Obyvatelia Slovenska maj\u00fa mo\u017enos\u0165 od 2. marca 2026 znovu svoje peniaze ulo\u017ei\u0165 do \u0161t\u00e1tnych dlhopisov SR. Objem emisie 400 mili\u00f3nov eur predstavuje z poh\u013eadu pe\u0148az\u00ed, ktor\u00e9 si \u0161t\u00e1t tento rok po\u017ei\u010dia, iba mal\u00fa \u010das\u0165 potrieb na pokrytie deficitu \u0161t\u00e1tneho rozpo\u010dtu.<\/p>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u013dubo\u0161 Pavelka, ekon\u00f3m<\/p>\n
\t\t\t\t\t\t\t\t02.03.2026 14:00 \t\t\t\t\t\t\t<\/p>\n
Slovensko \u017eije od svojho vzniku (1993) trvale na dlh, ktor\u00fd dosahuje cca 83\u00a0mili\u00e1rd eur. Iba na \u00farokoch \u0161t\u00e1t ro\u010dne zaplat\u00ed 2,30\u00a0miliardy eur. Tak\u017ee od ob\u010danov po\u017ei\u010dan\u00e9 peniaze bud\u00fa pre \u0161t\u00e1t predstavova\u0165 iba dvojmesa\u010dn\u00e9 \u00farokov\u00e9 n\u00e1klady na obsluhu\u00a0dlhu.<\/p>\n
Pri investovan\u00ed do \u0161t\u00e1tnych dlhopisov si \u013eudia klad\u00fa predov\u0161etk\u00fdm ot\u00e1zku, \u010di takto odlo\u017een\u00e9 peniaze pokryj\u00fa aspo\u0148 infl\u00e1ciu a \u010di ich n\u00e1hodou nebud\u00fa potrebova\u0165 sk\u00f4r, ako je ich splatnos\u0165. Zvoli\u0165 si m\u00f4\u017eu medzi dlhopismi s\u00a0n\u00e1zvom Investor II so splatnos\u0165ou dva roky s\u00a0\u00farokom 2,7\u00a0% p. a. a dlhopismi Patriot II so splatnos\u0165ou \u0161tyri roky s\u00a0\u00farokom 3\u00a0% p.\u00a0a.<\/p>\n
Dlhopisy na rozdiel od bankov\u00fdch vkladov alebo podnikov\u00fdch dlhopisov s\u00fa osloboden\u00e9 od zr\u00e1\u017ekovej dane (19\u00a4%) a \u013eudia si ich m\u00f4\u017eu vo vybran\u00fdch ve\u013ek\u00fdch bank\u00e1ch k\u00fapi\u0165 bez ak\u00fdchko\u013evek poplatkov.<\/p>\n
Pon\u00fakan\u00e9 v\u00fdnosy s\u00fa v\u0161ak ni\u017e\u0161ie ako o\u010dak\u00e1van\u00e1 miera infl\u00e1cie, ktor\u00e1 patr\u00ed u\u017e nieko\u013eko rokov medzi najvy\u0161\u0161ie v\u00a0euroz\u00f3ne. Pokia\u013e priemern\u00e1 infl\u00e1cia v\u00a0krajin\u00e1ch platiacich eurom je na \u00farovni cca 2,20\u00a0% ro\u010dne, u\u00a0n\u00e1s m\u00e1me probl\u00e9m stla\u010di\u0165 ju pod 4\u00a0%.<\/p>\n
Majite\u013e dlhopisov tak v\u00a0skuto\u010dnosti \u017eiadny re\u00e1lny v\u00fdnos z\u00a0takto ulo\u017een\u00fdch pe\u0148az\u00ed nedosiahne. Tak\u017ee pr\u00edvlastok patriot patr\u00ed viac-menej pre v\u0161etk\u00fdch \u013eud\u00ed, ktor\u00ed si dlhopisy k\u00fapia, ke\u010f\u017ee pri splatnosti dostan\u00fa z\u00a0poh\u013eadu k\u00fapnej sily pe\u0148az\u00ed menej ako investovali.<\/p>\n
\u00daro\u010denie novej emisie t\u00fdchto cenn\u00fdch papierov je o\u00a0nie\u010do ni\u017e\u0161ie ako prv\u00e1 emisia v\u00a0roku 2025.\u00a0Pod\u013ea zverejnen\u00fdch \u00fadajov viac ako 2\/3 dlhopisov k\u00fapili \u013eudia star\u0161\u00ed ako 65\u00a0rokov. To je \u00faplne logick\u00e9, ke\u010f\u017ee tak\u00e9to cenn\u00e9 papiere kupuj\u00fa v\u00e4\u010d\u0161inou konzervat\u00edvni investori, ktor\u00ed maj\u00fa averziu k\u00a0riziku kupova\u0165 akcie alebo vklada\u0165 vo\u013en\u00e9 zdroje do podielov\u00fdch fondov.<\/p>\n
