{"id":75673,"date":"2026-05-04T20:36:08","date_gmt":"2026-05-04T20:36:08","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/75673\/"},"modified":"2026-05-04T20:36:08","modified_gmt":"2026-05-04T20:36:08","slug":"cekame-na-rozhodnuti-starnoucich-bilych-muzu-ceska-sporitelna-spolu-s-trhem-propadly-hypotecnimu-mysteriu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/75673\/","title":{"rendered":"\u010cek\u00e1me na rozhodnut\u00ed st\u00e1rnouc\u00edch b\u00edl\u00fdch mu\u017e\u016f. \u010cesk\u00e1 spo\u0159itelna spolu s trhem propadly hypote\u010dn\u00edmu myst\u00e9riu"},"content":{"rendered":"

Hypote\u010dn\u00ed<\/a>\u00a0bank\u00e9\u0159i za\u010dali v posledn\u00edch p\u00e1r m\u011bs\u00edc\u00edch fungovat jen s m\u00edrnou nads\u00e1zkou jako alchymist\u00e9. Stanovit adekv\u00e1tn\u00ed sazbu u p\u016fj\u010dky na bydlen\u00ed tak, aby byla pro banku ziskov\u00e1 a z\u00e1rove\u0148 m\u011bla \u0161anci usp\u011bt u lid\u00ed, toti\u017e v posledn\u00edch m\u011bs\u00edc\u00edch pln\u00fdch ot\u0159es\u016f na finan\u010dn\u00edch trz\u00edch p\u0159estalo b\u00fdt trivi\u00e1ln\u00ed \u00falohou. Jen od po\u010d\u00e1tku konfliktu v \u00cdr\u00e1nu se toti\u017e trend prom\u011bnn\u00e9 kl\u00ed\u010dov\u00e9 pro stanoven\u00ed\u00a0hypote\u010dn\u00edch sazeb<\/a>\u00a0zm\u011bnil rovnou t\u0159ikr\u00e1t, a to v rozsahu a\u017e o n\u011bkolik des\u00edtek procent.\u00a0<\/p>\n

\u201eVolatilita cen mezibankovn\u00edch \u00fav\u011br\u016f se zat\u00edm do sazeb hypot\u00e9k v\u00fdrazn\u011bji neprom\u00edt\u00e1, proto\u017ee v\u00fdvoj je v sou\u010dasnosti p\u0159\u00edli\u0161 p\u0159ekotn\u00fd. V tuto chv\u00edli nen\u00ed jednozna\u010dn\u011b mo\u017en\u00e9 predikovat dlouhodob\u00fd pohyb,\u201c uv\u00e1d\u00ed mluv\u010d\u00ed \u010cesk\u00e9 spo\u0159itelny Filip Hrub\u00fd.\u00a0<\/p>\n

Poukazuje na to, \u017ee banka zdra\u017eila letos\u00a0hypot\u00e9ky<\/a>\u00a0jen o zhruba dv\u011b desetiny procentn\u00edho bodu, a\u010dkoli n\u00e1klady na zdroje jejich financov\u00e1n\u00ed vzrostly zhruba o trojn\u00e1sobek. \u201eTrhy, stejn\u011b jako v\u011bt\u0161ina lidstva, tak zkr\u00e1tka vy\u010dk\u00e1vaj\u00ed na dal\u0161\u00ed rozhodnut\u00ed st\u00e1rnouc\u00edch b\u00edl\u00fdch mu\u017e\u016f, ani\u017e by v tuto chv\u00edli dok\u00e1zaly p\u0159esn\u011b predikovat jejich glob\u00e1ln\u00ed dopady,\u201c dod\u00e1v\u00e1 Hrub\u00fd.\u00a0<\/p>\n

Za v\u0161\u00edm hledej Bl\u00edzk\u00fd v\u00fdchod<\/p>\n

Brut\u00e1ln\u00ed zlom p\u0159inesl samotn\u00fd za\u010d\u00e1tek konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b, kdy finan\u010dn\u00ed trhy vyd\u011b\u0161en\u00e9 novou v\u00e1lkou za\u010daly prakticky p\u0159es noc po\u017eadovat za p\u016fj\u010dky podstatn\u011b vy\u0161\u0161\u00ed \u00farok. To se dotklo i takzvan\u00fdch \u00farokov\u00fdch swap\u016f, tedy finan\u010dn\u00edho instrumentu na mezibankovn\u00edm trhu, kter\u00fd m\u00e1 rozhoduj\u00edc\u00ed \u00falohu p\u0159i stanoven\u00ed hypote\u010dn\u00edch sazeb koncov\u00fdm z\u00e1jemc\u016fm.\u00a0<\/p>\n

