{"id":44334,"date":"2026-08-07T20:11:13","date_gmt":"2026-08-07T18:11:13","guid":{"rendered":"https:\/\/www.derivaty.sk\/?p=44334"},"modified":"2026-01-05T14:08:11","modified_gmt":"2026-01-05T13:08:11","slug":"penazny-trh-nastroje-kratkodobeho-financovania","status":"publish","type":"post","link":"https:\/\/www.autoskoly.sk\/news\/penazny-trh-nastroje-kratkodobeho-financovania\/","title":{"rendered":"Pe\u0148a\u017en\u00fd trh: N\u00e1stroje kr\u00e1tkodob\u00e9ho financovania"},"content":{"rendered":"<h2>Defin\u00edcia a miesto pe\u0148a\u017en\u00e9ho trhu v finan\u010dnom syst\u00e9me<\/h2>\n<p>Pe\u0148a\u017en\u00fd trh je segment finan\u010dn\u00e9ho trhu, na ktorom sa obchoduj\u00fa kr\u00e1tkodob\u00e9 finan\u010dn\u00e9 n\u00e1stroje s vysokou likviditou a n\u00edzkym kreditn\u00fdm rizikom, zvy\u010dajne so splatnos\u0165ou do jedn\u00e9ho roka (\u010dasto v\u00fdrazne krat\u0161ie \u2013 over-night a\u017e 3 mesiace). Prim\u00e1rnou funkciou pe\u0148a\u017en\u00e9ho trhu je umo\u017eni\u0165 \u00fa\u010dastn\u00edkom syst\u00e9mu efekt\u00edvne riadi\u0165 kr\u00e1tkodob\u00fa likviditu, premosti\u0165 \u010dasov\u00e9 nes\u00falady pr\u00edjmov a v\u00fddavkov a pren\u00e1\u0161a\u0165 impulzy menovej politiky do re\u00e1lnej ekonomiky.<\/p>\n<h2>Z\u00e1kladn\u00e9 funkcie a ekonomick\u00e1 \u00faloha<\/h2>\n<ul>\n<li><strong>Riadenie likvidity<\/strong> \u2013 banky, podniky a vl\u00e1dy m\u00f4\u017eu kr\u00e1tkodobo uklada\u0165 prebyto\u010dn\u00e9 peniaze alebo si ich po\u017ei\u010diava\u0165 na pokrytie okam\u017eit\u00fdch potrieb.<\/li>\n<li><strong>Cenotvorba kr\u00e1tkodob\u00fdch \u00farokov<\/strong> \u2013 sadzby pe\u0148a\u017en\u00e9ho trhu tvoria referen\u010dn\u00fd z\u00e1klad pre oce\u0148ovanie \u00faverov, deriv\u00e1tov a pe\u0148a\u017en\u00fdch fondov.<\/li>\n<li><strong>Transmisn\u00fd mechanizmus menovej politiky<\/strong> \u2013 centr\u00e1lne banky ovplyv\u0148uj\u00fa kr\u00e1tky koniec v\u00fdnosovej krivky prostredn\u00edctvom oper\u00e1ci\u00ed na vo\u013enom trhu, povinn\u00fdch minim\u00e1lnych rezerv a st\u00e1lych facilit.<\/li>\n<li><strong>Efekt\u00edvna alok\u00e1cia kapit\u00e1lu<\/strong> \u2013 do\u010dasne vo\u013en\u00e9 zdroje smeruj\u00fa k subjektom s kr\u00e1tkodob\u00fdm deficitom, \u010d\u00edm sa zni\u017euj\u00fa n\u00e1klady financovania v ekonomike.<\/li>\n<\/ul>\n<h2>Hlavn\u00e9 segmenty a in\u0161trumenty pe\u0148a\u017en\u00e9ho trhu<\/h2>\n<ul>\n<li><strong>Medzibankov\u00e9 vklady a \u00favery<\/strong> \u2013 nezabezpe\u010den\u00e9 (O\/N, T\/N, S\/N, 1W, 1M\u2026), sl\u00fa\u017eia na denn\u00e9 vyrovnanie likvidity.<\/li>\n<li><strong>Repo a reverzn\u00e9 repo obchody<\/strong> \u2013 zabezpe\u010den\u00e9 p\u00f4\u017ei\u010dky kryt\u00e9 kolater\u00e1lom (zvy\u010dajne vl\u00e1dne dlhopisy); k\u013e\u00fa\u010dov\u00e9 pre transmisn\u00fd mechanizmus i kolater\u00e1lov\u00fd ekosyst\u00e9m.