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<!-- Copyright (C) 2005 CEBS Secretariat Ltd., Tower 42, 25 Old Broad Street, London, EC2N 1HQ, United Kingdom. -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" 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" xmlns:p-cs="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/p-cs-2006-07-01">
  <link:roleRef roleURI="http://www.c-ebs.org/2006/corep/eu/cs" xlink:type="simple" xlink:href="p-cs-2006-07-01.xsd#rt_cs"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_CRSADomain" xlink:label="CRSADomain" xlink:title="CRSADomain"/>
    <link:label xlink:type="resource" xlink:label="label_CRSADomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CRSADomain" xml:lang="en" id="label_CRSADomain">CR SA (Domain)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CRSADomain" xlink:to="label_CRSADomain" xlink:title="label: CRSADomain to label_CRSADomain"/>
    <link:label xlink:type="resource" xlink:label="label_CRSADomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CRSADomain" xml:lang="en" id="label_CRSADomain_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CRSADomain" xlink:to="label_CRSADomain_2" xlink:title="label: CRSADomain to label_CRSADomain"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_ValueAdjustmentsProvisionsAssociatedOriginalExposure" xlink:label="ValueAdjustmentsProvisionsAssociatedOriginalExposure" xlink:title="ValueAdjustmentsProvisionsAssociatedOriginalExposure"/>
    <link:label xlink:type="resource" xlink:label="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure" xml:lang="en" id="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure">(-) Value Adjustments And Provisions Associated With The Original Exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAdjustmentsProvisionsAssociatedOriginalExposure" xlink:to="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure" xlink:title="label: ValueAdjustmentsProvisionsAssociatedOriginalExposure to label_ValueAdjustmentsProvisionsAssociatedOriginalExposure"/>
    <link:label xlink:type="resource" xlink:label="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure" xml:lang="en" id="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAdjustmentsProvisionsAssociatedOriginalExposure" xlink:to="label_ValueAdjustmentsProvisionsAssociatedOriginalExposure_2" xlink:title="label: ValueAdjustmentsProvisionsAssociatedOriginalExposure to label_ValueAdjustmentsProvisionsAssociatedOriginalExposure"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_ExposureNetValueAdjustmentsProvisions" xlink:label="ExposureNetValueAdjustmentsProvisions" xlink:title="ExposureNetValueAdjustmentsProvisions"/>
    <link:label xlink:type="resource" xlink:label="label_ExposureNetValueAdjustmentsProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureNetValueAdjustmentsProvisions" xml:lang="en" id="label_ExposureNetValueAdjustmentsProvisions">Exposure Net Of Value Adjustments And Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureNetValueAdjustmentsProvisions" xlink:to="label_ExposureNetValueAdjustmentsProvisions" xlink:title="label: ExposureNetValueAdjustmentsProvisions to label_ExposureNetValueAdjustmentsProvisions"/>
    <link:label xlink:type="resource" xlink:label="label_ExposureNetValueAdjustmentsProvisions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureNetValueAdjustmentsProvisions" xml:lang="en" id="label_ExposureNetValueAdjustmentsProvisions_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureNetValueAdjustmentsProvisions" xlink:to="label_ExposureNetValueAdjustmentsProvisions_2" xlink:title="label: ExposureNetValueAdjustmentsProvisions to label_ExposureNetValueAdjustmentsProvisions"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_UnfundedCreditProtectionAdjustedValues" xlink:label="UnfundedCreditProtectionAdjustedValues" xlink:title="UnfundedCreditProtectionAdjustedValues"/>
    <link:label xlink:type="resource" xlink:label="label_UnfundedCreditProtectionAdjustedValues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnfundedCreditProtectionAdjustedValues" xml:lang="en" id="label_UnfundedCreditProtectionAdjustedValues">Unfunded Credit Protection Adjusted Values (Ga)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedCreditProtectionAdjustedValues" xlink:to="label_UnfundedCreditProtectionAdjustedValues" xlink:title="label: UnfundedCreditProtectionAdjustedValues to label_UnfundedCreditProtectionAdjustedValues"/>
    <link:label xlink:type="resource" xlink:label="label_UnfundedCreditProtectionAdjustedValues_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnfundedCreditProtectionAdjustedValues" xml:lang="en" id="label_UnfundedCreditProtectionAdjustedValues_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedCreditProtectionAdjustedValues" xlink:to="label_UnfundedCreditProtectionAdjustedValues_2" xlink:title="label: UnfundedCreditProtectionAdjustedValues to label_UnfundedCreditProtectionAdjustedValues"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_Guarantees" xlink:label="Guarantees" xlink:title="Guarantees"/>
