\u011b\u0159 72\u00a0tun zlata, p\u0159i\u010dem\u017e c\u00edlem je dostat se do roku 2028\u00a0na 100\u00a0tun. To by bylo nejv\u00edce v\u00a0historii \u010cesk\u00e9 republiky.<\/p>\n

Pr\u00e1v\u011b kurzov\u00fd v\u00fdvoj ale nakonec rozhodl o\u00a0tom, \u017ee rok 2025\u00a0skon\u010dil ztr\u00e1tou. \u010cNB uv\u00e1d\u00ed, \u017ee americk\u00fd dolar b\u011bhem roku na glob\u00e1ln\u00edch trz\u00edch oslaboval a\u00a0koruna v\u016f\u010di dolaru pos\u00edlila o\u00a015\u00a0procent. Proto\u017ee banka dr\u017e\u00ed v\u00fdnosov\u00e1 aktiva p\u0159ev\u00e1\u017en\u011b v\u00a0zahrani\u010dn\u00edch m\u011bn\u00e1ch, zat\u00edmco \u00fa\u010detnictv\u00ed vede v\u00a0korun\u00e1ch, siln\u011bj\u0161\u00ed \u010desk\u00e1 m\u011bna sn\u00ed\u017eila korunovou hodnotu t\u011bchto v\u00fdnos\u016f.<\/p>\n

Na stran\u011b pasiv z\u016fstaly v\u00fdznamnou n\u00e1kladovou polo\u017ekou \u00faroky vypl\u00e1cen\u00e9 bank\u00e1m z\u00a0jejich \u00falo\u017eek u\u00a0\u010cNB. V\u00a0roce 2025\u00a0dos\u00e1hly 100\u00a0miliard korun. I\u00a0to je ale podle centr\u00e1ln\u00ed banky v\u00fdrazn\u011b m\u00e9n\u011b ne\u017e v\u00a0p\u0159edchoz\u00edch letech, a\u00a0to d\u00edky poklesu \u00farokov\u00fdch sazeb i\u00a0d\u0159\u00edv\u011bj\u0161\u00edmu rozhodnut\u00ed ne\u00faro\u010dit povinn\u00e9 minim\u00e1ln\u00ed rezervy a\u00a0z\u00e1rove\u0148 zv\u00fd\u0161it jejich objem.<\/p>\n

Zpr\u00e1va se vedle samotn\u00e9ho hospoda\u0159en\u00ed v\u011bnuje tak\u00e9 provozu banky. N\u00e1klady na provoz spole\u010dn\u011b s\u00a0osobn\u00edmi n\u00e1klady loni meziro\u010dn\u011b vzrostly o\u00a03,4\u00a0procenta a\u00a0dos\u00e1hly zhruba 3,3\u00a0miliardy korun.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010cesk\u00e1 n\u00e1rodn\u00ed banka (\u010cNB) zve\u0159ejnila \u00fadaje o\u00a0odm\u011b\u0148ov\u00e1n\u00ed a\u00a0benefitech vrcholn\u00e9ho veden\u00ed. Guvern\u00e9r Ale\u0161 Michl podle nich v\u00a0roce 2025\u00a0pobral \u010distou…\n","protected":false},"author":2,"featured_media":42357,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[412,13106,2165,9623,703,98,99,558],"class_list":{"0":"post-42356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-praha","8":"tag-akcie","9":"tag-ales-michl","10":"tag-ceska-narodni-banka-cnb","11":"tag-koruna-ceska-kc","12":"tag-penize","13":"tag-prague","14":"tag-praha","15":"tag-zlato"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116329745202807864","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/42356","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=42356"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/42356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/42357"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=42356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=42356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=42356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}