<?xml version="1.0" encoding="utf-8"?>
<?taxonomy-version 2.3.2.1 ?> <?taxonomy-set-overall-version 2.8.1.1 ?>
<!--(C) EBA-->
<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" xmlns:gen="http://xbrl.org/2008/generic" xmlns:label="http://xbrl.org/2008/label" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://xbrl.org/2008/generic http://www.xbrl.org/2008/generic-link.xsd http://xbrl.org/2008/label http://www.xbrl.org/2008/generic-label.xsd">
  <link:arcroleRef arcroleURI="http://xbrl.org/arcrole/2008/element-label" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#element-label" />
  <link:roleRef roleURI="http://www.xbrl.org/2008/role/label" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#standard-label" />
  <link:roleRef roleURI="http://www.xbrl.org/2008/role/verboseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#verbose-label" />
  <gen:link xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="vr-v5851_h.xml#eba_v5851_h" xlink:label="loc_eba_v5851_h" />
    <label:label xlink:type="resource" xlink:label="label_eba_v5851_h" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/label">v5851_h</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_eba_v5851_h" xlink:to="label_eba_v5851_h" />
    <label:label xlink:type="resource" xlink:label="label_eba_v5851_h_1" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/verboseLabel">v5851_h: (Hierarchy GA1) [Not applicable/All geographical areas] must be equal to +[ALBANIA] +[BULGARIA] +[Countries not relevant for MKR purposes] +[CZECH REPUBLIC] +[DENMARK] +[HUNGARY] +[JAPAN] +[MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF] +[NORWAY] +[POLAND] +[ROMANIA] +[RUSSIAN FEDERATION] +[SERBIA] +[SWEDEN] +[SWITZERLAND] +[TURKEY] +[UKRAINE] +[UNITED KINGDOM] +[UNITED STATES] +[CROATIA] +[EGYPT] +[ICELAND] +[LIECHTENSTEIN] +[Euro area] --&gt; [C 21.00 (r020;030;040;050, c030;040)] {s001} = +{s029} + {s004} + {s042} + {s006} + {s007} + {s013} + {s030} + {s031} + {s038} + {s021} + {s023} + {s032} + {s033} + {s027} + {s034} + {s035} + {s036} + {s028} + {s037} + {s043} + {s039} + {s040} + {s041} + {s044}</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_eba_v5851_h" xlink:to="label_eba_v5851_h_1" />
  </gen:link>
</link:linkbase>