    <link:label xlink:type="resource" xlink:label="label_Guarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Guarantees" xml:lang="en" id="label_Guarantees">Guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Guarantees" xlink:to="label_Guarantees" xlink:title="label: Guarantees to label_Guarantees"/>
    <link:label xlink:type="resource" xlink:label="label_Guarantees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Guarantees" xml:lang="en" id="label_Guarantees_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Guarantees" xlink:to="label_Guarantees_2" xlink:title="label: Guarantees to label_Guarantees"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_CreditDerivatives" xlink:label="CreditDerivatives" xlink:title="CreditDerivatives"/>
    <link:label xlink:type="resource" xlink:label="label_CreditDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditDerivatives" xml:lang="en" id="label_CreditDerivatives">Credit Derivatives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditDerivatives" xlink:to="label_CreditDerivatives" xlink:title="label: CreditDerivatives to label_CreditDerivatives"/>
    <link:label xlink:type="resource" xlink:label="label_CreditDerivatives_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CreditDerivatives" xml:lang="en" id="label_CreditDerivatives_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditDerivatives" xlink:to="label_CreditDerivatives_2" xlink:title="label: CreditDerivatives to label_CreditDerivatives"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_FundedCreditProtection" xlink:label="FundedCreditProtection" xlink:title="FundedCreditProtection"/>
    <link:label xlink:type="resource" xlink:label="label_FundedCreditProtection" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FundedCreditProtection" xml:lang="en" id="label_FundedCreditProtection">Funded Credit Protection</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FundedCreditProtection" xlink:to="label_FundedCreditProtection" xlink:title="label: FundedCreditProtection to label_FundedCreditProtection"/>
    <link:label xlink:type="resource" xlink:label="label_FundedCreditProtection_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FundedCreditProtection" xml:lang="en" id="label_FundedCreditProtection_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FundedCreditProtection" xlink:to="label_FundedCreditProtection_2" xlink:title="label: FundedCreditProtection to label_FundedCreditProtection"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_FinancialCollateralSimpleMethod" xlink:label="FinancialCollateralSimpleMethod" xlink:title="FinancialCollateralSimpleMethod"/>
    <link:label xlink:type="resource" xlink:label="label_FinancialCollateralSimpleMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialCollateralSimpleMethod" xml:lang="en" id="label_FinancialCollateralSimpleMethod">Financial Collateral: Simple Method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialCollateralSimpleMethod" xlink:to="label_FinancialCollateralSimpleMethod" xlink:title="label: FinancialCollateralSimpleMethod to label_FinancialCollateralSimpleMethod"/>
    <link:label xlink:type="resource" xlink:label="label_FinancialCollateralSimpleMethod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialCollateralSimpleMethod" xml:lang="en" id="label_FinancialCollateralSimpleMethod_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialCollateralSimpleMethod" xlink:to="label_FinancialCollateralSimpleMethod_2" xlink:title="label: FinancialCollateralSimpleMethod to label_FinancialCollateralSimpleMethod"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_OtherFundedCreditProtection" xlink:label="OtherFundedCreditProtection" xlink:title="OtherFundedCreditProtection"/>
    <link:label xlink:type="resource" xlink:label="label_OtherFundedCreditProtection" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFundedCreditProtection" xml:lang="en" id="label_OtherFundedCreditProtection">Other Funded Credit Protection</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFundedCreditProtection" xlink:to="label_OtherFundedCreditProtection" xlink:title="label: OtherFundedCreditProtection to label_OtherFundedCreditProtection"/>
    <link:label xlink:type="resource" xlink:label="label_OtherFundedCreditProtection_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherFundedCreditProtection" xml:lang="en" id="label_OtherFundedCreditProtection_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFundedCreditProtection" xlink:to="label_OtherFundedCreditProtection_2" xlink:title="label: OtherFundedCreditProtection to label_OtherFundedCreditProtection"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_TotalOutflows" xlink:label="TotalOutflows" xlink:title="TotalOutflows"/>
