each of the following items which the insurance undertaking holds in respect of the entities defined in ( a ) in which it holds a participation:- instruments referred to in paragraph 3,- instruments referred to in Article 18(3 ) of Directive 79/267 / EEC,- subordinated claims and instruments referred to in Article 35 and Article 36(3 ) of Directive 2000/12 / EC.Where shares in another credit institution , investment firm , financial institution , insurance or reinsurance undertaking or insurance holding company are held temporarily for the purposes of a financial assistance operation designed to reorganise and save that entity , the competent authority may waive the provisions on deduction referred to under ( a ) and ( b ) of the fourth subparagraph .