Row 230 of C 04 returns the amount of 'Holdings of CET1 capital of financial sector entities where the institution does not have a significant investment, net of short positions' and the guidance notes for completion reference Article 45 of the CRR. This row is a calculated row summing rows 240, 270 and 291, returning the holdings of direct, indirect and synthetic positions respectively. In turn each of these are calculated rows summing the gross and permitted short positions. However the COREP return includes validations at rows 230, 240, 270 and 291 which do not permit a negative value to be returned, i.e. the short position cannot be greater than the long position. The guidance notes for completing these rows refer to article 45 of the CRR which specifically allows the offsetting of the short and long positions in the same underlying exposure and this is not restricted to within the same holding type e.g. direct, indirect or synthetic. Thus a short synthetic position should be allowed to offset a direct long position.