    <link:label xlink:type="resource" xlink:label="label_TotalOutflows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalOutflows" xml:lang="en" id="label_TotalOutflows">(-) Total Outflows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalOutflows" xlink:to="label_TotalOutflows" xlink:title="label: TotalOutflows to label_TotalOutflows"/>
    <link:label xlink:type="resource" xlink:label="label_TotalOutflows_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalOutflows" xml:lang="en" id="label_TotalOutflows_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalOutflows" xlink:to="label_TotalOutflows_2" xlink:title="label: TotalOutflows to label_TotalOutflows"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_TotalInflows" xlink:label="TotalInflows" xlink:title="TotalInflows"/>
    <link:label xlink:type="resource" xlink:label="label_TotalInflows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalInflows" xml:lang="en" id="label_TotalInflows">Total Inflows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalInflows" xlink:to="label_TotalInflows" xlink:title="label: TotalInflows to label_TotalInflows"/>
    <link:label xlink:type="resource" xlink:label="label_TotalInflows_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalInflows" xml:lang="en" id="label_TotalInflows_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalInflows" xlink:to="label_TotalInflows_2" xlink:title="label: TotalInflows to label_TotalInflows"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_NetExposureCrmSubstitutionEffectsPreConversionFactors" xlink:label="NetExposureCrmSubstitutionEffectsPreConversionFactors" xlink:title="NetExposureCrmSubstitutionEffectsPreConversionFactors"/>
    <link:label xlink:type="resource" xlink:label="label_NetExposureCrmSubstitutionEffectsPreConversionFactors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetExposureCrmSubstitutionEffectsPreConversionFactors" xml:lang="en" id="label_NetExposureCrmSubstitutionEffectsPreConversionFactors">Net Exposure After CRM Substitution Effects Pre Conversion Factors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetExposureCrmSubstitutionEffectsPreConversionFactors" xlink:to="label_NetExposureCrmSubstitutionEffectsPreConversionFactors" xlink:title="label: NetExposureCrmSubstitutionEffectsPreConversionFactors to label_NetExposureCrmSubstitutionEffectsPreConversionFactors"/>
    <link:label xlink:type="resource" xlink:label="label_NetExposureCrmSubstitutionEffectsPreConversionFactors_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetExposureCrmSubstitutionEffectsPreConversionFactors" xml:lang="en" id="label_NetExposureCrmSubstitutionEffectsPreConversionFactors_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetExposureCrmSubstitutionEffectsPreConversionFactors" xlink:to="label_NetExposureCrmSubstitutionEffectsPreConversionFactors_2" xlink:title="label: NetExposureCrmSubstitutionEffectsPreConversionFactors to label_NetExposureCrmSubstitutionEffectsPreConversionFactors"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xlink:label="CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xlink:title="CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xml:lang="en" id="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod">Credit Risk Mitigation Techniques Affecting The Amount Of The Exposure: Funded Credit Protection. Financial Collateral Comprehensive Method  </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xlink:to="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xlink:title="label: CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod to label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xml:lang="en" id="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod" xlink:to="label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod_2" xlink:title="label: CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod to label_CreditRiskMitigationTechniquesAffectingAmountExposureFundedCreditProtectionFinancialCollateralComprehensiveMethod"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_VolatilityAdjustmentExposure" xlink:label="VolatilityAdjustmentExposure" xlink:title="VolatilityAdjustmentExposure"/>
    <link:label xlink:type="resource" xlink:label="label_VolatilityAdjustmentExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VolatilityAdjustmentExposure" xml:lang="en" id="label_VolatilityAdjustmentExposure">Volatility Adjustment To The Exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VolatilityAdjustmentExposure" xlink:to="label_VolatilityAdjustmentExposure" xlink:title="label: VolatilityAdjustmentExposure to label_VolatilityAdjustmentExposure"/>
    <link:label xlink:type="resource" xlink:label="label_VolatilityAdjustmentExposure_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VolatilityAdjustmentExposure" xml:lang="en" id="label_VolatilityAdjustmentExposure_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VolatilityAdjustmentExposure" xlink:to="label_VolatilityAdjustmentExposure_2" xlink:title="label: VolatilityAdjustmentExposure to label_VolatilityAdjustmentExposure"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_FinancialCollateralAdjustedValueCvam" xlink:label="FinancialCollateralAdjustedValueCvam" xlink:title="FinancialCollateralAdjustedValueCvam"/>
