<?xml version="1.0" encoding="UTF-8"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" 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">
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_1" xlink:type="simple" xlink:href="hier.xsd#boec_boec_1" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_2" xlink:type="simple" xlink:href="hier.xsd#boec_boec_2" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_3" xlink:type="simple" xlink:href="hier.xsd#boec_boec_3" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_4" xlink:type="simple" xlink:href="hier.xsd#boec_boec_4" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_5" xlink:type="simple" xlink:href="hier.xsd#boec_boec_5" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_6" xlink:type="simple" xlink:href="hier.xsd#boec_boec_6" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_7" xlink:type="simple" xlink:href="hier.xsd#boec_boec_7" />
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_1" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">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:href="mem.xsd#boec_b1" xlink:label="loc_boec_b1" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Attributable to the Society</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b1" xlink:to="label_boec_b1" />
    <link:loc xlink:href="mem.xsd#boec_b2" xlink:label="loc_boec_b2" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Attributable to Members</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b2" xlink:to="label_boec_b2" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_2" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x5" xlink:label="loc_s2c_x5" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x5" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Available to meet SCR criteria</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:href="mem.xsd#boec_b3" xlink:label="loc_boec_b3" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b3" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Available to meet SCR criteria (to cover Lloyd's SCR)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b3" xlink:to="label_boec_b3" />
    <link:loc xlink:href="mem.xsd#boec_b4" xlink:label="loc_boec_b4" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b4" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Eligible to meet SCR criteria (to cover Lloyd's SCR)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b4" xlink:to="label_boec_b4" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x18" xlink:label="loc_s2c_x18" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x18" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Not available to meet SCR criteria</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:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_3" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">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:href="mem.xsd#boec_b5" xlink:label="loc_boec_b5" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b5" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Available to cover Central Requirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b5" xlink:to="label_boec_b5" />
    <link:loc xlink:href="mem.xsd#boec_b6" xlink:label="loc_boec_b6" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b6" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Eligible to cover Central Requirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b6" xlink:to="label_boec_b6" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_4" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x27" xlink:label="loc_s2c_x27" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x27" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Tier 1 and Tier 2</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x26" xlink:label="loc_s2c_x26" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x26" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Tier 1</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x8" xlink:label="loc_s2c_x8" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x8" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Tier 1 - unrestricted</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x30" xlink:label="loc_s2c_x30" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x30" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Tier 3</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x28" xlink:label="loc_s2c_x28" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x28" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Tier 2</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x1" xlink:label="loc_s2c_x1" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Tier 1 - restricted</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:href="mem.xsd#boec_b7" xlink:label="loc_boec_b7" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b7" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other capital than tier 1,tier 2 and tier 3</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b7" xlink:to="label_boec_b7" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_5" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x2" xlink:label="loc_s2c_x2" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Ancillary own fund</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x22" xlink:label="loc_s2c_x22" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x22" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Not an ancillary own fund</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_6" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x26" xlink:label="loc_s2c_x26" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x26" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Tier 1</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x8" xlink:label="loc_s2c_x8" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x8" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Tier 1 - unrestricted</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x1" xlink:label="loc_s2c_x1" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3 - Tier 1 - restricted</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x28" xlink:label="loc_s2c_x28" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x28" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">4 - Tier 2</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x30" xlink:label="loc_s2c_x30" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x30" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">5 - Tier 3</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_EL/boec_7" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x9" xlink:label="loc_s2c_x9" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x9" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Counted under transitionals</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:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/el/mem.xsd#s2c_x23" xlink:label="loc_s2c_x23" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x23" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Not counted under transitionals</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:labelLink>
</link:linkbase>
