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    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-ca-2006-07-01.xsd#p-ca_ValuationDifferencesAFSLoansReceivables" xlink:label="ValuationDifferencesAFSLoansReceivables" xlink:title="ValuationDifferencesAFSLoansReceivables"/>
    <link:label xlink:type="resource" xlink:label="label_ValuationDifferencesAFSLoansReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValuationDifferencesAFSLoansReceivables" xml:lang="es" id="label_ValuationDifferencesAFSLoansReceivables">ELEMENTOS NO APLICABLES A LAS ENTIDADES DE CRÉDITO SEGÚN LA NORMATIVA ESPAÑOLA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationDifferencesAFSLoansReceivables" xlink:to="label_ValuationDifferencesAFSLoansReceivables" xlink:title="label: ValuationDifferencesAFSLoansReceivables to label_ValuationDifferencesAFSLoansReceivables"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-ca-2006-07-01.xsd#p-ca_ValuationDifferencesInvestmentProperty" xlink:label="ValuationDifferencesInvestmentProperty" xlink:title="ValuationDifferencesInvestmentProperty"/>
    <link:label xlink:type="resource" xlink:label="label_ValuationDifferencesInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValuationDifferencesInvestmentProperty" xml:lang="es" id="label_ValuationDifferencesInvestmentProperty">ELEMENTOS NO APLICABLES A LAS ENTIDADES DE CRÉDITO SEGÚN LA NORMATIVA ESPAÑOLA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationDifferencesInvestmentProperty" xlink:to="label_ValuationDifferencesInvestmentProperty" xlink:title="label: ValuationDifferencesInvestmentProperty to label_ValuationDifferencesInvestmentProperty"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-ca-2006-07-01.xsd#p-ca_ValuationDifferencesPropertyPlantEquipment" xlink:label="ValuationDifferencesPropertyPlantEquipment" xlink:title="ValuationDifferencesPropertyPlantEquipment"/>
    <link:label xlink:type="resource" xlink:label="label_ValuationDifferencesPropertyPlantEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValuationDifferencesPropertyPlantEquipment" xml:lang="es" id="label_ValuationDifferencesPropertyPlantEquipment">ELEMENTOS NO APLICABLES A LAS ENTIDADES DE CRÉDITO SEGÚN LA NORMATIVA ESPAÑOLA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationDifferencesPropertyPlantEquipment" xlink:to="label_ValuationDifferencesPropertyPlantEquipment" xlink:title="label: ValuationDifferencesPropertyPlantEquipment to label_ValuationDifferencesPropertyPlantEquipment"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-ca-2006-07-01.xsd#p-ca_ValueAdjustmentsCreditRiskPositionsStandardisedApproach" xlink:label="ValueAdjustmentsCreditRiskPositionsStandardisedApproach" xlink:title="ValueAdjustmentsCreditRiskPositionsStandardisedApproach"/>
    <link:label xlink:type="resource" xlink:label="label_ValueAdjustmentsCreditRiskPositionsStandardisedApproach" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValueAdjustmentsCreditRiskPositionsStandardisedApproach" xml:lang="es" id="label_ValueAdjustmentsCreditRiskPositionsStandardisedApproach">ELEMENTOS NO APLICABLES A LAS ENTIDADES DE CRÉDITO SEGÚN LA NORMATIVA ESPAÑOLA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAdjustmentsCreditRiskPositionsStandardisedApproach" xlink:to="label_ValueAdjustmentsCreditRiskPositionsStandardisedApproach" xlink:title="label: ValueAdjustmentsCreditRiskPositionsStandardisedApproach to label_ValueAdjustmentsCreditRiskPositionsStandardisedApproach"/>
    <link:loc xlink:type="locator" xlink:href="es-be-p-ca.xsd#es-be-p-ca_OtherCountrySpecificOwnFundsRequirementsOtros" xlink:label="OtherCountrySpecificOwnFundsRequirementsOtros" xlink:title="OtherCountrySpecificOwnFundsRequirementsOtros"/>
    <link:label xlink:type="resource" xlink:label="label_OtherCountrySpecificOwnFundsRequirementsOtros" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCountrySpecificOwnFundsRequirementsOtros" xml:lang="es" id="label_OtherCountrySpecificOwnFundsRequirementsOtros">ELEMENTOS NO APLICABLES A LAS ENTIDADES DE CRÉDITO SEGÚN LA NORMATIVA ESPAÑOLA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCountrySpecificOwnFundsRequirementsOtros" xlink:to="label_OtherCountrySpecificOwnFundsRequirementsOtros" xlink:title="label: OtherCountrySpecificOwnFundsRequirementsOtros to label_OtherCountrySpecificOwnFundsRequirementsOtros"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ut-2006-07-01.xsd#d-ut_TotalUnsettledTransactionsInTheTradingBook" xlink:label="TotalUnsettledTransactionsInTheTradingBook" xlink:title="TotalUnsettledTransactionsInTheTradingBook"/>
