<?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: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:roleRef roleURI="http://www.bde.es/2008/corep/rp31" xlink:type="simple" xlink:href="es-be-rp31.xsd#rt_rp31"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.bde.es/2008/corep/rp31">
    <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/d-mr-2006-07-01.xsd#d-mr_MRiskSATDITotal" xlink:label="MRiskSATDITotal" xlink:title="MRiskSATDITotal"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSATDITotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MRiskSATDITotal" xml:lang="es" id="label_MRiskSATDITotal">POSICIONES EN RENTA FIJA DE LA CARTERA DE NEGOCIACIÓN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MRiskSATDITotal" xlink:to="label_MRiskSATDITotal" xlink:title="label: MRiskSATDITotal to label_MRiskSATDITotal"/>
  </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_MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions" xlink:label="MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions" xlink:title="MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions" xml:lang="es" id="label_MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions">ELEMENTO NO APLICABLE 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="MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions" xlink:to="label_MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions" xlink:title="label: MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions to label_MRiskSATDIMarginBasedApproachExchangeTradedFuturesOptions"/>
    <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_MRiskSATDIMarginBasedApproachOTCFuturesOptions" xlink:label="MRiskSATDIMarginBasedApproachOTCFuturesOptions" xlink:title="MRiskSATDIMarginBasedApproachOTCFuturesOptions"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSATDIMarginBasedApproachOTCFuturesOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSATDIMarginBasedApproachOTCFuturesOptions" xml:lang="es" id="label_MRiskSATDIMarginBasedApproachOTCFuturesOptions">ELEMENTO NO APLICABLE 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="MRiskSATDIMarginBasedApproachOTCFuturesOptions" xlink:to="label_MRiskSATDIMarginBasedApproachOTCFuturesOptions" xlink:title="label: MRiskSATDIMarginBasedApproachOTCFuturesOptions to label_MRiskSATDIMarginBasedApproachOTCFuturesOptions"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp31.xsd#es-be-rp31_FormRp31" xlink:label="FormRp31" xlink:title="FormRp31"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp31" xml:lang="es" id="label_FormRp31">REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE PRECIO DE LAS POSICIONES EN RENTA FIJA. MÉTODO ESTÁNDAR ( RP31 )</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp31" xlink:to="label_FormRp31" xlink:title="label: FormRp31 to label_FormRp31"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp31.xsd#es-be-rp31_ZaXYRp31" xlink:label="ZaXYRp31" xlink:title="ZaXYRp31"/>
    <link:label xlink:type="resource" xlink:label="label_ZaXYRp31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ZaXYRp31" xml:lang="es" id="label_ZaXYRp31">Eje Z RP31</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZaXYRp31" xlink:to="label_ZaXYRp31" xlink:title="label: ZaXYRp31 to label_ZaXYRp31"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp31.xsd#es-be-rp31_Row1Rp31" xlink:label="Row1Rp31" xlink:title="Row1Rp31"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp31" xml:lang="es" id="label_Row1Rp31">Fila RP31</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp31" xlink:to="label_Row1Rp31" xlink:title="label: Row1Rp31 to label_Row1Rp31"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp31.xsd#es-be-rp31_Column1Rp31" xlink:label="Column1Rp31" xlink:title="Column1Rp31"/>
    <link:label xlink:type="resource" xlink:label="label_Column1Rp31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Column1Rp31" xml:lang="es" id="label_Column1Rp31">Columna RP31</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Column1Rp31" xlink:to="label_Column1Rp31" xlink:title="label: Column1Rp31 to label_Column1Rp31"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp31.xsd#es-be-rp31_ExcMetodosMargenesGarantiasHypercube" xlink:label="MetodosMargenesGarantiasHypercube" xlink:title="MetodosMargenesGarantiasHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_MetodosMargenesGarantiasHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MetodosMargenesGarantiasHypercube" xml:lang="es" id="label_MetodosMargenesGarantiasHypercube">Excluir Métodos Basados En Los Margenes De Garantía</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MetodosMargenesGarantiasHypercube" xlink:to="label_MetodosMargenesGarantiasHypercube" xlink:title="label: MetodosMargenesGarantiasHypercube to label_MetodosMargenesGarantiasHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp31.xsd#es-be-rp31_ExcPosicionesRentaFijaHyperCube" xlink:label="PosicionesRentaFijaHyperCube" xlink:title="PosicionesRentaFijaHyperCube"/>
    <link:label xlink:type="resource" xlink:label="label_PosicionesRentaFijaHyperCube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PosicionesRentaFijaHyperCube" xml:lang="es" id="label_PosicionesRentaFijaHyperCube">Excluir Posiciones en Renta Fija </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PosicionesRentaFijaHyperCube" xlink:to="label_PosicionesRentaFijaHyperCube" xlink:title="label: PosicionesRentaFijaHyperCube to label_PosicionesRentaFijaHyperCube"/>
  </link:labelLink>
</link:linkbase>
