{"id":65821,"date":"2024-11-09T00:34:57","date_gmt":"2024-11-08T23:34:57","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=65821"},"modified":"2024-11-08T14:30:51","modified_gmt":"2024-11-08T13:30:51","slug":"svycarske-narodni-bohatstvi-v-rukou-state-street-blackrock-a-vanguard-kompenzacni-fond-vyvolava-rozruch","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2024\/11\/09\/svycarske-narodni-bohatstvi-v-rukou-state-street-blackrock-a-vanguard-kompenzacni-fond-vyvolava-rozruch\/","title":{"rendered":"\u0160v\u00fdcarsk\u00e9 n\u00e1rodn\u00ed bohatstv\u00ed v rukou State Street, BlackRock a Vanguard. Kompenza\u010dn\u00ed fond vyvol\u00e1v\u00e1 rozruch"},"content":{"rendered":"
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\u201e\u0160v\u00fdcarsk\u00e9 n\u00e1rodn\u00ed bohatstv\u00ed v rukou USA\u201c? Politici kritizuj\u00ed kompenza\u010dn\u00ed fond AHV za zm\u011bnu depozit\u00e1\u0159e z UBS na State Street. To je\u00a0<\/span>titulek v NZZ.<\/span><\/a><\/p>\n

NZZ pokra\u010duje:<\/span><\/p>\n

„V extr\u00e9mn\u00edch p\u0159\u00edpadech by depozitn\u00ed banka mohla odm\u00edtnout dodat cenn\u00e9 pap\u00edry.“ Z\u00e1jmy USA a \u0160v\u00fdcarska nejsou v\u017edy v souladu. Kdy\u017e bylo nap\u0159\u00edklad zru\u0161eno bankovn\u00ed tajemstv\u00ed, vid\u011bli jsme, jak tvrd\u011b prosazuj\u00ed Ameri\u010dan\u00e9 sv\u00e9 z\u00e1jmy, kdy\u017e jsou na pochyb\u00e1ch, \u0159\u00edk\u00e1 Matter. V extr\u00e9mn\u00edch p\u0159\u00edpadech by depozitn\u00ed banka mohla odm\u00edtnout dod\u00e1n\u00ed cenn\u00fdch pap\u00edr\u016f. V p\u0159\u00edpad\u011b nouze m\u00e1 Spolkov\u00e1 rada lep\u0161\u00ed mo\u017enosti, jak jednat se \u0161v\u00fdcarskou bankou.<\/span><\/strong><\/em><\/p>\n

Koment\u00e1\u0159:<\/span><\/p>\n

Ned\u00e1vn\u00e1 zm\u011bna depozit\u00e1\u0159e \u0161v\u00fdcarsk\u00e9ho kompenza\u010dn\u00edho fondu AHV na americkou banku State Street vyvolala ve \u0160v\u00fdcarsku bou\u0159liv\u00e9 diskuse. St\u00e1le v\u00edce politik\u016f a ob\u010dan\u016f si klade ot\u00e1zku: Je \u0161v\u00fdcarsk\u00e9 n\u00e1rodn\u00ed bohatstv\u00ed nyn\u00ed pod kontrolou USA? Tento krok, kter\u00fd se na prvn\u00ed pohled m\u016f\u017ee zd\u00e1t \u010dist\u011b administrativn\u00ed, vyn\u00e1\u0161\u00ed na sv\u011btlo hlub\u0161\u00ed, potenci\u00e1ln\u011b problematick\u00e9 souvislosti \u2013 a upozor\u0148uje na obrovsk\u00fd vliv, kter\u00fd maj\u00ed ameri\u010dt\u00ed spr\u00e1vci aktiv jako BlackRock, Vanguard a State Street na cvi\u010den\u00ed \u0160v\u00fdcarska v glob\u00e1ln\u00edm finan\u010dn\u00edm sv\u011bt\u011b.<\/span><\/p>\n

Vliv \u201evelk\u00e9 trojky\u201c: V\u00edce ne\u017e jen banky<\/span><\/h3>\n

Velc\u00ed spr\u00e1vci aktiv jako BlackRock a Vanguard jsou ji\u017e v\u00fdznamn\u00fdmi hr\u00e1\u010di na glob\u00e1ln\u00edm finan\u010dn\u00edm trhu a dr\u017e\u00ed v\u00fdznamn\u00e9 pod\u00edly ve spole\u010dnostech, jako je State Street. Konkr\u00e9tn\u011b The Vanguard Group, Inc. dr\u017e\u00ed p\u0159ibli\u017en\u011b 12,08 % a BlackRock Fund Advisors dr\u017e\u00ed p\u0159ibli\u017en\u011b 5,21 % akci\u00ed State Street.<\/span><\/p>\n

