<?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:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" 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/rp33" xlink:type="simple" xlink:href="es-be-rp33.xsd#rt_rp33"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.bde.es/2008/corep/rp33">
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-cm-mr-2006-07-01.xsd#p-cm-mr_MemorandumItems" xlink:label="MemorandumItems" xlink:title="MemorandumItems"/>
    <link:label xlink:type="resource" xlink:label="label_MemorandumItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MemorandumItems" xml:lang="es" id="label_MemorandumItems">PRO-MEMORIA: POSICIONES TOMADAS PARA LA PROTECCIÓN CONTRA LOS EFECTOS ADVERSOS DEL TIPO DE CAMBIO SOBRE LA SOLVENCIA DE LA "ENTIDAD"</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MemorandumItems" xlink:to="label_MemorandumItems" xlink:title="label: MemorandumItems to label_MemorandumItems"/>
    <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">TOTAL POSICIONES EN DIVISAS DISTINTAS DE LA MONEDA FUNCIONAL</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: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/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/p-mf-2006-07-01.xsd#p-mf_PositionsSubjectCapitalChargeMatched" xlink:label="PositionsSubjectCapitalChargeMatched" xlink:title="PositionsSubjectCapitalChargeMatched"/>
    <link:label xlink:type="resource" xlink:label="label_PositionsSubjectCapitalChargeMatched" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PositionsSubjectCapitalChargeMatched" xml:lang="es" id="label_PositionsSubjectCapitalChargeMatched">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="PositionsSubjectCapitalChargeMatched" xlink:to="label_PositionsSubjectCapitalChargeMatched" xlink:title="label: PositionsSubjectCapitalChargeMatched to label_PositionsSubjectCapitalChargeMatched"/>
    <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_MRiskSAFXCurrenciesCloselyCorrelated" xlink:label="MRiskSAFXCurrenciesCloselyCorrelated" xlink:title="MRiskSAFXCurrenciesCloselyCorrelated"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAFXCurrenciesCloselyCorrelated" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSAFXCurrenciesCloselyCorrelated" xml:lang="es" id="label_MRiskSAFXCurrenciesCloselyCorrelated">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="MRiskSAFXCurrenciesCloselyCorrelated" xlink:to="label_MRiskSAFXCurrenciesCloselyCorrelated" xlink:title="label: MRiskSAFXCurrenciesCloselyCorrelated to label_MRiskSAFXCurrenciesCloselyCorrelated"/>
    <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_MRiskSAFXCurrenciesSecondStageEMU" xlink:label="MRiskSAFXCurrenciesSecondStageEMU" xlink:title="MRiskSAFXCurrenciesSecondStageEMU"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAFXCurrenciesSecondStageEMU" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSAFXCurrenciesSecondStageEMU" xml:lang="es" id="label_MRiskSAFXCurrenciesSecondStageEMU">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="MRiskSAFXCurrenciesSecondStageEMU" xlink:to="label_MRiskSAFXCurrenciesSecondStageEMU" xlink:title="label: MRiskSAFXCurrenciesSecondStageEMU to label_MRiskSAFXCurrenciesSecondStageEMU"/>
    <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_MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements" xlink:label="MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements" xlink:title="MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements" xml:lang="es" id="label_MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements">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="MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements" xlink:to="label_MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements" xlink:title="label: MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements to label_MRiskSAFXCurrenciesSubjectIntergovernmentalAgreements"/>
    <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_MRiskSAFXOtherNonDeltaRisksCurrencyOptions" xlink:label="MRiskSAFXOtherNonDeltaRisksCurrencyOptions" xlink:title="MRiskSAFXOtherNonDeltaRisksCurrencyOptions"/>
    <link:label xlink:type="resource" xlink:label="label_MRiskSAFXOtherNonDeltaRisksCurrencyOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MRiskSAFXOtherNonDeltaRisksCurrencyOptions" xml:lang="es" id="label_MRiskSAFXOtherNonDeltaRisksCurrencyOptions">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="MRiskSAFXOtherNonDeltaRisksCurrencyOptions" xlink:to="label_MRiskSAFXOtherNonDeltaRisksCurrencyOptions" xlink:title="label: MRiskSAFXOtherNonDeltaRisksCurrencyOptions to label_MRiskSAFXOtherNonDeltaRisksCurrencyOptions"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp33.xsd#es-be-rp33_FormRp33" xlink:label="FormRp33" xlink:title="FormRp33"/>
    <link:label xlink:type="resource" xlink:label="label_FormRp33" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FormRp33" xml:lang="es" id="label_FormRp33">REQUERIMIENTOS DE RECURSOS PROPIOS POR RIESGO DE TIPO DE CAMBIO. MÉTODO ESTÁNDAR (RP33)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FormRp33" xlink:to="label_FormRp33" xlink:title="label: FormRp33 to label_FormRp33"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp33.xsd#es-be-rp33_Row1Rp33" xlink:label="Row1Rp33" xlink:title="Row1Rp33"/>
    <link:label xlink:type="resource" xlink:label="label_Row1Rp33" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Row1Rp33" xml:lang="es" id="label_Row1Rp33">Fila RP33</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Row1Rp33" xlink:to="label_Row1Rp33" xlink:title="label: Row1Rp33 to label_Row1Rp33"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp33.xsd#es-be-rp33_Column1Rp33" xlink:label="Column1Rp33" xlink:title="Column1Rp33"/>
    <link:label xlink:type="resource" xlink:label="label_Column1Rp33" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Column1Rp33" xml:lang="es" id="label_Column1Rp33">Columna RP33</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Column1Rp33" xlink:to="label_Column1Rp33" xlink:title="label: Column1Rp33 to label_Column1Rp33"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp33.xsd#es-be-rp33_ExcDegloseDivisasERMIIHypercube" xlink:label="ExcDivisasMecanismoTipoCambioERMIIHypercube" xlink:title="ExcDivisasMecanismoTipoCambioERMIIHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_ExcDivisasMecanismoTipoCambioERMIIHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExcDivisasMecanismoTipoCambioERMIIHypercube" xml:lang="es" id="label_ExcDivisasMecanismoTipoCambioERMIIHypercube">Excluir Deglose Divisas ERMII</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExcDivisasMecanismoTipoCambioERMIIHypercube" xlink:to="label_ExcDivisasMecanismoTipoCambioERMIIHypercube" xlink:title="label: ExcDivisasMecanismoTipoCambioERMIIHypercube to label_ExcDivisasMecanismoTipoCambioERMIIHypercube"/>
    <link:loc xlink:type="locator" xlink:href="es-be-rp33.xsd#es-be-rp33_ExcTotalHypercube" xlink:label="ExcTotalHypercube" xlink:title="ExcTotalHypercube"/>
    <link:label xlink:type="resource" xlink:label="label_ExcTotalHypercube" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExcTotalHypercube" xml:lang="es" id="label_ExcTotalHypercube">Excluir Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExcTotalHypercube" xlink:to="label_ExcTotalHypercube" xlink:title="label: ExcTotalHypercube to label_ExcTotalHypercube"/>
  </link:labelLink>
</link:linkbase>