Swapy po za\u010d\u00e1tku konfliktu vyl\u00e9tly tak\u0159ka o t\u0159etinu vzh\u016fru a do po\u010d\u00e1tku kv\u011btna zm\u011bnily sm\u011br je\u0161t\u011b dvakr\u00e1t. \u201eJe to velmi volatiln\u00ed a odpov\u00edd\u00e1 to nejistot\u011b, kter\u00e1 na trz\u00edch panuje. Bohu\u017eel se situace nezklid\u0148uje,\u201c zd\u016fraz\u0148uje hypote\u010dn\u00ed expert firmy Broker Trust Libor Vojta Ostatek.\u00a0<\/p>\n

Duben sice podle Swiss Life Hypoindexu p\u0159inesl nejsiln\u011bj\u0161\u00ed zdra\u017een\u00ed hypot\u00e9k od l\u00e9ta roku 2022, ale v pr\u016fm\u011bru \u0161lo \u201ejen\u201c o necel\u00e9 t\u0159i desetiny procentn\u00edho bodu, klienti tak zat\u00edm doplatili jen na \u010d\u00e1st ot\u0159esu mezibankovn\u00edho trhu.\u00a0\u00a0<\/p>\n

\u201eNem\u016f\u017eeme nahodit o p\u016fl procenta vy\u0161\u0161\u00ed sazbu. Mus\u00edme je ale \u010dast\u011bji m\u011bnit, hl\u00eddat situaci na denn\u00ed b\u00e1zi a rychle reagovat. Pr\u00e9mii za nejistotu si jednodu\u0161e nem\u016f\u017eeme dovolit, proto\u017ee jsme v konkuren\u010dn\u00edm prost\u0159ed\u00ed,\u201c popisuje pr\u00e1ci bank\u00e9\u0159\u016f \u0161\u00e9f hypote\u010dn\u00edch \u00fav\u011br\u016f v Raiffeisenbank Milan Vold\u0159ich.\u00a0<\/p>\n

Souboj banka vs. klient<\/p>\n

Banky p\u0159itom lav\u00edruj\u00ed mezi v\u00fd\u0161\u00ed sv\u00fdch mar\u017e\u00ed, kter\u00e9 aktu\u00e1ln\u011b eroduj\u00ed, a v\u00fd\u0161\u00ed je\u0161t\u011b akceptovateln\u00fdch sazeb z\u00e1jemci o \u00fav\u011br. \u201eBanky jsou, co do mar\u017ee, v tenzi. Pokud jde o stanoven\u00ed sazeb, funguje velmi siln\u00fd konkuren\u010dn\u00ed boj, kter\u00fd je letos nejsiln\u011bj\u0161\u00ed za posledn\u00ed \u010dty\u0159i roky,\u201c zd\u016fraz\u0148uje Ostatek.\u00a0<\/p>\n

Ve v\u00fdsledku tak bank\u00e9\u0159i prozat\u00edm skl\u00e1daj\u00ed ruce do kl\u00edna. \u201eKa\u017edop\u00e1dn\u011b plat\u00ed, \u017ee te\u010f zdra\u017eov\u00e1n\u00ed nepl\u00e1nujeme, prost\u011b jako v\u0161ichni sed\u00edme a \u010dek\u00e1me, co se bude d\u00edt,\u201c dod\u00e1v\u00e1 Hrub\u00fd.\u00a0<\/p>\n

