Ignatius Loyola came from a noble family of Basque origin. One side of the family was particularly loyal to the royal family, and the red/maroon and gold diagonal stripes represent blood shed for the royal family. The wolf (lobo in Spanish) and the pot (olla in Spanish, pronounced OYA) is supposed to represent both the Loyola (lobo & olla = Loyola) side of the family and the fact that the family provided so well for its soldiers that even wolves were able to find something to eat from the leftovers in the pot.
D'argent à deux loups de sable appuyés contre un chaudron du même suspendu à une chaîne aussi de sable issante du chef.