Prost\u0159ednictv\u00edm sv\u00fdch pod\u00edl\u016f maj\u00ed zna\u010dnou moc v bezpo\u010dtu velk\u00fdch spole\u010dnost\u00ed a samy jsou do sebe navz\u00e1jem investov\u00e1ny. Vanguard Group, nejv\u011bt\u0161\u00ed z t\u011bchto t\u0159\u00ed, m\u00e1 strukturu podobnou dru\u017estvu: Je vlastn\u011bna sv\u00fdmi investory prost\u0159ednictv\u00edm fond\u016f a ETF, ale nen\u00ed klasickou spole\u010dnost\u00ed s extern\u00edmi vlastn\u00edky. BlackRock je naopak kotov\u00e1n a Vanguard je jedn\u00edm z nejv\u011bt\u0161\u00edch akcion\u00e1\u0159\u016f. Tato propojen\u00ed znamenaj\u00ed, \u017ee tito t\u0159i spr\u00e1vci aktiv dos\u00e1hli t\u00e9m\u011b\u0159 nezam\u011bniteln\u00e9 dominance v glob\u00e1ln\u00edm finan\u010dn\u00edm syst\u00e9mu.<\/span><\/p>\n

Pro \u0160v\u00fdcarsko a zejm\u00e9na pro kompenza\u010dn\u00ed fond AHV znamen\u00e1 rozhodnut\u00ed pou\u017e\u00edt State Street jako depozitn\u00ed banku, \u017ee \u0161v\u00fdcarsk\u00e9 n\u00e1rodn\u00ed bohatstv\u00ed bude v budoucnu v\u00edce ovliv\u0148ov\u00e1no touto s\u00edt\u00ed americk\u00fdch finan\u010dn\u00edch gigant\u016f. T\u00edm, \u017ee se State Street stala depozit\u00e1\u0159em, je nyn\u00ed p\u0159\u00edmo zapojena do spr\u00e1vy a \u00faschovy cenn\u00fdch pap\u00edr\u016f, co\u017e nen\u00ed bez rizik.<\/span><\/p>\n

Starost o \u0161v\u00fdcarsk\u00e9 n\u00e1rodn\u00ed bohatstv\u00ed<\/span><\/h3>\n

Politici a finan\u010dn\u00ed experti vyjad\u0159uj\u00ed obavy z toho, \u017ee \u0161v\u00fdcarsk\u00e1 aktiva jsou v t\u00e9to podob\u011b sv\u011b\u0159ena do rukou americk\u00e9ho spr\u00e1vce aktiv. \u201e\u0160v\u00fdcarsk\u00e9 n\u00e1rodn\u00ed bohatstv\u00ed v rukou USA\u201c je titulek n\u011bkter\u00fdch a obavy nejsou neopodstatn\u011bn\u00e9: s kompenza\u010dn\u00edm fondem, kter\u00fd se zam\u011b\u0159uje na dlouhodob\u00e9 a stabiln\u00ed \u0159\u00edzen\u00ed, by se americk\u00e9 z\u00e1jmy mohly dostat do konfliktu se \u0161v\u00fdcarsk\u00fdmi investi\u010dn\u00edmi strategiemi. Skute\u010dnost, \u017ee State Street \u2013 podobn\u011b jako BlackRock a Vanguard \u2013 investuje do velk\u00e9ho mno\u017estv\u00ed mezin\u00e1rodn\u00edch spole\u010dnost\u00ed a ovl\u00e1d\u00e1 velk\u00e9 mno\u017estv\u00ed pod\u00edl\u016f prost\u0159ednictv\u00edm ETF a fond\u016f, vyvol\u00e1v\u00e1 obavy, \u017ee \u0161v\u00fdcarsk\u00e9 investice by mohly b\u00fdt potenci\u00e1ln\u011b ovlivn\u011bny rozhodnut\u00edmi americk\u00fdch \u00fa\u0159ad\u016f.<\/span><\/p>\n

