The spectral properties of the matrix operators corresponding to the three-particle Faddeev equations are investigated. It is shown that these operators have two types of invariant subspace. On the subspaces of the first type, the operators possess an eigenvalue spectrum identical to the spectrum of the three-particle Hamiltonian, while the eigenfunctions can be expressed in terms of solutions of the Schrödinger equation. On the subspaces of the second type, the operators are equivalent to the kinetic-energy operator of the system, and therefore their eigenfunctions do not correspond to the dynamics of the interacting particles.