    <link:label xlink:type="resource" xlink:label="label_TotalUnsettledTransactionsInTheTradingBook" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalUnsettledTransactionsInTheTradingBook" xml:lang="es" id="label_TotalUnsettledTransactionsInTheTradingBook">RIESGO DE LIQUIDACIÓN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalUnsettledTransactionsInTheTradingBook" xlink:to="label_TotalUnsettledTransactionsInTheTradingBook" xlink:title="label: TotalUnsettledTransactionsInTheTradingBook to label_TotalUnsettledTransactionsInTheTradingBook"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-mr-2006-07-01.xsd#d-mr_MRiskSAFXTotalPositionsNonReportingCurrencies" xlink:label="MRiskSAFXTotalPositionsNonReportingCurrencies" xlink:title="MRiskSAFXTotalPositionsNonReportingCurrencies"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAFXTotalPositionsNonReportingCurrencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MRiskSAFXTotalPositionsNonReportingCurrencies" xml:lang="es" id="label_MRiskSAFXTotalPositionsNonReportingCurrencies">Riesgo de tipo de cambio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MRiskSAFXTotalPositionsNonReportingCurrencies" xlink:to="label_MRiskSAFXTotalPositionsNonReportingCurrencies" xlink:title="label: MRiskSAFXTotalPositionsNonReportingCurrencies to label_MRiskSAFXTotalPositionsNonReportingCurrencies"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-mr-2006-07-01.xsd#d-mr_MRiskIMTotalPositions" xlink:label="MRiskIMTotalPositions" xlink:title="MRiskIMTotalPositions"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskIMTotalPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MRiskIMTotalPositions" xml:lang="es" id="label_MRiskIMTotalPositions">Modelos internos</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MRiskIMTotalPositions" xlink:to="label_MRiskIMTotalPositions" xlink:title="label: MRiskIMTotalPositions to label_MRiskIMTotalPositions"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-mr-2006-07-01.xsd#d-mr_MRiskSA" xlink:label="MRiskSA" xlink:title="MRiskSA"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MRiskSA" xml:lang="es" id="label_MRiskSA">Métodos estándar</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MRiskSA" xlink:to="label_MRiskSA" xlink:title="label: MRiskSA to label_MRiskSA"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-cr-2006-07-01.xsd#d-cr_CreditRiskIRBEquity" xlink:label="CreditRiskIRBEquity" xlink:title="CreditRiskIRBEquity"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskIRBEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskIRBEquity" xml:lang="es" id="label_CreditRiskIRBEquity_2">Renta variable. Método basado en calificaciones internas</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskIRBEquity" xlink:to="label_CreditRiskIRBEquity" xlink:title="label: CreditRiskIRBEquity to label_CreditRiskIRBEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-cr-2006-07-01.xsd#d-cr_CreditRiskIRBSecuritization" xlink:label="CreditRiskIRBSecuritization" xlink:title="CreditRiskIRBSecuritization"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskIRBSecuritization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskIRBSecuritization" xml:lang="es" id="label_CreditRiskIRBSecuritization">TOTAL POSICIONES DE TITULIZACIÓN. MÉTODO BASADO EN CALIFICACIONES INTERNAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskIRBSecuritization" xlink:to="label_CreditRiskIRBSecuritization" xlink:title="label: CreditRiskIRBSecuritization to label_CreditRiskIRBSecuritization"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ba-2006-07-01.xsd#d-ba_TotalBankingActivitiesSubjectAMA" xlink:label="TotalBankingActivitiesSubjectAMA" xlink:title="TotalBankingActivitiesSubjectAMA"/>
    <link:label xlink:type="resource" xlink:label="label_TotalBankingActivitiesSubjectAMA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalBankingActivitiesSubjectAMA" xml:lang="es" id="label_TotalBankingActivitiesSubjectAMA">Métodos avanzados</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalBankingActivitiesSubjectAMA" xlink:to="label_TotalBankingActivitiesSubjectAMA" xlink:title="label: TotalBankingActivitiesSubjectAMA to label_TotalBankingActivitiesSubjectAMA"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ba-2006-07-01.xsd#d-ba_TotalBankingActivitiesSubjectBIA" xlink:label="TotalBankingActivitiesSubjectBIA" xlink:title="TotalBankingActivitiesSubjectBIA"/>