<\/li>\n<li><strong>\u0160t\u00e1tne pokladni\u010dn\u00e9 pouk\u00e1\u017eky (T-Bills)<\/strong> \u2013 kr\u00e1tkodob\u00fd dlh \u0161t\u00e1tu, diskontn\u00e9 alebo kup\u00f3nov\u00e9 emisie so splatnos\u0165ou do 12 mesiacov.<\/li>\n<li><strong>Komun\u00e1lne a agent\u00farne pouk\u00e1\u017eky<\/strong> \u2013 kr\u00e1tke emisie miest\/agent\u00far s vysokou kvalitou.<\/li>\n<li><strong>Komer\u010dn\u00e9 papiere (Commercial Paper, CP)<\/strong> \u2013 nezabezpe\u010den\u00e9 kr\u00e1tkodob\u00e9 dlhopisy podnikov a b\u00e1nk.<\/li>\n<li><strong>Depozitn\u00e9 certifik\u00e1ty (CD)<\/strong> \u2013 kr\u00e1tkodob\u00e9 term\u00ednovan\u00e9 vklady vydan\u00e9 bankami, obchodovate\u013en\u00e9 na sekund\u00e1rnom trhu.<\/li>\n<li><strong>Bankov\u00e9 akcepty a zmenky<\/strong> \u2013 n\u00e1stroje obchodu a financovania z\u00e1sob, garantovan\u00e9 bankou.<\/li>\n<li><strong>Kr\u00e1tkodob\u00e9 deriv\u00e1ty na sadzby<\/strong> \u2013 OIS, FRA, kr\u00e1tke futures na sadzby; sl\u00fa\u017eia na hed\u017eing a cenotvorbu o\u010dak\u00e1van\u00ed.<\/li>\n<\/ul>\n<h2>\u00da\u010dastn\u00edci a motiv\u00e1cie<\/h2>\n<ul>\n<li><strong>Banky<\/strong> \u2013 vyrovnanie dennej poz\u00edcie rezerv, financovanie portf\u00f3lia cenn\u00fdch papierov, kolateralizovan\u00e9 financovanie (repo).<\/li>\n<li><strong>Centr\u00e1lna banka<\/strong> \u2013 poskytovate\u013e\/absorbent likvidity, kotva kr\u00e1tkodob\u00fdch sadzieb.<\/li>\n<li><strong>\u0160t\u00e1t a verejn\u00fd sektor<\/strong> \u2013 financovanie kr\u00e1tkodob\u00fdch hotovostn\u00fdch potrieb cez T-Bills.<\/li>\n<li><strong>Podniky a pois\u0165ovne<\/strong> \u2013 umiest\u0148ovanie prebyto\u010dnej hotovosti, vyd\u00e1vanie CP na prev\u00e1dzkov\u00e9 financovanie.<\/li>\n<li><strong>Pe\u0148a\u017en\u00e9 trhov\u00e9 fondy (MMF)<\/strong> \u2013 transformuj\u00fa kr\u00e1tkodob\u00e9 investi\u010dn\u00e9 potreby klientov do diverzifikovan\u00fdch portf\u00f3li\u00ed n\u00e1strojov pe\u0148a\u017en\u00e9ho trhu.<\/li>\n<li><strong>Broker-dealeri a CCP<\/strong> \u2013 sprostredkovanie obchodov, z\u00fa\u010dtovanie a riadenie rizika.<\/li>\n<\/ul>\n<h2>Kr\u00e1tkodob\u00e9 referen\u010dn\u00e9 sadzby a v\u00fdnosov\u00e1 krivka<\/h2>\n<p>Z\u00e1kladom cenotvorby s\u00fa <em>zabezpe\u010den\u00e9<\/em> (repo) a <em>nezabezpe\u010den\u00e9<\/em> (medzibankov\u00e9) sadzby. V euroz\u00f3ne sa uplat\u0148uj\u00fa najm\u00e4 <strong>\u20acSTR<\/strong> (overnight nezabezpe\u010den\u00e1 sadzba zalo\u017een\u00e1 na skuto\u010dn\u00fdch transakci\u00e1ch), <strong>EURIBOR<\/strong> (term\u00ednov\u00e9 medzibankov\u00e9 sadzby) a kr\u00e1tke <strong>repo sadzby<\/strong> (GC\/SC). Krivka pe\u0148a\u017en\u00e9ho trhu (O\/N a\u017e 12M) odr\u00e1\u017ea o\u010dak\u00e1vania oh\u013eadom bud\u00facej politiky centr\u00e1lnej banky, rizikov\u00e9 prir\u00e1\u017eky a likviditn\u00e9 podmienky.