<?xml version="1.0" encoding="UTF-8"?>
<!-- Generated by Fujitsu XWand B0123C -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:roleRef roleURI="http://www.bde.es/es/fr/esrs/finrep/6-2008/2008-11-26/role/PerdidasYGananciasPublicaConsolidada" xlink:type="simple" xlink:href="es-be-FINREP-rol.xsd#PerdidasYGananciasPublicaConsolidada"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.bde.es/es/fr/esrs/finrep/6-2008/2008-11-26/role/PerdidasYGananciasPublicaConsolidada"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="es-be-t-FINREP-III2-PerdidasYGananciasPublicaConsolidada.xsd#es-be-t-FR-PyGPC_Formulario" xlink:label="Formulario" xlink:title="Formulario"/>
    <link:label xlink:type="resource" xlink:label="label_Formulario" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Formulario" xml:lang="es" id="label_Formulario">Formulario III.2</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Formulario" xlink:to="label_Formulario" xlink:title="label: Formulario to label_Formulario"/>
    <link:loc xlink:type="locator" xlink:href="es-be-t-FINREP-III2-PerdidasYGananciasPublicaConsolidada.xsd#es-be-t-FR-PyGPC_Columna1" xlink:label="newItem2" xlink:title="newItem2"/>
    <link:label xlink:type="resource" xlink:label="label_newItem2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem2" xml:lang="es" id="label_newItem2">Columna 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="newItem2" xlink:to="label_newItem2" xlink:title="label: newItem2 to label_newItem2"/>
  </link:labelLink>
</link:linkbase>