    <link:label xlink:type="resource" xlink:label="label_TotalBankingActivitiesSubjectBIA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalBankingActivitiesSubjectBIA" xml:lang="es" id="label_TotalBankingActivitiesSubjectBIA">Método del inficador básico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalBankingActivitiesSubjectBIA" xlink:to="label_TotalBankingActivitiesSubjectBIA" xlink:title="label: TotalBankingActivitiesSubjectBIA to label_TotalBankingActivitiesSubjectBIA"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ba-2006-07-01.xsd#d-ba_TotalBankingActivitiesSubjectSTAAlternative" xlink:label="TotalBankingActivitiesSubjectSTAAlternative" xlink:title="TotalBankingActivitiesSubjectSTAAlternative"/>
    <link:label xlink:type="resource" xlink:label="label_TotalBankingActivitiesSubjectSTAAlternative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalBankingActivitiesSubjectSTAAlternative" xml:lang="es" id="label_TotalBankingActivitiesSubjectSTAAlternative">Método estándar y estándar alternativo</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalBankingActivitiesSubjectSTAAlternative" xlink:to="label_TotalBankingActivitiesSubjectSTAAlternative" xlink:title="label: TotalBankingActivitiesSubjectSTAAlternative to label_TotalBankingActivitiesSubjectSTAAlternative"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ec-2006-07-01.xsd#d-ec_IRBECRetailOfWhichSME" xlink:label="IRBECRetailOfWhichSME" xlink:title="IRBECRetailOfWhichSME"/>
    <link:label xlink:type="resource" xlink:label="label_IRBECRetailOfWhichSME" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBECRetailOfWhichSME" xml:lang="es" id="label_IRBECRetailOfWhichSME">De las que: PYMES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBECRetailOfWhichSME" xlink:to="label_IRBECRetailOfWhichSME" xlink:title="label: IRBECRetailOfWhichSME to label_IRBECRetailOfWhichSME"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ec-2006-07-01.xsd#d-ec_IRBECOtherRetail" xlink:label="IRBECOtherRetail" xlink:title="IRBECOtherRetail"/>
    <link:label xlink:type="resource" xlink:label="label_IRBECOtherRetail" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBECOtherRetail" xml:lang="es" id="label_IRBECOtherRetail">Otras exposiciones minoristas</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBECOtherRetail" xlink:to="label_IRBECOtherRetail" xlink:title="label: IRBECOtherRetail to label_IRBECOtherRetail"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ec-2006-07-01.xsd#d-ec_IRBECQualifyingRevolving" xlink:label="IRBECQualifyingRevolving" xlink:title="IRBECQualifyingRevolving"/>
    <link:label xlink:type="resource" xlink:label="label_IRBECQualifyingRevolving" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBECQualifyingRevolving" xml:lang="es" id="label_IRBECQualifyingRevolving">Exposiciones minoristas renovables elegibles</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBECQualifyingRevolving" xlink:to="label_IRBECQualifyingRevolving" xlink:title="label: IRBECQualifyingRevolving to label_IRBECQualifyingRevolving"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ec-2006-07-01.xsd#d-ec_IRBECSecuredByRealEstate" xlink:label="IRBECSecuredByRealEstate" xlink:title="IRBECSecuredByRealEstate"/>
    <link:label xlink:type="resource" xlink:label="label_IRBECSecuredByRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBECSecuredByRealEstate" xml:lang="es" id="label_IRBECSecuredByRealEstate">Exposiciones minoristas cubiertas con hipotecas sobre inmuebles</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBECSecuredByRealEstate" xlink:to="label_IRBECSecuredByRealEstate" xlink:title="label: IRBECSecuredByRealEstate to label_IRBECSecuredByRealEstate"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ec-2006-07-01.xsd#d-ec_IRBECCorporatesOfWhichSME" xlink:label="IRBECCorporatesOfWhichSME" xlink:title="IRBECCorporatesOfWhichSME"/>
    <link:label xlink:type="resource" xlink:label="label_IRBECCorporatesOfWhichSME" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBECCorporatesOfWhichSME" xml:lang="es" id="label_IRBECCorporatesOfWhichSME">PYMES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBECCorporatesOfWhichSME" xlink:to="label_IRBECCorporatesOfWhichSME" xlink:title="label: IRBECCorporatesOfWhichSME to label_IRBECCorporatesOfWhichSME"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ec-2006-07-01.xsd#d-ec_TotalIRBExposureClass" xlink:label="TotalIRBExposureClass" xlink:title="TotalIRBExposureClass"/>