<\/p>\n<h2>Menovopolitick\u00e9 n\u00e1stroje a transmisia<\/h2>\n<ul>\n<li><strong>St\u00e1le facility<\/strong> \u2013 depozitn\u00e1 a refinan\u010dn\u00e1 sadzba vymedzuj\u00fa koridor pre O\/N sadzby.<\/li>\n<li><strong>Oper\u00e1cie na vo\u013enom trhu<\/strong> \u2013 hlavn\u00e9 a dlh\u0161ie refinan\u010dn\u00e9 oper\u00e1cie (\u010dasto vo forme reverzn\u00e9ho repo), cielen\u00e9 programy.<\/li>\n<li><strong>Povinn\u00e9 minim\u00e1lne rezervy<\/strong> \u2013 stabiliz\u00e1cia kr\u00e1tkodob\u00fdch sadzieb a riadenie \u0161truktur\u00e1lnej likvidity.<\/li>\n<li><strong>N\u00e1stroje riadenia kolater\u00e1lu<\/strong> \u2013 akceptovate\u013en\u00fd kolater\u00e1l, haircuts, prece\u0148ovanie (mark-to-market) ovplyv\u0148uj\u00fa n\u00e1klady zabezpe\u010den\u00e9ho financovania.<\/li>\n<\/ul>\n<h2>Oce\u0148ovanie typick\u00fdch n\u00e1strojov<\/h2>\n<p><strong>Diskontn\u00e9 cenn\u00e9 papiere (napr. T-Bills, CP)<\/strong> sa be\u017ene oce\u0148uj\u00fa diskontnou mierou na b\u00e1ze ACT\/360 (alebo 30\/360). Cena a v\u00fdnos s\u00fa prepojen\u00e9:<\/p>\n<p><code>Cena = Nomin\u00e1l \u00b7 (1 \u2212 d \u00b7 t)<\/code>, kde <em>d<\/em> je diskontn\u00e1 sadzba a <em>t<\/em> je zlomok roka.<br \/> <code>Money-Market Yield (MMY) \u2248 d<\/code>; <code>Bond-Equivalent Yield (BEY) = \\(\\frac{365}{360}\\) \u00b7 d<\/code> (pri ACT\/360).<\/p>\n<p><strong>Depozit s jednoduch\u00fdm \u00faro\u010den\u00edm<\/strong>: <code>FV = PV \u00b7 (1 + r \u00b7 t)<\/code> s b\u00e1zou ACT\/360; pre ekvivalent s ACT\/365 sa sadzba zodpovedne prepo\u010d\u00edta.<\/p>\n<p><strong>Repo (GC)<\/strong>: <code>Repo \u00farok = Cena \u00b7 r_repo \u00b7 t<\/code>; \u010dist\u00e9 v\u00fdnosy ovplyv\u0148uj\u00fa <em>haircuts<\/em> a <em>specialness<\/em> pri \u0161pecifickom kolater\u00e1li (SC repo, ke\u010f je konkr\u00e9tny dlhopis \u201evz\u00e1cny\u201c).<\/p>\n<h2>Rizik\u00e1 na pe\u0148a\u017enom trhu<\/h2>\n<ul>\n<li><strong>Kreditn\u00e9 riziko<\/strong> \u2013 najm\u00e4 pri nezabezpe\u010den\u00fdch vkladoch a CP; mitig\u00e1cia ratingom, limitmi a kolater\u00e1lom.<\/li>\n<li><strong>Likviditn\u00e9 riziko<\/strong> \u2013 stresov\u00e9 odlevy (run) v MMF alebo nedostatok kolater\u00e1lu; riadenie prostredn\u00edctvom LCR\/NSFR metriky a contingency funding pl\u00e1nov.<\/li>\n<li><strong>Trhov\u00e9 riziko sadzieb<\/strong> \u2013 citlivos\u0165 na zmeny O\/N a term\u00ednov\u00fdch sadzieb; hed\u017eing OIS\/FRA.<\/li>\n<li><strong>Kolater\u00e1lov\u00e9 a opera\u010dn\u00e9 riziko<\/strong> \u2013 pr\u00e1vna istota zabezpe\u010denia, kvalita marginingu, z\u00fa\u010dtovanie cez CCP\/triparty agenta.