  A new version of application Pauli-Villars regularized Green functions in the
quantum field theory using higher derivatives is proposed. In this version the
regularizing mass $M$ is large but finite. Our approach is demonstrated and
discussed on the example of QED. It is shown that in our case there are no
ultraviolet divergences and - on the example of the selfenergy spinor Feynman
diagram - no infrared ones.