    <link:label xlink:type="resource" xlink:label="label_TotalIRBExposureClass" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalIRBExposureClass" xml:lang="es" id="label_TotalIRBExposureClass">TOTAL CATEGORÍAS DE ACTIVOS BAJO EL MÉTODO IRB (EXCLUYENDO POSICIONES EN TITULIZACIONES) </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalIRBExposureClass" xlink:to="label_TotalIRBExposureClass" xlink:title="label: TotalIRBExposureClass to label_TotalIRBExposureClass"/>
    <link:loc xlink:type="locator" xlink:href="es-be-d-ec.xsd#es-be-d-ec_IRBExposicionesMinoristasNoPymesHipotecasInmuebles" xlink:label="IRBExposicionesMinoristasNoPymesHipotecasInmuebles" xlink:title="IRBExposicionesMinoristasNoPymesHipotecasInmuebles"/>
    <link:label xlink:type="resource" xlink:label="label_IRBExposicionesMinoristasNoPymesHipotecasInmuebles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBExposicionesMinoristasNoPymesHipotecasInmuebles" xml:lang="es" id="label_IRBExposicionesMinoristasNoPymesHipotecasInmuebles">De las que: Exposiciones minoristas (no PYMES) cubiertas con hipotecas sobre inmuebles</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBExposicionesMinoristasNoPymesHipotecasInmuebles" xlink:to="label_IRBExposicionesMinoristasNoPymesHipotecasInmuebles" xlink:title="label: IRBExposicionesMinoristasNoPymesHipotecasInmuebles to label_IRBExposicionesMinoristasNoPymesHipotecasInmuebles"/>
    <link:loc xlink:type="locator" xlink:href="es-be-d-ec.xsd#es-be-d-ec_IRBOtrasExposicionesMinoristasNoPymes" xlink:label="IRBOtrasExposicionesMinoristasNoPymes" xlink:title="IRBOtrasExposicionesMinoristasNoPymes"/>
    <link:label xlink:type="resource" xlink:label="label_IRBOtrasExposicionesMinoristasNoPymes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBOtrasExposicionesMinoristasNoPymes" xml:lang="es" id="label_IRBOtrasExposicionesMinoristasNoPymes">De las que: Otras exposiciones minoristas (no PYMES)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRBOtrasExposicionesMinoristasNoPymes" xlink:to="label_IRBOtrasExposicionesMinoristasNoPymes" xlink:title="label: IRBOtrasExposicionesMinoristasNoPymes to label_IRBOtrasExposicionesMinoristasNoPymes"/>
  </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/d-mr-2006-07-01.xsd#d-mr_MRiskTotal" xlink:label="MRiskTotal" xlink:title="MRiskTotal"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MRiskTotal" xml:lang="es" id="label_MRiskTotal">TOTAL REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGOS DE PRECIO Y DE TIPO DE CAMBIO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MRiskTotal" xlink:to="label_MRiskTotal" xlink:title="label: MRiskTotal to label_MRiskTotal"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-cr-2006-07-01.xsd#d-cr_CreditRiskIRBEquity" xlink:label="CreditRiskIRBEquity" xlink:title="CreditRiskIRBEquity"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskIRBEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskIRBEquity" xml:lang="es" id="label_CreditRiskIRBEquity">EXPOSICIONES DE RENTA VARIABLE. MÉTODO BASADO EN CALIFICACIONES INTERNAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskIRBEquity" xlink:to="label_CreditRiskIRBEquity" xlink:title="label: CreditRiskIRBEquity to label_CreditRiskIRBEquity"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-cr-2006-07-01.xsd#d-cr_CreditRiskTotal" xlink:label="CreditRiskTotal" xlink:title="CreditRiskTotal"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskTotal" xml:lang="es" id="label_CreditRiskTotal">TOTAL REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE CRÉDITO, CONTRAPARTE, DILUCIÓN Y ENTREGA </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskTotal" xlink:to="label_CreditRiskTotal" xlink:title="label: CreditRiskTotal to label_CreditRiskTotal"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-cr-2006-07-01.xsd#d-cr_CreditRiskSASecuritization" xlink:label="CreditRiskSASecuritization" xlink:title="CreditRiskSASecuritization"/>
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    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-ba-2006-07-01.xsd#d-ba_TotalBankingActivities" xlink:label="TotalBankingActivities" xlink:title="TotalBankingActivities"/>