<\/li>\n<\/ul>\n<h2>Regula\u010dn\u00fd r\u00e1mec a limity<\/h2>\n<ul>\n<li><strong>Basel III\/IV<\/strong> \u2013 ukazovatele <em>LCR<\/em> (Liquidity Coverage Ratio) a <em>NSFR<\/em> (Net Stable Funding Ratio) ovplyv\u0148uj\u00fa dopyt po HQLA a \u0161trukt\u00faru kr\u00e1tkodob\u00e9ho financovania.<\/li>\n<li><strong>Regul\u00e1cia pe\u0148a\u017en\u00fdch fondov<\/strong> \u2013 kateg\u00f3rie (VNAV, CNAV, LVNAV) ur\u010duj\u00fa pravidl\u00e1 portf\u00f3lia, likviditn\u00e9 pufre a oce\u0148ovanie.<\/li>\n<li><strong>Trhov\u00e1 infra\u0161trukt\u00fara<\/strong> \u2013 pravidl\u00e1 pre repo (GMRA), transparentnos\u0165 obchodovania, reporting transakci\u00ed a benchmarkov.<\/li>\n<\/ul>\n<h2>Trhov\u00e1 infra\u0161trukt\u00fara a z\u00fa\u010dtovanie<\/h2>\n<p>Obchody prebiehaj\u00fa bilater\u00e1lne (OTC) alebo cez elektronick\u00e9 platformy; vyporiadanie zabezpe\u010duj\u00fa centr\u00e1lne depozit\u00e1re a platobn\u00e9 syst\u00e9my. V repo segmente rastie v\u00fdznam <strong>CCP clearingu<\/strong> a <strong>triparty<\/strong> \u0161trukt\u00far, ktor\u00e9 spravuj\u00fa kolater\u00e1l, haircuts a denn\u00e9 prece\u0148ovanie.<\/p>\n<h2>Zabezpe\u010den\u00e9 vs. nezabezpe\u010den\u00e9 financovanie<\/h2>\n<p>Zabezpe\u010den\u00e9 sadzby (repo) s\u00fa typicky ni\u017e\u0161ie, ke\u010f\u017ee verite\u013e dr\u017e\u00ed kolater\u00e1l; rozdiel oproti nezabezpe\u010den\u00fdm sadzb\u00e1m odr\u00e1\u017ea kreditn\u00e9 a likviditn\u00e9 prir\u00e1\u017eky syst\u00e9mu. V stresov\u00fdch obdobiach sa spread medzi t\u00fdmito segmentmi roz\u0161iruje, \u010do signalizuje zhor\u0161en\u00fa d\u00f4veru a dopyt po bezpe\u010dn\u00fdch akt\u00edvach.<\/p>\n<h2>Pr\u00edklad: ocenenie 6-mesa\u010dnej \u0161t\u00e1tnej pouk\u00e1\u017eky<\/h2>\n<p>Nominal 1 000 000 \u20ac, diskontn\u00e1 sadzba 3,20 % p.a., b\u00e1za ACT\/360, t = 0,5 roka.<br \/> <code>Cena = 1 000 000 \u00b7 (1 \u2212 0,032 \u00b7 0,5) = 984 000 \u20ac<\/code> (zanedb\u00e1vame detail ACT\/360 vs. presn\u00fd po\u010det dn\u00ed). <br \/> Ekvivalent BEY \u2248 3,20 % \u00b7 (365\/360) = 3,24 % p.a.<\/p>\n<h2>Pr\u00edklad: jednod\u0148ov\u00e9 GC repo<\/h2>\n<p>N\u00e1kup kolater\u00e1lu za 10 000 000 \u20ac, O\/N repo sadzba 2,80 % p.a., ACT\/360, t = 1\/360.<br \/> <code>\u00darok = 10 000 000 \u00b7 0,028 \u00b7 (1\/360) \u2248 777,78 \u20ac<\/code>. Pri haircute 2 % mus\u00ed dl\u017en\u00edk poskytn\u00fa\u0165 kolater\u00e1l s trhovou hodnotou ~10,204 mil. \u20ac.<\/p>\n<h2>Likviditn\u00e9 mana\u017ementov\u00e9 strat\u00e9gie<\/h2>\n<ul>\n<li><strong>Laddering splatnost\u00ed<\/strong> \u2013 rozlo\u017eenie term\u00ednov vkladov\/CP na O\/N \u2013 1W \u2013 1M \u2013 3M na plynul\u00e9 obnovovanie.<\/li>\n<li><strong>Kolater\u00e1lov\u00fd pool<\/strong> \u2013 optimaliz\u00e1cia medzi HQLA a v\u00fdnosnej\u0161\u00edm, no menej likvidn\u00fdm kolater\u00e1lom; dynamick\u00e9 alokovanie pod\u013ea haircuts.