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ltrch \dbch \af8 \hich \af8 \loch \f8 \cf0 }{\rtlch \fcs1 \af9 \afs32 \ltrch \
fcs0 \b1 \fs28 \kerning2 \rtlch \ltrch \dbch \af10 \hich \af9 \loch \f9 \cf10
Introduction sur les cr\uc1 \u233 ?dits en souffrances}{\rtlch \fcs1 \af9 \afs32 \
ltrch \fcs0 \fs28 \kerning2 \rtlch \ltrch \dbch \af10 \hich \af9 \loch \f9 \cf10 }
{\fs20 \kerning2 \rtlch \ltrch \dbch \af10 \hich \af10 \loch \f10 \cf0 \par }\
pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \
sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \
tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 D\uc1 \u233 ?finition des cr\uc1 \u233 ?dits en souffrance }
{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21
\par }\pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \
pnrnot0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \
jclisttab \tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \
loch \af0 {\listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \
af0 \loch \af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \
af11 \loch \f11 \cf8 \highlight21 Types de cr\uc1 \u233 ?ances en souffrance : cr\
uc1 \u233 ?ances commerciales, cr\uc1 \u233 ?dits immobiliers, cr\uc1 \u233 ?dits \
uc1 \u224 ? la consommation.}{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11
\loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \
ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \
adjustright \lin420 \rin0 \jclisttab \tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \
ltrch \dbch \af2 \hich \af0 \loch \af0 {\listtext \pard \plain \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 \f4 l\'00\tab }{\fs22 \kerning2 \
rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 Analyse de la
structure des cr\uc1 \u233 ?dits en souffrance : composantes financi\uc1 \u232 ?
res, juridiques et op\uc1 \u233 ?rationnelles }{\fs22 \kerning2 \rtlch \ltrch \dbch
\af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \li0 \ri0 \
lisb0 \sa160 \lisa0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0
\rin0 \brdrl \brdrs \brdrw5 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \
af0 \loch \af0 {\b1 \fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 }{\b1 \fs22 \kerning2 \rtlch \ltrch \dbch \af8 \hich \af8 \
loch \f8 \cf0 \highlight13 Partie 2}{\b1 \fs22 \kerning2 \rtlch \ltrch \dbch \
af11 \hich \af11 \loch \f11 \cf8 \highlight21 }{\rtlch \fcs1 \af9 \afs32 \ltrch \
fcs0 \b1 \fs28 \kerning2 \rtlch \ltrch \dbch \af10 \hich \af9 \loch \f9 \cf10 \
highlight21 Importance de la cession de cr\uc1 \u233 ?ances en souffrance sur le
march\uc1 \u233 ?}{\rtlch \fcs1 \af9 \afs32 \ltrch \fcs0 \b1 \fs28 \kerning2 \rtlch
\ltrch \dbch \af8 \hich \af9 \loch \f9 \cf10 \highlight21 \par }\pard \plain \ql \
fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \tx420 \itap0 \
ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\listtext \pard
\plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 \f4 l\'00\tab
}{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \
highlight21 Motivations des banques et institutions financi\uc1 \u232 ?res \uc1 \
u224 ? c\uc1 \u233 ?der leurs cr\uc1 \u233 ?ances en souffrance}{\fs22 \kerning2 \
rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \
plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \tx420 \
itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 Avantages pour les banques : am\uc1 \u233 ?lioration du
bilan, lib\uc1 \u233 ?ration de capitaux, r\uc1 \u233 ?duction du risque.}{\fs22 \
kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\
pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \
sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \
tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 Avantages pour les investisseurs : opportunit\uc1 \u233 ?s de
rendement, diversification du portefeuille.}{\fs22 \kerning2 \rtlch \ltrch \dbch \
af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \fi-420 \cufi0
\li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin420 \rin0 \brdrl \brdrs \brdrw5 \jclisttab \tx420
\itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 Impact sur l'efficacit\uc1 \u233 ? du march\uc1 \u233 ?
