<?xml version="1.0" encoding="UTF-8"?>
<!--(C) EIOPA - XBRL Taxonomy-->
<?officialURI http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ex/hier-lab-mem-en.xml?>
<?taxonomy-version 2.6.0?>
<?taxonomy-date 2021-07-15?>
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/1" xlink:type="simple" xlink:href="hier.xsd#s2c_1" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/1">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x1" xlink:label="loc_s2c_x1" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x1" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">10 biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x1" xlink:to="label_s2c_x1" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x2" xlink:label="loc_s2c_x2" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x2" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">10th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x2" xlink:to="label_s2c_x2" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x3" xlink:label="loc_s2c_x3" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x3" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">1st and 2nd biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x3" xlink:to="label_s2c_x3" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x4" xlink:label="loc_s2c_x4" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x4" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">1st biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x4" xlink:to="label_s2c_x4" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x5" xlink:label="loc_s2c_x5" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x5" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">2nd biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x5" xlink:to="label_s2c_x5" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x6" xlink:label="loc_s2c_x6" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x6" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">3rd biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x6" xlink:to="label_s2c_x6" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x7" xlink:label="loc_s2c_x7" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x7" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">4th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x7" xlink:to="label_s2c_x7" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x8" xlink:label="loc_s2c_x8" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x8" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">5th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x8" xlink:to="label_s2c_x8" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x9" xlink:label="loc_s2c_x9" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x9" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">6th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x9" xlink:to="label_s2c_x9" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x10" xlink:label="loc_s2c_x10" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x10" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">7th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x10" xlink:to="label_s2c_x10" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x11" xlink:label="loc_s2c_x11" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x11" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">8th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x11" xlink:to="label_s2c_x11" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x12" xlink:label="loc_s2c_x12" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x12" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">9th biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x12" xlink:to="label_s2c_x12" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x16" xlink:label="loc_s2c_x16" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x16" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Other than 10 biggest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x16" xlink:to="label_s2c_x16" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/2" xlink:type="simple" xlink:href="hier.xsd#s2c_2" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/2">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x17" xlink:label="loc_s2c_x17" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x17" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Receivables from intermediaries due for more than 3 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x17" xlink:to="label_s2c_x17" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x19" xlink:label="loc_s2c_x19" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x19" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Type 2 exposures other than receivables from intermediaries due for more than 3 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x19" xlink:to="label_s2c_x19" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/3" xlink:type="simple" xlink:href="hier.xsd#s2c_3" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/3">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x13" xlink:label="loc_s2c_x13" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x13" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Assets exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x13" xlink:to="label_s2c_x13" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x15" xlink:label="loc_s2c_x15" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x15" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x15" xlink:to="label_s2c_x15" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/4" xlink:type="simple" xlink:href="hier.xsd#s2c_4" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/4">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x14" xlink:label="loc_s2c_x14" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x14" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Exposure other than reinsurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x14" xlink:to="label_s2c_x14" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x18" xlink:label="loc_s2c_x18" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x18" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Reinsurance exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x18" xlink:to="label_s2c_x18" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/5" xlink:type="simple" xlink:href="hier.xsd#s2c_5" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/5">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x20" xlink:label="loc_s2c_x20" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x20" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">1 - Assets - bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x20" xlink:to="label_s2c_x20" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x21" xlink:label="loc_s2c_x21" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x21" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">2 - Assets - equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x21" xlink:to="label_s2c_x21" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x22" xlink:label="loc_s2c_x22" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x22" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">3 - Assets - reinsurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x22" xlink:to="label_s2c_x22" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x23" xlink:label="loc_s2c_x23" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x23" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">4 - Assets - others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x23" xlink:to="label_s2c_x23" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x24" xlink:label="loc_s2c_x24" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x24" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">5 - Liabilities - insurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x24" xlink:to="label_s2c_x24" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x25" xlink:label="loc_s2c_x25" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x25" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">6 - Liabilities - loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x25" xlink:to="label_s2c_x25" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x26" xlink:label="loc_s2c_x26" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x26" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">7 - Liabilities - debts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x26" xlink:to="label_s2c_x26" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x27" xlink:label="loc_s2c_x27" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x27" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">8 - Liabilities - others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x27" xlink:to="label_s2c_x27" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x28" xlink:label="loc_s2c_x28" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x28" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">9 - Off-balance-sheet (contingent asset)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x28" xlink:to="label_s2c_x28" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x29" xlink:label="loc_s2c_x29" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x29" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">10 - Off-balance-sheet (contingent liability)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x29" xlink:to="label_s2c_x29" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/6" xlink:type="simple" xlink:href="hier.xsd#s2c_6" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/6">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x30" xlink:label="loc_s2c_x30" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x30" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Type 1 Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x30" xlink:to="label_s2c_x30" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x31" xlink:label="loc_s2c_x31" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x31" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Type 2 Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x31" xlink:to="label_s2c_x31" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x32" xlink:label="loc_s2c_x32" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x32" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Subordinated liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x32" xlink:to="label_s2c_x32" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x33" xlink:label="loc_s2c_x33" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x33" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Qualifying infrastructure equities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x33" xlink:to="label_s2c_x33" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x42" xlink:label="loc_s2c_x42" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x42" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Qualifying infrastructure corporate equities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x42" xlink:to="label_s2c_x42" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x45" xlink:label="loc_s2c_x45" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x45" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Qualifying infrastructure equities other than corporate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x45" xlink:to="label_s2c_x45" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/7" xlink:type="simple" xlink:href="hier.xsd#s2c_7" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/7">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x35" xlink:label="loc_s2c_x35" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x35" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (qualifying infrastructure)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x35" xlink:to="label_s2c_x35" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x36" xlink:label="loc_s2c_x36" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x36" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (other than qualifying infrastructure)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x36" xlink:to="label_s2c_x36" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x37" xlink:label="loc_s2c_x37" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x37" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Credit derivatives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x37" xlink:to="label_s2c_x37" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x38" xlink:label="loc_s2c_x38" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x38" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Securitisation positions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x38" xlink:to="label_s2c_x38" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x39" xlink:label="loc_s2c_x39" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x39" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Type 1 securitisations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x39" xlink:to="label_s2c_x39" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x40" xlink:label="loc_s2c_x40" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x40" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Type 2 securitisations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x40" xlink:to="label_s2c_x40" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x41" xlink:label="loc_s2c_x41" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x41" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Resecuritisations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x41" xlink:to="label_s2c_x41" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x43" xlink:label="loc_s2c_x43" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x43" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (qualifying infrastructure corporate investment)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x43" xlink:to="label_s2c_x43" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x44" xlink:label="loc_s2c_x44" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x44" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (qualifying investment infrastructure other than infrastructure corporate)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x44" xlink:to="label_s2c_x44" />
  </link:labelLink>
  <link:roleRef roleURI="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/8" xlink:type="simple" xlink:href="hier.xsd#s2c_8" />
  <link:labelLink xlink:type="extended" xlink:role="http://eiopa.europa.eu/xbrl/s2c/role/dict/dom/EX/8">
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x35" xlink:label="loc_s2c_x35" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x35" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (qualifying infrastructure)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x35" xlink:to="label_s2c_x35" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x36" xlink:label="loc_s2c_x36" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x36" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (other than qualifying infrastructure)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x36" xlink:to="label_s2c_x36" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x37" xlink:label="loc_s2c_x37" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x37" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Credit derivatives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x37" xlink:to="label_s2c_x37" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x38" xlink:label="loc_s2c_x38" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x38" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Securitisation positions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x38" xlink:to="label_s2c_x38" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x41" xlink:label="loc_s2c_x41" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x41" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Resecuritisations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x41" xlink:to="label_s2c_x41" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x43" xlink:label="loc_s2c_x43" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x43" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (qualifying infrastructure corporate investment)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x43" xlink:to="label_s2c_x43" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x44" xlink:label="loc_s2c_x44" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x44" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Bonds and loans (qualifying investment infrastructure other than infrastructure corporate)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x44" xlink:to="label_s2c_x44" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x46" xlink:label="loc_s2c_x46" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x46" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Senior STS securitisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x46" xlink:to="label_s2c_x46" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x47" xlink:label="loc_s2c_x47" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x47" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Non-senior STS securitisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x47" xlink:to="label_s2c_x47" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x48" xlink:label="loc_s2c_x48" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x48" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Securitisation positions other than STS, transitional type 1 securitisation and resecuritisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x48" xlink:to="label_s2c_x48" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x49" xlink:label="loc_s2c_x49" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x49" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Transitional type 1 securitisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x49" xlink:to="label_s2c_x49" />
    <link:loc xlink:type="locator" xlink:href="mem.xsd#s2c_x50" xlink:label="loc_s2c_x50" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x50" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Guaranteed STS securitisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x50" xlink:to="label_s2c_x50" />
  </link:labelLink>
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