Pr\u00e1ve z\u00a0d\u00f4vodu vekovej \u0161trukt\u00fary dlhopisov pre \u013eud\u00ed je d\u00f4le\u017eit\u00e9 vypl\u00e1canie \u00farokov z\u00a0nich.<\/p>\n
Hoci pre \u0161t\u00e1t je technicky problematick\u00e9 vypl\u00e1ca\u0165 \u00faroky ka\u017edoro\u010dne, stane sa tak. To je pre investorov z\u00a0radov seniorov ve\u013emi v\u00fdhodn\u00e9, preto\u017ee priebe\u017ene ka\u017edoro\u010dne vypl\u00e1can\u00e9 \u00faroky s\u00fa svoj\u00edm sp\u00f4sobom pr\u00eddavkom k\u00a013.\u00a0d\u00f4chodku, ktor\u00fd m\u00f4\u017eu pou\u017ei\u0165 pre svoju spotrebu.<\/p>\n
Zauj\u00edmav\u00fd je v\u00a0pr\u00edpade anal\u00fdzy \u00faro\u010denia dlhopisov pre ob\u010danov aj poh\u013ead na displej finan\u010dnej kalkula\u010dky. Ak zoberieme do \u00favahy ka\u017ed\u00fd rok splatn\u00e9 \u00faroky 3\u00a0% p. a., zodpoved\u00e1 to \u00farokovej sadzbe term\u00ednovan\u00e9ho vkladu banke vo v\u00fd\u0161ke 3,7\u00a0%. In\u00fdmi slovami povedan\u00e9, len pod touto percentu\u00e1lnou \u00farov\u0148ou infl\u00e1cie v\u00a0nasleduj\u00facich \u0161tyroch rokoch dok\u00e1\u017eu dlhopisy pre ob\u010danov porazi\u0165 infl\u00e1ciu.<\/p>\n
V\u00a0pr\u00edpade ak majite\u013e dlhopisov potrebuje peniaze sk\u00f4r, ako je splatnos\u0165 dlhopisu, m\u00f4\u017ee ho preda\u0165 za trhov\u00fa cenu. Ak by \u00farokov\u00e9 sadzby na trhu boli vy\u0161\u0161ie ako predstavuje pevn\u00fd \u00farok vydan\u00fdch dlhopisov, m\u00f4\u017ee ich majite\u013e z\u00edska\u0165 viac ako za dlhopis zaplatil. Plat\u00ed to v\u0161ak aj naopak, ke\u010f pri raste \u00farokov na trhu prerob\u00ed. No tieto transakcie u\u017e nie s\u00fa pre investorov bezplatn\u00e9.<\/p>\n
N\u00e1zory extern\u00fdch prispievate\u013eov nemusia vyjadrova\u0165 n\u00e1zor redakcie.<\/p>\n","protected":false},"excerpt":{"rendered":"Obyvatelia Slovenska maj\u00fa mo\u017enos\u0165 od 2. marca 2026 znovu svoje peniaze ulo\u017ei\u0165 do \u0161t\u00e1tnych dlhopisov SR. Objem emisie…\n","protected":false},"author":2,"featured_media":9065,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[5020,3758,588,43,40,44,39,42,45,41,5021,3747,5022],"class_list":{"0":"post-9064","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-slovensko","8":"tag-dlhopisy","9":"tag-investori","10":"tag-nazory","11":"tag-sk","12":"tag-slovak","13":"tag-slovak-republic","14":"tag-slovakia","15":"tag-slovencina","16":"tag-slovenska-republika","17":"tag-slovensko","18":"tag-stat","19":"tag-statne-dlhopisy","20":"tag-trinaste-dochodky"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/9064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/comments?post=9064"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/9064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media\/9065"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media?parent=9064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/categories?post=9064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/tags?post=9064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}