Tato obava se net\u00fdk\u00e1 pouze mo\u017en\u00fdch ekonomick\u00fdch rizik, ale tak\u00e9 politick\u00fdch vliv\u016f. V USA jsou spr\u00e1vci aktiv v mnoha p\u0159\u00edpadech ze z\u00e1kona povinni jednat v souladu s americk\u00fdmi z\u00e1jmy \u2013 i kdy\u017e by to mohlo m\u00edt ne\u017e\u00e1douc\u00ed dopady na mezin\u00e1rodn\u00ed \u00farovni. Kritici se proto ob\u00e1vaj\u00ed, \u017ee americk\u00e9 finan\u010dn\u00ed z\u00e1jmy nebo geopolitick\u00e1 rozhodnut\u00ed by nakonec mohly ovlivnit n\u00e1rodn\u00ed bohatstv\u00ed \u0160v\u00fdcarska.<\/span><\/p>\n

Propojen\u00ed a vliv: probl\u00e9m pro nez\u00e1vislost \u0160v\u00fdcarska?<\/span><\/h3>\n

Koncentrace moci vypl\u00fdvaj\u00edc\u00ed z \u00fazk\u00fdch vazeb mezi BlackRock, Vanguard a State Street vyvol\u00e1v\u00e1 d\u016fvodn\u00e9 pochybnosti, zda takov\u00e1 banka m\u00e1 smysl jako spr\u00e1vce n\u00e1rodn\u00edho d\u016fchodov\u00e9ho syst\u00e9mu. Tyto t\u0159i spole\u010dnosti jsou propojeny s glob\u00e1ln\u00ed ekonomikou prost\u0159ednictv\u00edm sv\u00fdch pozic v nespo\u010dtu spole\u010dnost\u00ed, st\u00e1t\u016f a fond\u016f a maj\u00ed vliv na firemn\u00ed strategie, politick\u00e1 rozhodnut\u00ed a dokonce i glob\u00e1ln\u00ed krize.<\/span><\/p>\n

Sv\u00fdm napojen\u00edm na AHV, nezbytnou sou\u010d\u00e1st \u0161v\u00fdcarsk\u00e9ho penzijn\u00edho syst\u00e9mu, se nyn\u00ed kompenza\u010dn\u00ed fond AHV nep\u0159\u00edmo st\u00e1v\u00e1 sou\u010d\u00e1st\u00ed t\u00e9to obrovsk\u00e9 s\u00edt\u011b. To vyvol\u00e1v\u00e1 ot\u00e1zku, jak nez\u00e1visl\u00e9 \u0160v\u00fdcarsko vlastn\u011b z\u016fst\u00e1v\u00e1, kdy\u017e je tak z\u00e1visl\u00e9 na americk\u00e9 depozitn\u00ed bance, kter\u00e1 je \u00fazce propojena s BlackRock a Vanguard. Tyto \u00favahy vedou mnoh\u00e9 k p\u0159esv\u011bd\u010den\u00ed, \u017ee p\u0159echod na State Street riskuje ohro\u017een\u00ed stability a nez\u00e1vislosti \u0161v\u00fdcarsk\u00e9ho d\u016fchodov\u00e9ho syst\u00e9mu.<\/span><\/p>\n

Po\u017eadavek na v\u011bt\u0161\u00ed transparentnost a nez\u00e1vislou spr\u00e1vu<\/span><\/h3>\n

Uprost\u0159ed t\u011bchto diskus\u00ed n\u011bkte\u0159\u00ed politici po\u017eaduj\u00ed, aby n\u00e1rodn\u00ed bohatstv\u00ed bylo v budoucnu spravov\u00e1no nez\u00e1visle na velk\u00fdch americk\u00fdch bank\u00e1ch. Po\u017eaduj\u00ed v\u011bt\u0161\u00ed kontrolu a transparentnost ohledn\u011b toho, jak a kam jsou investov\u00e1ny pen\u00edze fondu AHV. Jin\u00ed navrhuj\u00ed zv\u00e1\u017eit alternativn\u00ed depozitn\u00ed banky, kter\u00e9 nemaj\u00ed s\u00eddlo v USA, a proto p\u0159edstavuj\u00ed men\u0161\u00ed riziko ovlivn\u011bn\u00ed zahrani\u010dn\u00edmi z\u00e1jmy.<\/span><\/p>\n

Uvid\u00ed se, zda tv\u016frci rozhodnut\u00ed ve \u0160v\u00fdcarsku tyto obavy \u0159e\u0161\u00ed a v p\u0159\u00edpad\u011b pot\u0159eby p\u0159ijmou opat\u0159en\u00ed k zaji\u0161t\u011bn\u00ed nez\u00e1vislosti \u0161v\u00fdcarsk\u00e9ho n\u00e1rodn\u00edho bohatstv\u00ed.<\/span><\/p>\n

Rozhovor s Dr. iur. Heinz Raschein o d\u016fchodov\u00e9m skand\u00e1lu<\/span><\/strong><\/p>\n

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