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    <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"/>
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    <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="es-be-d-ec.xsd#es-be-d-ec_IRBEmpresasTotalExceptoFinanciacionEspecializadaPymes" xlink:label="IRBEmpresasTotalExceptoFinanciacionEspecializadaPymes" xlink:title="IRBEmpresasTotalExceptoFinanciacionEspecializadaPymes"/>
    <link:label xlink:type="resource" xlink:label="label_IRBEmpresasTotalExceptoFinanciacionEspecializadaPymes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRBEmpresasTotalExceptoFinanciacionEspecializadaPymes" xml:lang="es" id="label_IRBEmpresasTotalExceptoFinanciacionEspecializadaPymes">Exposiciones frente a empresas, exceptuando las de financiación especializada y las mantenidas frente a PYMES</link:label>
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    <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_CreditRiskIRBCreditCounterpartyCreditDelivery" xlink:label="CreditRiskIRBCreditCounterpartyCreditDelivery" xlink:title="CreditRiskIRBCreditCounterpartyCreditDelivery"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskIRBCreditCounterpartyCreditDelivery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskIRBCreditCounterpartyCreditDelivery" xml:lang="es" id="label_CreditRiskIRBCreditCounterpartyCreditDelivery">TOTAL EXPOSICIONES</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-rw-2006-07-01.xsd#d-rw_RiskWeight0Percent" xlink:label="RiskWeight0Percent" xlink:title="RiskWeight0Percent"/>
    <link:label xlink:type="resource" xlink:label="label_RiskWeight0Percent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RiskWeight0Percent" xml:lang="es" id="label_RiskWeight0Percent">PONDERACIÓN DE RIESGO: 0%</link:label>
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    <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_CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria" xlink:label="CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria" xlink:title="CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria" xml:lang="es" id="label_CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria">ESTAS FILAS SÓLO SERÁN APLICABLES PARA LAS CATEGORÍA DE ACTIVOS DE: EMPRESAS Y FINANCIACIÓN ESPECIALIZADA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria" xlink:to="label_CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria" xlink:title="label: CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria to label_CreditRiskIRBCreditCounterpartyCreditDeliverySpecializedLendingSlottingCriteria"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-rw-2006-07-01.xsd#d-rw_RiskWeight0Percent" xlink:label="RiskWeight0Percent" xlink:title="RiskWeight0Percent"/>
    <link:label xlink:type="resource" xlink:label="label_RiskWeight0Percent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RiskWeight0Percent" xml:lang="es" id="label_RiskWeight0Percent_2">ESTAS FILAS SÓLO SERÁN APLICABLES PARA LAS CATEGORÍA DE ACTIVOS DE: EMPRESAS Y FINANCIACIÓN ESPECIALIZADA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiskWeight0Percent" xlink:to="label_RiskWeight0Percent" xlink:title="label: RiskWeight0Percent to label_RiskWeight0Percent"/>
    <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">No</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">Sí</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="es-be-rp22.xsd#es-be-rp22_DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract" xlink:label="DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract." xlink:title="DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract."/>
    <link:label xlink:type="resource" xlink:label="label_DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract." xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract." xml:lang="es" id="label_DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract.">DISTRIBUCIÓN DEL TOTAL EXPOSICIONES ASIGNADAS A GRADOS DE DEUDORES O CONJUNTOS DE EXPOSICIONES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract." xlink:to="label_DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract." xlink:title="label: DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract. to label_DistribucionTotalExposicionesAsignadasGradosDeudoresConjuntosExposicionesPoolsAbstract."/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_FormRp22" xlink:label="FormRp22" xlink:title="FormRp22"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp22" xml:lang="es" id="label_FormRp22">REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE CRÉDITO, CONTRAPARTE, DILUCIÓN Y ENTREGA. MÉTODO BASADO EN CALIFICACIONES INTERNAS ( RP22 )</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp22" xlink:to="label_FormRp22" xlink:title="label: FormRp22 to label_FormRp22"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_ZaXYRp22" xlink:label="ZaXYRp22" xlink:title="ZaXYRp22"/>