<\/li>\n<li><strong>Hed\u017eing sadzieb<\/strong> \u2013 OIS\/FRA na fix\u00e1ciu n\u00e1kladov financovania bud\u00facich emisi\u00ed CP alebo n\u00e1kupov T-Bills.<\/li>\n<\/ul>\n<h2>Pe\u0148a\u017en\u00e9 trhov\u00e9 fondy (MMF)<\/h2>\n<p>MMF s\u00fa n\u00e1stroje kolekt\u00edvneho investovania so zameran\u00edm na kr\u00e1tkodob\u00e9, vysoko likvidn\u00e9 akt\u00edva. Cie\u013eom je stabilita hodnoty, denn\u00e1 likvidita a n\u00edzka volatilita. D\u00f4le\u017eit\u00e9 s\u00fa limity na <em>WAM<\/em> (v\u00e1\u017een\u00e1 priemern\u00e1 splatnos\u0165), <em>WAL<\/em> (v\u00e1\u017een\u00e1 priemern\u00e1 \u017eivotnos\u0165), koncentr\u00e1ciu emitentov a kvalitu portf\u00f3lia.<\/p>\n<h2>\u00da\u010dtovn\u00e9 a da\u0148ov\u00e9 aspekty<\/h2>\n<p>Klasifik\u00e1cia n\u00e1strojov (amortizovan\u00e1 cena vs. re\u00e1lna hodnota), princ\u00edpy efekt\u00edvnej \u00farokovej miery a zaobch\u00e1dzanie s diskontom\/pr\u00e9miou ovplyv\u0148uj\u00fa vykazovanie v\u00fdnosov a regulat\u00f3rne ukazovatele. Repo obchody sa \u00fa\u010dtovne odli\u0161uj\u00fa pod\u013ea toho, \u010di ide o pr\u00e1vny predaj s dohodou sp\u00e4tn\u00e9ho odkupu alebo o kolateralizovan\u00fd \u00faver \u2013 rozhoduj\u00fa zmluvn\u00e9 podmienky a kontrola nad ekonomick\u00fdmi benefitmi akt\u00edva.<\/p>\n<h2>\u010cast\u00e9 chyby a praktick\u00e9 odpor\u00fa\u010dania<\/h2>\n<ol>\n<li><strong>Ignorovanie day-count konvenci\u00ed<\/strong> (ACT\/360 vs. ACT\/365) \u2013 sp\u00f4sobuje chybn\u00e9 porovnania sadzieb a v\u00fdnosov.<\/li>\n<li><strong>Podcenenie kolater\u00e1lovej kvality<\/strong> \u2013 \u0161pecifick\u00e9 (special) dlhopisy m\u00f4\u017eu do\u010dasne zn\u00ed\u017ei\u0165 repo sadzbu pod v\u0161eobecn\u00fa kolater\u00e1lov\u00fa \u00farove\u0148.<\/li>\n<li><strong>Nedostato\u010dn\u00e9 limity na emitentov<\/strong> pri CP\/CD \u2013 zvy\u0161uj\u00fa koncentr\u00e1ciu kreditn\u00e9ho rizika.<\/li>\n<li><strong>Nes\u00falad splatnost\u00ed<\/strong> medzi zdrojmi a pou\u017eit\u00edm \u2013 zvy\u0161uje refinan\u010dn\u00e9 riziko; vhodn\u00e9 je \u201eladderovanie\u201c a stresov\u00e9 scen\u00e1re.<\/li>\n<li><strong>Prece\u0148ovanie likvidity v strese<\/strong> \u2013 v kr\u00edzach sa sekund\u00e1rny trh m\u00f4\u017ee \u201ezatiahnu\u0165\u201c; dr\u017ea\u0165 primeran\u00fd podiel HQLA a rezervn\u00fdch liniek.<\/li>\n<\/ol>\n<h2>Preh\u013ead vybran\u00fdch in\u0161trumentov a ich charakterist\u00edk<\/h2>\n<table>\n<thead>\n<tr>\n<th>N\u00e1stroj<\/th>\n<th>Typ<\/th>\n<th>Zabezpe\u010denie<\/th>\n<th>Typick\u00fd tenor<\/th>\n<th>V\u00fdnos\/ocenenie<\/th>\n<th>Riziko<\/th>\n<th>Likvidita<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Medzibankov\u00fd vklad<\/td>\n<td>Vklad\/\u00faver<\/td>\n<td>Nie<\/td>\n<td>O\/N \u2013 3M<\/td>\n<td>Jednoduch\u00e9 \u00faro\u010denie ACT\/360<\/td>\n<td>Kreditn\u00e9 protistrany<\/td>\n<td>Vysok\u00e1<\/td>\n<\/tr>\n<tr>\n<td>Repo (GC)<\/td>\n<td>Zabezpe\u010den\u00e9 financ.