V tuzemsk\u00e9m kontextu zjednodu\u0161en\u011b plat\u00ed, \u017ee hypote\u010dn\u00ed sazby vznikaj\u00ed jako sou\u010det hodnot \u00farokov\u00fdch swap\u016f a bankovn\u00ed mar\u017ee na \u00farovni kolem jednoho procentn\u00edho bodu. \u201eLetos v b\u0159eznu a dubnu vid\u00edme dva p\u0159\u00edstupy tuzemsk\u00fdch bank k trhu. Na jedn\u00e9 stran\u011b agresivn\u00ed zdra\u017eov\u00e1n\u00ed jako v p\u0159\u00edpad\u011b \u010cSOB \u010di Monety, na druh\u00e9 stran\u011b pak konzervativn\u00ed p\u0159\u00edstup, v n\u011bm\u017e men\u0161\u00ed hr\u00e1\u010di n\u011bkdy z\u00e1m\u011brn\u011b nech\u00e1vaj\u00ed sazbu o n\u011bco n\u00ed\u017ee, aby nabrali objemy, ale omez\u00ed platnost nab\u00eddek,\u201c p\u0159ipom\u00edn\u00e1 ekonom realitn\u00edho port\u00e1lu Videobydleni.cz Jakub Veverka.\u00a0<\/p>\n

Z v\u00fdvoje hypote\u010dn\u00edch cen\u00edk\u016f nicm\u00e9n\u011b vypl\u00fdv\u00e1 typick\u00e1 \u201eob\u011b\u0165\u201c ot\u0159es\u016f z posledn\u00edch m\u011bs\u00edc\u016f. A to jsou z\u00e1jemci o kr\u00e1tkodob\u011bj\u0161\u00ed fixace \u00farokov\u00fdch sazeb od jednoho do t\u0159\u00ed let, kte\u0159\u00ed v sou\u010dasnosti tvo\u0159\u00ed rozhoduj\u00edc\u00ed v\u011bt\u0161inu hypote\u010dn\u00edho trhu. \u201eKrat\u0161\u00ed fixace zdra\u017euj\u00ed rychleji ne\u017e ty dlouh\u00e9. Je to proto, \u017ee trh aktu\u00e1ln\u011b v\u00edce trest\u00e1 nejistotu v horizontu nejbli\u017e\u0161\u00edch let. Banky tak de facto odrazuj\u00ed od kr\u00e1tk\u00fdch fixac\u00ed, kter\u00e9 jsou pro n\u011b moment\u00e1ln\u011b nejh\u016f\u0159e \u0159iditeln\u00e9 z pohledu rizika,\u201c p\u0159ipom\u00edn\u00e1 Veverka.\u00a0<\/p>\n

Pokud by konflikt na Bl\u00edzk\u00e9m v\u00fdchod\u011b d\u00e1le eskaloval, banky by se podle expert\u016f neubr\u00e1nily dal\u0161\u00edmu skokov\u00e9mu zdra\u017een\u00ed hypot\u00e9k. Stalo by se tak, pokud by n\u00e1klady bank na hypote\u010dn\u00ed zdroje vzrostly nap\u0159\u00edklad v p\u0159\u00edpad\u011b t\u0159\u00edlet\u00fdch fixac\u00ed nad zhruba 4,5 procenta. Takov\u00e9 \u00faroky na mezibankovn\u00edch trz\u00edch vl\u00e1dly naposledy v z\u00e1v\u011bru roku 2023, kdy centr\u00e1ln\u00ed banky v\u010detn\u011b tuzemsk\u00e9 dobojov\u00e1valy sv\u00e9 bitvy s inflac\u00ed.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Hypote\u010dn\u00ed\u00a0bank\u00e9\u0159i za\u010dali v posledn\u00edch p\u00e1r m\u011bs\u00edc\u00edch fungovat jen s m\u00edrnou nads\u00e1zkou jako alchymist\u00e9. Stanovit adekv\u00e1tn\u00ed sazbu u p\u016fj\u010dky…\n","protected":false},"author":2,"featured_media":75674,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[11611,24438,67,68,994,9429,1313,808,15178,10255,11737],"class_list":{"0":"post-75673","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-banka","9":"tag-broker-trust","10":"tag-business","11":"tag-byznys","12":"tag-ceska-sporitelna","13":"tag-ceskoslovenska-obchodni-banka","14":"tag-hypoteka","15":"tag-iran","16":"tag-moneta-bank","17":"tag-raiffeisenbank","18":"tag-valka-v-iranu"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116518229653667907","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/75673","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=75673"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/75673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/75674"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=75673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=75673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=75673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}