Charakteristika úrokových mier
Úroková miera je suma úroku platená za jednotku času. Inými slovami ako odmena za možnosť vypožičania fondov musia ľudia zaplatiť určitú ročnú sumu. Úrokovú mieru predstavujú náklady na vypožičanie fondov, ktoré sa merajú ročne v dolároch (eurách) za jeden vypožičaný dolár (euro).
Základné rozdelenie úrokových mier
Poznáme nominálnu a reálnu úrokovú mieru (sadzbu). Nominálna úroková miera je bežná úroková miera uvedená v zmluve, alebo v úrokovom lístku banky, ktorá však na rozdiel od reálnej úrokovej miery neodráža vplyv očakávanej inflácie. Reálna úroková miera zohľadňuje vplyv očakávanej inflácie. Ide teda o rozdiel medzi nominálnou úrokovou mierou a očakávanou infláciou. V prípade vkladov je z dlhodobého hľadiska dôležité, aby reálna úroková miera mala kladnú hodnotu. Jej záporná hodnota znamená, že v sledovanom období miera inflácie je vyššia ako ponúkaná nominálna úroková miera.
Euribor a Eonia sadzby
Keďže banky určujú úrokové sadzby na vklady a úvery na základe očakávanej miery inflácie a medzibankových úrokových sadzieb, vysvetlíme si niektoré pojmy. Zaujímať nás budú predovšetkým refinančné úrokové sadzby EURIBOR a EONIA.
Euribor sadzba
EURIBOR / EURIBID je priemerná úroková sadzba referenčných bánk, za ktorú sú tieto banky na medzibankovom trhu ochotné peňažné prostriedky – požičať (EURIBOR) alebo si ich požičať (EURIBID). [6] EURIBOR je sadzba, za ktorú sú euro termínové vklady ponúkané jednou bankou inej banke na medzibankovom trhu. Zverejňovaná je o 11:00 SEČ pre spotovú hodnotu (T+2).
Eonia sadzba
EONIA (Euro OverNight Index Average) je referenčná sadzba pre skutočne realizované jednodňové obchody v euro. Vypočíta sa ako vážený priemer všetkých jednodňových nezabezpečených úverových transakcií, ktoré sa uskutočnili na medzibankovom trhu krajín eurozóny, medzi dvoma prispievajúcimi bankami.
Nasledujúci obrázok nám znázorňuje zmeny refinančnej sadzby EURIBOR na medzibankovom trhu. Všimnime si predovšetkým rast sadzby v rokoch od 2006 až po vypuknutie krízy. V porovnaní s grafom znázorňujúcim vývoj inflácie v eurozóne by sa dalo povedať, že sadzba EURIBOR tento graf čiastočne kopírovala. Rozdiel bol čiastočne len v desatinách (vyššie pre EURIBOR), nakoľko pri percentuálne vyššej inflácii by veritelia prichádzali o peniaze.
Prudký pokles sadzby EURIBOR v roku 2009 opäť odzrkadľuje vývoj inflácie, ktorá sa v eurozóne po vypuknutí krízy prepadla až do záporných čísel, teda do deflácie. Následné operácie ECB na podporu bánk zasiahnutých krízou, taktiež poskytnutie likvidity v podobe dlhodobých refinančných operácií vyhnali sadzby spoločne s infláciou opäť mierne nahor, no napriek tomu sme v posledných rokoch svedkami klesajúcej inflácie a zároveň rekordne nízkych sadzieb.
Vývoj úrokových sadzieb ECB
Úroková sadzba hlavných refinančných operácii bola po celý rok 2010 na úrovni 1,00%, úroková sadzba jednodňových sterilizačných operácií na úrovni 0,25% a úroková sadzba jednodňových refinančných operácií na úrovni 1,75%. Pozitívny vývoj na peňažnom trhu v priebehu roka 2009 umožnil, aby sa začiatkom roka 2010 postupne rušili niektoré neštandardné opatrenia, ktoré boli prijaté na podporu fungovania transmisného mechanizmu menovej politiky.
Vypracovanie GDPR dokumentácie od externej firmy šetrí vaše náklady
General Data Protection Regulation nadobudla účinnosť 25.5.2018. GDPR sa týka každého kto zhromažďuje a spracováva osobné údaje, vrátane spoločností a inštitúcií mimo EÚ, ktoré pôsobia na našom trhu. S vypracovním GDPR dokumentácie vám profesionálne pomôže spoločnosť SAFEDATA. GDPR po novom zaviedlo povinne zriadiť niektorým subjektom novú funkciu DPO (Data Protection Officer) osobu, ktorá bude dohliadať nad spracovaní osobných údajov.
Záporná úroková sadzba ECB
Podľa tlačovej správy ECB z 5. júna 2014, ECB zavádza zápornú úrokovú sadzbu pre jednodňové sterilizačné operácie. Táto záporná sadzba sa vzťahuje aj na priemerné rezervy držané nad rámec povinných minimálnych rezerv a ďalšie vklady v Eurosystéme. Úroková sadzba jednodňových sterilizačných operácií tak nadobudla hodnotu -0,10%.
Ako dlho bude držať ECB svoje úrokové sadzby na tak nízkych hodnotách je otázne, jej cieľom však je dostať infláciu pod kontrolu a na hodnotu 2%. Teoreticky by sa pri zvyšovaní inflácie mohli opäť zvyšovať úrokové sadzby, no či tieto kroky ECB postačia k jej cieľom nie je známe a zrejme len čas ukáže ako sa budú nami skúmané veličiny vyvíjať.
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