<?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/rp32" xlink:type="simple" xlink:href="es-be-rp32.xsd#rt_rp32"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.bde.es/2008/corep/rp32">
    <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_MRiskSAEQUTotal" xlink:label="MRiskSAEQUTotal" xlink:title="MRiskSAEQUTotal"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAEQUTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MRiskSAEQUTotal" xml:lang="es" id="label_MRiskSAEQUTotal">ACCIONES Y PARTICIPACIONES EN LA CARTERA DE NEGOCIACIÓN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MRiskSAEQUTotal" xlink:to="label_MRiskSAEQUTotal" xlink:title="label: MRiskSAEQUTotal to label_MRiskSAEQUTotal"/>
  </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_MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions" xlink:label="MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions" xlink:title="MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions" xml:lang="es" id="label_MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions">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="MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions" xlink:to="label_MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions" xlink:title="label: MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions to label_MRiskSAEQUMarginBasedApproachExchangeTradedFuturesOptions"/>
    <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_MRiskSAEQUMarginBasedApproachOTCFuturesOptions" xlink:label="MRiskSAEQUMarginBasedApproachOTCFuturesOptions" xlink:title="MRiskSAEQUMarginBasedApproachOTCFuturesOptions"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAEQUMarginBasedApproachOTCFuturesOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSAEQUMarginBasedApproachOTCFuturesOptions" xml:lang="es" id="label_MRiskSAEQUMarginBasedApproachOTCFuturesOptions">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="MRiskSAEQUMarginBasedApproachOTCFuturesOptions" xlink:to="label_MRiskSAEQUMarginBasedApproachOTCFuturesOptions" xlink:title="label: MRiskSAEQUMarginBasedApproachOTCFuturesOptions to label_MRiskSAEQUMarginBasedApproachOTCFuturesOptions"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp32.xsd#es-be-rp32_FormRp32" xlink:label="FormRp32" xlink:title="FormRp32"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp32" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp32" xml:lang="es" id="label_FormRp32">REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE PRECIO DE LAS POSICIONES EN ACCIONES Y PARTICIPACIONES. MÉTODO ESTÁNDAR ( RP32 )</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp32" xlink:to="label_FormRp32" xlink:title="label: FormRp32 to label_FormRp32"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp32.xsd#es-be-rp32_ZaXYRp32" xlink:label="ZaXYRp32" xlink:title="ZaXYRp32"/>
    <link:label xlink:type="resource" xlink:label="label_ZaXYRp32" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ZaXYRp32" xml:lang="es" id="label_ZaXYRp32">Eje Z RP32</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZaXYRp32" xlink:to="label_ZaXYRp32" xlink:title="label: ZaXYRp32 to label_ZaXYRp32"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp32.xsd#es-be-rp32_Row1Rp32" xlink:label="Row1Rp32" xlink:title="Row1Rp32"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp32" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp32" xml:lang="es" id="label_Row1Rp32">Fila RP32</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp32" xlink:to="label_Row1Rp32" xlink:title="label: Row1Rp32 to label_Row1Rp32"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp32.xsd#es-be-rp32_Column1Rp32" xlink:label="Column1Rp32" xlink:title="Column1Rp32"/>
    <link:label xlink:type="resource" xlink:label="label_Column1Rp32" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Column1Rp32" xml:lang="es" id="label_Column1Rp32">Columna RP32</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Column1Rp32" xlink:to="label_Column1Rp32" xlink:title="label: Column1Rp32 to label_Column1Rp32"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp32.xsd#es-be-rp32_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-rp32.xsd#es-be-rp32_ExcAccionesParticipacionesHypercube" xlink:label="AccionesParticipacionesHypercube" xlink:title="AccionesParticipacionesHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_AccionesParticipacionesHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccionesParticipacionesHypercube" xml:lang="es" id="label_AccionesParticipacionesHypercube">Excluir Acciones y Participaciones</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccionesParticipacionesHypercube" xlink:to="label_AccionesParticipacionesHypercube" xlink:title="label: AccionesParticipacionesHypercube to label_AccionesParticipacionesHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp32.xsd#es-be-rp32_ExcCarterasRiesgoEspecificoHypercube" xlink:label="ExcCarterasRiesgoEspecificoHypercube" xlink:title="ExcCarterasRiesgoEspecificoHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_ExcCarterasRiesgoEspecificoHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExcCarterasRiesgoEspecificoHypercube" xml:lang="es" id="label_ExcCarterasRiesgoEspecificoHypercube">Excluir Carteras Riesgo Específico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExcCarterasRiesgoEspecificoHypercube" xlink:to="label_ExcCarterasRiesgoEspecificoHypercube" xlink:title="label: ExcCarterasRiesgoEspecificoHypercube to label_ExcCarterasRiesgoEspecificoHypercube"/>
  </link:labelLink>
</link:linkbase>