    <link:label xlink:type="resource" xlink:label="label_FinancialCollateralAdjustedValueCvam" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialCollateralAdjustedValueCvam" xml:lang="en" id="label_FinancialCollateralAdjustedValueCvam">(-) Financial Collateral Adjusted Value (Cvam)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialCollateralAdjustedValueCvam" xlink:to="label_FinancialCollateralAdjustedValueCvam" xlink:title="label: FinancialCollateralAdjustedValueCvam to label_FinancialCollateralAdjustedValueCvam"/>
    <link:label xlink:type="resource" xlink:label="label_FinancialCollateralAdjustedValueCvam_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialCollateralAdjustedValueCvam" xml:lang="en" id="label_FinancialCollateralAdjustedValueCvam_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialCollateralAdjustedValueCvam" xlink:to="label_FinancialCollateralAdjustedValueCvam_2" xlink:title="label: FinancialCollateralAdjustedValueCvam to label_FinancialCollateralAdjustedValueCvam"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_VolatilityMaturityAdjustments" xlink:label="VolatilityMaturityAdjustments" xlink:title="VolatilityMaturityAdjustments"/>
    <link:label xlink:type="resource" xlink:label="label_VolatilityMaturityAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VolatilityMaturityAdjustments" xml:lang="en" id="label_VolatilityMaturityAdjustments">(-) Volatility And Maturity Adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VolatilityMaturityAdjustments" xlink:to="label_VolatilityMaturityAdjustments" xlink:title="label: VolatilityMaturityAdjustments to label_VolatilityMaturityAdjustments"/>
    <link:label xlink:type="resource" xlink:label="label_VolatilityMaturityAdjustments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VolatilityMaturityAdjustments" xml:lang="en" id="label_VolatilityMaturityAdjustments_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VolatilityMaturityAdjustments" xlink:to="label_VolatilityMaturityAdjustments_2" xlink:title="label: VolatilityMaturityAdjustments to label_VolatilityMaturityAdjustments"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_FullyAdjustedExposureValue" xlink:label="FullyAdjustedExposureValue" xlink:title="FullyAdjustedExposureValue"/>
    <link:label xlink:type="resource" xlink:label="label_FullyAdjustedExposureValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FullyAdjustedExposureValue" xml:lang="en" id="label_FullyAdjustedExposureValue">Fully Adjusted Exposure Value (E*)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FullyAdjustedExposureValue" xlink:to="label_FullyAdjustedExposureValue" xlink:title="label: FullyAdjustedExposureValue to label_FullyAdjustedExposureValue"/>
    <link:label xlink:type="resource" xlink:label="label_FullyAdjustedExposureValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FullyAdjustedExposureValue" xml:lang="en" id="label_FullyAdjustedExposureValue_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FullyAdjustedExposureValue" xlink:to="label_FullyAdjustedExposureValue_2" xlink:title="label: FullyAdjustedExposureValue to label_FullyAdjustedExposureValue"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xlink:label="BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xlink:title="BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors"/>
    <link:label xlink:type="resource" xlink:label="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xml:lang="en" id="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors">Breakdown Of The Fully Adjusted Exposure Of Off Balance Sheet Items By Conversion Factors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xlink:to="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xlink:title="label: BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors to label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors"/>
    <link:label xlink:type="resource" xlink:label="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xml:lang="en" id="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors" xlink:to="label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors_2" xlink:title="label: BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors to label_BreakdownFullyAdjustedExposureOffBalanceSheetItemsConversionFactors"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_Percent0" xlink:label="Percent0" xlink:title="Percent0"/>
    <link:label xlink:type="resource" xlink:label="label_Percent0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Percent0" xml:lang="en" id="label_Percent0">0 %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent0" xlink:to="label_Percent0" xlink:title="label: Percent0 to label_Percent0"/>