financier : liquidit\uc1 \u233 ?, transparence, prix des actifs.}{\b1 \fs22 \
kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 }{\
b1 \fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \
highlight21 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa160 \lisa0 \sl252 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \brdrl \brdrs \brdrw5 \tql \
tx5186 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \
fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight13
Partie 3}{\b1 \fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8
\highlight21 }{\rtlch \fcs1 \af9 \afs36 \ltrch \fcs0 \b1 \fs32 \kerning2 \rtlch \
ltrch \dbch \af10 \hich \af9 \loch \f9 \cf10 \highlight21 Analyse de la structure
des cr\uc1 \u233 ?dits en souffrance}{\b1 \fs22 \kerning2 \rtlch \ltrch \dbch \af10
\hich \af10 \loch \f10 \cf8 \highlight21 \tab }{\b1 \fs22 \kerning2 \rtlch \ltrch \
dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \fi-
420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \tx420 \itap0 \
ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\listtext \pard
\plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 \f4 l\'00\tab
}{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \
highlight21 Profil des cr\uc1 \u233 ?dits en souffrance : r\uc1 \u233 ?partition
par type de cr\uc1 \u233 ?ance, montant, taux de d\uc1 \u233 ?faut.}{\fs22 \
kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\
pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \
sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \
tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 Analyse des composantes financi\uc1 \u232 ?res :
provisionnement, valeur recouvrable, d\uc1 \u233 ?pr\uc1 \u233 ?ciation. }{\fs22 \
kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\
pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \
sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \
tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 \highlight21 Analyse des composantes juridiques : l\uc1 \u233 ?gislation,
r\uc1 \u233 ?glementation, contrats de cession, }{\fs22 \kerning2 \rtlch \ltrch \
dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \fi-
420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \tx420 \itap0 \
ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\listtext \pard
\plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 \f4 l\'00\tab
}{\fs22 \kerning2 \rtlch \ltrch \dbch
\af11 \hich \af11 \loch \f11 \cf8 \highlight21 Analyse des composantes op\uc1 \
u233 ?rationnelles : processus de recouvrement, gestion des risques}{\fs22 \
kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\
pard \plain \ql \li0 \ri0 \lisb0 \sa160 \lisa0 \sl252 \slmult1 \widctlpar \aspalpha
\aspnum \adjustright \lin0 \rin0 \brdrl \brdrs \brdrw5 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs22 \kerning2 \rtlch \ltrch \
dbch \af8 \hich \af8 \loch \f8 \cf8 \highlight13 Partie4}{\fs22 \kerning2 \rtlch \
ltrch \dbch \af8 \hich \af8 \loch \f8 \cf8 \highlight21 }{\rtlch \fcs1 \af9 \
afs48 \ltrch \fcs0 \b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af8 \hich \af9 \loch \
f9 \cf10 \highlight21 Analyse de l'int\uc1 \u233 ?r\uc1 \u234 ?t de la cession au
march\uc1 \u233 ?}{\fs24 \kerning2 \rtlch \ltrch \dbch \af12 \hich \af12 \loch \f12
\cf8 \highlight21 \par }\pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \
sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \
lin420 \rin0 \jclisttab \tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2
\hich \af0 \loch \af0 {\listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \
af2 \hich \af0 \loch \af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11
\hich \af11 \loch \f11 \cf8 \highlight21 Analyse des transactions de cession sur le
march\uc1 \u233 ? : volume, prix, types d'investisseurs.}{\fs22 \kerning2 \rtlch \
ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \
fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \jclisttab \tx420 \itap0 \
ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\listtext \pard
\plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 \f4 l\'00\tab
}{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \
highlight21 Impact sur les bilans des institutions financi\uc1 \u232 ?res : r\
uc1 \u233 ?duction du risque, am\uc1 \u233 ?lioration de la liquidit\uc1 \u233 ?. }
{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21
\par }\pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \sa160 \lisa0 \
pnrnot0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \
jclisttab \tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \
loch \af0 {\listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \
af0 \loch \af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \
af11 \loch \f11 \cf8 \highlight21 Impact sur la stabilit\uc1 \u233 ? financi\uc1 \
u232 ?re : r\uc1 \u233 ?silience du syst\uc1 \u232 ?me financier, transmission des
risques. }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \
highlight21 \par }\pard \plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \lisb0 \
sa160 \lisa0 \pnrnot0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \
lin420 \rin0 \jclisttab \tx420 \itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2
\hich \af0 \loch \af0 {\listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \
af2 \hich \af0 \loch \af0 \f4 l\'00\tab }{\fs22 \kerning2 \rtlch \ltrch \dbch \af11
\hich \af11 \loch \f11 \cf8 \highlight21 Limites et d\uc1 \u233 ?fis de la cession
de cr\uc1 \u233 ?ances en souffrance sur le march\uc1 \u233 ? : asym\uc1 \u233 ?
