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  <link:roleRef roleURI="http://www.c-ebs.org/2006/corep/eu/cs" xlink:type="simple" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-cs-2006-07-01.xsd#rt_cs"/>
  <link:roleRef roleURI="http://www.bde.es/2008/corep/rp21" xlink:type="simple" xlink:href="es-be-rp21.xsd#rt_rp21"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.bde.es/2008/corep/rp21">
    <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_CreditRiskCapitalRequirements" xlink:label="CreditRiskCapitalRequirements" xlink:title="CreditRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskCapitalRequirements" xml:lang="es" id="label_CreditRiskCapitalRequirements">REQUERIMIENTOS DE RECURSOS PROPIOS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskCapitalRequirements" xlink:to="label_CreditRiskCapitalRequirements" xlink:title="label: CreditRiskCapitalRequirements to label_CreditRiskCapitalRequirements"/>
    <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_CreditRiskSACreditCounterpartyCreditDelivery" xlink:label="CreditRiskSACreditCounterpartyCreditDelivery" xlink:title="CreditRiskSACreditCounterpartyCreditDelivery"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskSACreditCounterpartyCreditDelivery" xlink:to="label_CreditRiskSACreditCounterpartyCreditDelivery" xlink:title="label: CreditRiskSACreditCounterpartyCreditDelivery to label_CreditRiskSACreditCounterpartyCreditDelivery"/>
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  <link:labelLink xlink:type="extended" xlink:role="http://www.c-ebs.org/2006/corep/eu/cs"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_DistribucionPonderacionesRiesgoAbstract" xlink:label="DistribucionPonderacionesRiesgoAbstract" xlink:title="DistribucionPonderacionesRiesgoAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_DistribucionPonderacionesRiesgoAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistribucionPonderacionesRiesgoAbstract" xml:lang="es" id="label_DistribucionPonderacionesRiesgoAbstract">DISTRIBUCIÓN POR PONDERACIONES DE RIESGO:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistribucionPonderacionesRiesgoAbstract" xlink:to="label_DistribucionPonderacionesRiesgoAbstract" xlink:title="label: DistribucionPonderacionesRiesgoAbstract to label_DistribucionPonderacionesRiesgoAbstract"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_DistribucionCategoriaActivosAbstract" xlink:label="DistribucionCategoríaActivosAbstract" xlink:title="DistribucionCategoríaActivosAbstract"/>
    <link:label xlink:type="resource" xlink:label="label_DistribucionCategoríaActivosAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistribucionCategoríaActivosAbstract" xml:lang="es" id="label_DistribucionCategoríaActivosAbstract">DISTRIBUCIÓN POR CATEGÓRIAS DE ACTIVOS:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistribucionCategoríaActivosAbstract" xlink:to="label_DistribucionCategoríaActivosAbstract" xlink:title="label: DistribucionCategoríaActivosAbstract to label_DistribucionCategoríaActivosAbstract"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_SectionExposureClassesHypercube" xlink:label="SectionExposureClassesHypercube" xlink:title="SectionExposureClassesHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_SectionExposureClassesHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SectionExposureClassesHypercube" xml:lang="es" id="label_SectionExposureClassesHypercube">Sección Categoría de Activos</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SectionExposureClassesHypercube" xlink:to="label_SectionExposureClassesHypercube" xlink:title="label: SectionExposureClassesHypercube to label_SectionExposureClassesHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_FormRp21" xlink:label="FormRp21" xlink:title="FormRp21"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp21" xml:lang="es" id="label_FormRp21">REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE CRÉDITO, CONTRAPARTE Y ENTREGA. MÉTODO ESTÁNDAR ( RP21 )</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp21" xlink:to="label_FormRp21" xlink:title="label: FormRp21 to label_FormRp21"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_Row1Rp21" xlink:label="Row1Rp21" xlink:title="Row1Rp21"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp21" xml:lang="es" id="label_Row1Rp21">Fila RP21</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp21" xlink:to="label_Row1Rp21" xlink:title="label: Row1Rp21 to label_Row1Rp21"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_Column1Rp21" xlink:label="Column1Rp21" xlink:title="Column1Rp21"/>
    <link:label xlink:type="resource" xlink:label="label_Column1Rp21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Column1Rp21" xml:lang="es" id="label_Column1Rp21">Columna RP21</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Column1Rp21" xlink:to="label_Column1Rp21" xlink:title="label: Column1Rp21 to label_Column1Rp21"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp21.xsd#es-be-rp21_ExcExposiciones" xlink:label="ExcExposiciones" xlink:title="ExcExposiciones"/>
    <link:label xlink:type="resource" xlink:label="label_ExcExposiciones" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExcExposiciones" xml:lang="es" id="label_ExcExposiciones">Excluir Exposiciones</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExcExposiciones" xlink:to="label_ExcExposiciones" xlink:title="label: ExcExposiciones to label_ExcExposiciones"/>
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