    <link:label xlink:type="resource" xlink:label="label_ZaXYRp22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ZaXYRp22" xml:lang="es" id="label_ZaXYRp22">Eje Z RP22</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZaXYRp22" xlink:to="label_ZaXYRp22" xlink:title="label: ZaXYRp22 to label_ZaXYRp22"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_Row1Rp22" xlink:label="Row1Rp22" xlink:title="Row1Rp22"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp22" xml:lang="es" id="label_Row1Rp22">Fila RP22</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp22" xlink:to="label_Row1Rp22" xlink:title="label: Row1Rp22 to label_Row1Rp22"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_Column1Rp22" xlink:label="Column1Rp22" xlink:title="Column1Rp22"/>
    <link:label xlink:type="resource" xlink:label="label_Column1Rp22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Column1Rp22" xml:lang="es" id="label_Column1Rp22">Columna RP22</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Column1Rp22" xlink:to="label_Column1Rp22" xlink:title="label: Column1Rp22 to label_Column1Rp22"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_ExcRetailWithNoHypercube" xlink:label="ExcRetailWithNoHypercube" xlink:title="ExcRetailWithNoHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_ExcRetailWithNoHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExcRetailWithNoHypercube" xml:lang="es" id="label_ExcRetailWithNoHypercube">Excluir "Minoristas y Estimaciones Propias con valor No"</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExcRetailWithNoHypercube" xlink:to="label_ExcRetailWithNoHypercube" xlink:title="label: ExcRetailWithNoHypercube to label_ExcRetailWithNoHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_FormRp22b" xlink:label="FormRp22b" xlink:title="FormRp22b"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp22b" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp22b" xml:lang="es" id="label_FormRp22b">REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE CRÉDITO, CONTRAPARTE, DILUCIÓN Y ENTREGA. MÉTODO BASADO EN CALIFICACIONES INTERNAS ( RP22 - B)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp22b" xlink:to="label_FormRp22b" xlink:title="label: FormRp22b to label_FormRp22b"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_ZAxysRP22b" xlink:label="ZAxysRP22b" xlink:title="ZAxysRP22b"/>
    <link:label xlink:type="resource" xlink:label="label_ZAxysRP22b" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ZAxysRP22b" xml:lang="es" id="label_ZAxysRP22b">Eje Z RP22b</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZAxysRP22b" xlink:to="label_ZAxysRP22b" xlink:title="label: ZAxysRP22b to label_ZAxysRP22b"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_RowRP22b" xlink:label="RowRP22b" xlink:title="RowRP22b"/>
    <link:label xlink:type="resource" xlink:label="label_RowRP22b" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RowRP22b" xml:lang="es" id="label_RowRP22b">Fila RP22b</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RowRP22b" xlink:to="label_RowRP22b" xlink:title="label: RowRP22b to label_RowRP22b"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_ColumnRP22b" xlink:label="ColumnRP22b" xlink:title="ColumnRP22b"/>
    <link:label xlink:type="resource" xlink:label="label_ColumnRP22b" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ColumnRP22b" xml:lang="es" id="label_ColumnRP22b">Columna RP22b</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColumnRP22b" xlink:to="label_ColumnRP22b" xlink:title="label: ColumnRP22b to label_ColumnRP22b"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp22.xsd#es-be-rp22_GradoDeudor" xlink:label="GradoDeudor" xlink:title="GradoDeudor"/>
    <link:label xlink:type="resource" xlink:label="label_GradoDeudor" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GradoDeudor" xml:lang="es" id="label_GradoDeudor">GRADO DE DEUDORES O CONJUNTO DE EXPOSICIONES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GradoDeudor" xlink:to="label_GradoDeudor" xlink:title="label: GradoDeudor to label_GradoDeudor"/>
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