trie d'information, risques de liquidit\uc1 \u233 ?}{\fs22 \kerning2 \rtlch \
ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \plain \ql \
li0 \ri0 \lisb0 \sa160 \lisa0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \
adjustright \lin0 \rin0 \tql \tx2794 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \
af2 \hich \af0 \loch \af0 {\fs22 \kerning2 \rtlch \ltrch \dbch \af8 \hich \af8 \
loch \f8 \cf8 \highlight13 Partie 5}{\fs22 \kerning2 \rtlch \ltrch \dbch \af11 \
hich \af11 \loch \f11 \cf8 \highlight21 }{\rtlch \fcs1 \af9 \afs40 \ltrch \fcs0 \
fs36 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af9 \loch \f9 \cf10 \highlight21 }
{\rtlch \fcs1 \af9 \afs40 \ltrch \fcs0 \b1 \fs36 \kerning2 \rtlch \ltrch \dbch \
af11 \hich \af9 \loch \f9 \cf10 \uc1 \u201 ?tude de cas }{\b1 \fs22 \kerning2 \
rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \tab }{\fs22 \kerning2 \
rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \highlight21 \par }\pard \
plain \ql \fi-420 \cufi0 \li420 \culi0 \ri0 \sb300 \lisb0 \sa300 \lisa0 \pnrnot0 \
widctlpar \aspalpha \aspnum \adjustright \lin420 \rin0 \cbpat21 \jclisttab \tx420 \
itap0 \ls1 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
listtext \pard \plain \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 \f4 l\'00\tab }{\fs24 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \
f11 \cf8 Pr\uc1 \u233 ?sentation d'une transaction de cession de cr\uc1 \u233 ?
ances en souffrance sur le march\uc1 \u233 ? }{\fs24 \kerning2 \rtlch \ltrch \
dbch \af11 \hich \af11 \loch \f11 \cf8 \par }\pard \plain \ql \fi-420 \cufi0 \li420
\culi0 \ri0 \sb300 \lisb0 \sa300 \lisa0 \pnrnot0 \widctlpar \aspalpha \aspnum \
adjustright \lin420 \rin0 \cbpat21 \jclisttab \tx420 \itap0 \ls1 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\listtext \pard \plain \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 \f4 l\'00\tab }{\fs24 \
kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 Analyse des r\uc1 \
u233 ?sultats et des enseignements tir\uc1 \u233 ?s}{\fs24 \kerning2 \rtlch \
ltrch \dbch \af11 \hich \af11 \loch \f11 \cf8 \par }\pard \plain \ql \li0 \ri0 \
lisb0 \sa160 \lisa0 \sl252 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0
\rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \
fs24 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \cf10 \highlight21
CONCLUSION}{\fs24 \kerning2 \rtlch \ltrch \dbch \af11 \hich \af11 \loch \f11 \
cf10 \highlight21 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs22 \kerning2 \rtlch \
ltrch \dbch \af13 \hich \af13 \loch \f13 \lang9 \langnp9 \cf0 \par }}