<?xml version="1.0" encoding="UTF-8"?>
<!--© Copyright Banco de España. Reservados todos los derechos-->            
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:es-be-p-me="http://www.bde.es/es/fr/esrs/corep/3-2008/2008-05-22/es-be-p-me" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-cm-ca-2006-07-01.xsd#p-cm-ca_MarketRiskCapitalRequirements" xlink:label="MarketRiskCapitalRequirements" xlink:title="MarketRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_MarketRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MarketRiskCapitalRequirements" xml:lang="es" id="label_MarketRiskCapitalRequirements">REQUERIMIENTOS DE RECURSOS PROPIOS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRiskCapitalRequirements" xlink:to="label_MarketRiskCapitalRequirements" xlink:title="label: MarketRiskCapitalRequirements to label_MarketRiskCapitalRequirements"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-me-2006-07-01.xsd#p-me_MKRSAEQUDomain" xlink:label="MKRSAEQUDomain" xlink:title="MKRSAEQUDomain"/>
    <link:label xlink:type="resource" xlink:label="label_MKRSAEQUDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MKRSAEQUDomain" xml:lang="es" id="label_MKRSAEQUDomain">RP32</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MKRSAEQUDomain" xlink:to="label_MKRSAEQUDomain" xlink:title="label: MKRSAEQUDomain to label_MKRSAEQUDomain"/>
  </link:labelLink>
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-cm-mr-2006-07-01.xsd#p-cm-mr_NetPositionsSubjectToCapitalCharge" xlink:label="NetPositionsSubjectToCapitalCharge" xlink:title="NetPositionsSubjectToCapitalCharge"/>
    <link:label xlink:type="resource" xlink:label="label_NetPositionsSubjectToCapitalCharge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetPositionsSubjectToCapitalCharge" xml:lang="es" id="label_NetPositionsSubjectToCapitalCharge">POSICIONES GLOBALES SUJETAS A REQUERIMIENTOS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPositionsSubjectToCapitalCharge" xlink:to="label_NetPositionsSubjectToCapitalCharge" xlink:title="label: NetPositionsSubjectToCapitalCharge to label_NetPositionsSubjectToCapitalCharge"/>
  </link:labelLink>
</link:linkbase>