    <link:label xlink:type="resource" xlink:label="label_Percent0_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Percent0" xml:lang="en" id="label_Percent0_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent0" xlink:to="label_Percent0_2" xlink:title="label: Percent0 to label_Percent0"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_Percent20" xlink:label="Percent20" xlink:title="Percent20"/>
    <link:label xlink:type="resource" xlink:label="label_Percent20" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Percent20" xml:lang="en" id="label_Percent20">20 %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent20" xlink:to="label_Percent20" xlink:title="label: Percent20 to label_Percent20"/>
    <link:label xlink:type="resource" xlink:label="label_Percent20_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Percent20" xml:lang="en" id="label_Percent20_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent20" xlink:to="label_Percent20_2" xlink:title="label: Percent20 to label_Percent20"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_Percent50" xlink:label="Percent50" xlink:title="Percent50"/>
    <link:label xlink:type="resource" xlink:label="label_Percent50" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Percent50" xml:lang="en" id="label_Percent50">50 %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent50" xlink:to="label_Percent50" xlink:title="label: Percent50 to label_Percent50"/>
    <link:label xlink:type="resource" xlink:label="label_Percent50_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Percent50" xml:lang="en" id="label_Percent50_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent50" xlink:to="label_Percent50_2" xlink:title="label: Percent50 to label_Percent50"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_Percent100" xlink:label="Percent100" xlink:title="Percent100"/>
    <link:label xlink:type="resource" xlink:label="label_Percent100" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Percent100" xml:lang="en" id="label_Percent100">100 %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent100" xlink:to="label_Percent100" xlink:title="label: Percent100 to label_Percent100"/>
    <link:label xlink:type="resource" xlink:label="label_Percent100_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Percent100" xml:lang="en" id="label_Percent100_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Percent100" xlink:to="label_Percent100_2" xlink:title="label: Percent100 to label_Percent100"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_ExposureValue" xlink:label="ExposureValue" xlink:title="ExposureValue"/>
    <link:label xlink:type="resource" xlink:label="label_ExposureValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureValue" xml:lang="en" id="label_ExposureValue">Exposure Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureValue" xlink:to="label_ExposureValue" xlink:title="label: ExposureValue to label_ExposureValue"/>
    <link:label xlink:type="resource" xlink:label="label_ExposureValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureValue" xml:lang="en" id="label_ExposureValue_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureValue" xlink:to="label_ExposureValue_2" xlink:title="label: ExposureValue to label_ExposureValue"/>
    <link:loc xlink:type="locator" xlink:href="p-cs-2006-07-01.xsd#p-cs_SubstitutionExposureCrm" xlink:label="SubstitutionExposureCrm" xlink:title="SubstitutionExposureCrm"/>
    <link:label xlink:type="resource" xlink:label="label_SubstitutionExposureCrm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubstitutionExposureCrm" xml:lang="en" id="label_SubstitutionExposureCrm">Substitution Of The Exposure Due To CRM</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubstitutionExposureCrm" xlink:to="label_SubstitutionExposureCrm" xlink:title="label: SubstitutionExposureCrm to label_SubstitutionExposureCrm"/>
    <link:label xlink:type="resource" xlink:label="label_SubstitutionExposureCrm_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubstitutionExposureCrm" xml:lang="en" id="label_SubstitutionExposureCrm_2">Detailed layer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubstitutionExposureCrm" xlink:to="label_SubstitutionExposureCrm_2" xlink:title="label: SubstitutionExposureCrm to label_SubstitutionExposureCrm"/>
  </link:labelLink>
  <link:labelLink xlink:type="extended" xlink:role="http://www.c-ebs.org/2006/corep/eu/cs">
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_CreditRiskCapitalRequirements" xlink:label="CreditRiskCapitalRequirements" xlink:title="CreditRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskCapitalRequirements" xml:lang="en" id="label_CreditRiskCapitalRequirements">Capital Requirements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskCapitalRequirements" xlink:to="label_CreditRiskCapitalRequirements" xlink:title="label: CreditRiskCapitalRequirements to label_CreditRiskCapitalRequirements"/>
  </link:labelLink>
</link:linkbase>
