<?xml version="1.0" encoding="UTF-8"?>
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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:es-be-p-mt="http://www.bde.es/es/fr/esrs/corep/3-2008/2008-05-22/es-be-p-mt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" 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-mt-2006-07-01.xsd#p-mt_MKRSATDIDomain" xlink:label="MKRSATDIDomain" xlink:title="MKRSATDIDomain"/>
    <link:label xlink:type="resource" xlink:label="label_MKRSATDIDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MKRSATDIDomain" xml:lang="es" id="label_MKRSATDIDomain">RP31</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MKRSATDIDomain" xlink:to="label_MKRSATDIDomain" xlink:title="label: MKRSATDIDomain to label_MKRSATDIDomain"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-mt-2006-07-01.xsd#p-mt_AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives" xlink:label="AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives" xlink:title="AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives"/>
    <link:label xlink:type="resource" xlink:label="label_AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives" xml:lang="es" id="label_AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives">COMPENSACIÓN PARA POSICIONES DE LA CARTERA DE NEGOCIACIÓN CUBIERTAS CON DERIVADOS DE CRÉDITO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives" xlink:to="label_AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives" xlink:title="label: AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives to label_AllowanceDueToTradingBookPositionsHedgedByCreditDerivatives"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-mt-2006-07-01.xsd#p-mt_ToLongNetPositions" xlink:label="ToLongNetPositions" xlink:title="ToLongNetPositions"/>
    <link:label xlink:type="resource" xlink:label="label_ToLongNetPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ToLongNetPositions" xml:lang="es" id="label_ToLongNetPositions">(-) A LAS POSICIONES NETAS LARGAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ToLongNetPositions" xlink:to="label_ToLongNetPositions" xlink:title="label: ToLongNetPositions to label_ToLongNetPositions"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-mt-2006-07-01.xsd#p-mt_ToShortNetPositions" xlink:label="ToShortNetPositions" xlink:title="ToShortNetPositions"/>
    <link:label xlink:type="resource" xlink:label="label_ToShortNetPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ToShortNetPositions" xml:lang="es" id="label_ToShortNetPositions">(-) A LAS POSICIONES NETAS CORTAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ToShortNetPositions" xlink:to="label_ToShortNetPositions" xlink:title="label: ToShortNetPositions to label_ToShortNetPositions"/>
  </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 PONDERADAS 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>
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