<\/td>\n<td>\u00c1no (HQLA)<\/td>\n<td>O\/N \u2013 1M<\/td>\n<td>Repo sadzba, haircuts<\/td>\n<td>Kolater\u00e1lov\u00e9<\/td>\n<td>Ve\u013emi vysok\u00e1<\/td>\n<\/tr>\n<tr>\n<td>T-Bills<\/td>\n<td>Diskontn\u00fd dlh<\/td>\n<td>Neaplikuje sa<\/td>\n<td>1M \u2013 12M<\/td>\n<td>Diskont\/BEY<\/td>\n<td>N\u00edzke (\u0161t\u00e1t)<\/td>\n<td>Ve\u013emi vysok\u00e1<\/td>\n<\/tr>\n<tr>\n<td>Commercial Paper<\/td>\n<td>Diskontn\u00fd dlh<\/td>\n<td>Zvy\u010dajne nie<\/td>\n<td>7D \u2013 9M<\/td>\n<td>Diskont\/\u00farok<\/td>\n<td>Kreditn\u00e9 emitenta<\/td>\n<td>Stredn\u00e1 a\u017e vysok\u00e1<\/td>\n<\/tr>\n<tr>\n<td>CD<\/td>\n<td>Vkladov\u00fd papier<\/td>\n<td>Nie<\/td>\n<td>1M \u2013 12M<\/td>\n<td>Pevn\u00e1\/fix-float sadzba<\/td>\n<td>Emitenta banky<\/td>\n<td>Vysok\u00e1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Pe\u0148a\u017en\u00fd trh je chrbtovou kos\u0165ou kr\u00e1tkodob\u00e9ho financovania a riadenia likvidity. Pre investorov predstavuje n\u00edzko-rizikov\u00fa parkovaciu destin\u00e1ciu s vysokou likviditou, pre emitentov flexibiln\u00fd zdroj kr\u00e1tkeho kapit\u00e1lu a pre centr\u00e1lnu banku prim\u00e1rny kan\u00e1l transmisie menovej politiky. \u00daspe\u0161n\u00e1 prax na pe\u0148a\u017enom trhu si vy\u017eaduje d\u00f4sledn\u00fa pr\u00e1cu s referen\u010dn\u00fdmi sadzbami, presn\u00e9 oce\u0148ovanie (vr\u00e1tane day-count konvenci\u00ed), robustn\u00e9 limity kreditn\u00e9ho a kolater\u00e1lov\u00e9ho rizika a pripravenos\u0165 na stresov\u00e9 situ\u00e1cie.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pe\u0148a\u017en\u00fd trh obchoduje kr\u00e1tkodob\u00e9 n\u00e1stroje pre likviditu b\u00e1nk a firiem. K\u013e\u00fa\u010dov\u00e9 s\u00fa sadzby, repo a bezpe\u010dn\u00e9 \u0161t\u00e1tne pouk\u00e1\u017eky.<\/p>\n","protected":false},"author":47,"featured_media":84334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[652],"tags":[2324,2325,2318,2326,220,2279,2237,2327],"class_list":["post-44334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","tag-depozita","tag-kratkodobe","tag-likvidita","tag-medzibankovy","tag-penazny-trh","tag-repo","tag-sadzby","tag-t-bills"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pe\u0148a\u017en\u00fd trh: N\u00e1stroje kr\u00e1tkodob\u00e9ho financovania - Auto\u0161koly.sk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.autoskoly.sk\/news\/penazny-trh-nastroje-kratkodobeho-financovania\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pe\u0148a\u017en\u00fd trh: N\u00e1stroje kr\u00e1tkodob\u00e9ho financovania - Auto\u0161koly.sk\" \/>\n<meta property=\"og:description\" content=\"Pe\u0148a\u017en\u00fd trh obchoduje kr\u00e1tkodob\u00e9 n\u00e1stroje pre likviditu b\u00e1nk a firiem. 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