    <link:label xlink:type="resource" xlink:label="label_TotalBankingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalBankingActivities" xml:lang="es" id="label_TotalBankingActivities">TOTAL REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO OPERACIONAL </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalBankingActivities" xlink:to="label_TotalBankingActivities" xlink:title="label: TotalBankingActivities to label_TotalBankingActivities"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-oe-2006-07-01.xsd#d-oe_NotOwnEstimatesLGDConversionFactors" xlink:label="NotOwnEstimatesLGDConversionFactors" xlink:title="NotOwnEstimatesLGDConversionFactors"/>
    <link:label xlink:type="resource" xlink:label="label_NotOwnEstimatesLGDConversionFactors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotOwnEstimatesLGDConversionFactors" xml:lang="es" id="label_NotOwnEstimatesLGDConversionFactors">MÉTODO BASADO EN CALIFICACIONES INTERNAS CUANDO NO SE HAGA USO DE ESTIMACIONES PROPIAS DE LA LGD NI DE LOS FACTORES DE CONVERSIÓN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotOwnEstimatesLGDConversionFactors" xlink:to="label_NotOwnEstimatesLGDConversionFactors" xlink:title="label: NotOwnEstimatesLGDConversionFactors to label_NotOwnEstimatesLGDConversionFactors"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-oe-2006-07-01.xsd#d-oe_OwnEstimatesLGDConversionFactors" xlink:label="OwnEstimatesLGDConversionFactors" xlink:title="OwnEstimatesLGDConversionFactors"/>
    <link:label xlink:type="resource" xlink:label="label_OwnEstimatesLGDConversionFactors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OwnEstimatesLGDConversionFactors" xml:lang="es" id="label_OwnEstimatesLGDConversionFactors">MÉTODO BASADO EN CALIFICACIONES INTERNAS CUANDO SE HAGA USO DE ESTIMACIONES PROPIAS DE LA LGD Y/O DE LOS FACTORES DE CONVERSIÓN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OwnEstimatesLGDConversionFactors" xlink:to="label_OwnEstimatesLGDConversionFactors" xlink:title="label: OwnEstimatesLGDConversionFactors to label_OwnEstimatesLGDConversionFactors"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-cu-2006-07-01.xsd#d-cu_Total" xlink:label="Total" xlink:title="Total"/>
    <link:label xlink:type="resource" xlink:label="label_Total" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Total" xml:lang="es" id="label_Total">POSICIONES EN RENTA FIJA </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Total" xlink:to="label_Total" xlink:title="label: Total to label_Total"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp10.xsd#es-be-rp10_FormRp10" xlink:label="FormRp10" xlink:title="FormRp10"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp10" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp10" xml:lang="es" id="label_FormRp10">RECURSOS PROPIOS COMPUTABLES Y CUMPLIMIENTO DE LOS REQUERIMIENTOS DE LOS RECURSOS PROPIOS ( RP10 )</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp10" xlink:to="label_FormRp10" xlink:title="label: FormRp10 to label_FormRp10"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp10.xsd#es-be-rp10_ColumnRP10" xlink:label="Row1Rp10" xlink:title="Row1Rp10"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp10" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp10" xml:lang="es" id="label_Row1Rp10">Columna RP10</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp10" xlink:to="label_Row1Rp10" xlink:title="label: Row1Rp10 to label_Row1Rp10"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp10.xsd#es-be-rp10_PosicionesTitulizacionesSAHypercube" xlink:label="PosicionesTitulizacionesSAHypercube" xlink:title="PosicionesTitulizacionesSAHypercube"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PosicionesTitulizacionesSAHypercube" xlink:to="label_PosicionesTitulizacionesSAHypercube" xlink:title="label: PosicionesTitulizacionesSAHypercube to label_PosicionesTitulizacionesSAHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp10.xsd#es-be-rp10_PosicionesTitulizacionesIRBHypercube" xlink:label="PosicionesTitulizacionesIRBHypercube" xlink:title="PosicionesTitulizacionesIRBHypercube"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PosicionesTitulizacionesIRBHypercube" xlink:to="label_PosicionesTitulizacionesIRBHypercube" xlink:title="label: PosicionesTitulizacionesIRBHypercube to label_PosicionesTitulizacionesIRBHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp10.xsd#es-be-rp10_Row1Rp10" xlink:label="Row1Rp10_2" xlink:title="Row1Rp10"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp10_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp10" xml:lang="es" id="label_Row1Rp10_2">Fila RP10</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp10_2" xlink:to="label_Row1Rp10_2" xlink:title="label: Row1Rp10 to label_Row1Rp10"/>
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