Bank of Queensland said it remains well positioned to consider further capital management initiatives after delivering a special dividend to shareholders last year.Chief financial officer Anthony Rose told Banking Day that BoQ still had flexibility to return capital to shareholders despite Pillar 3 disclosures that showed the bank's Common Tier One capital ratio fell by 39 basis in the November quarter."The ratio declined in the November quarter purely because we paid a special dividend of 8 cents per share to our shareholders," he said."The suspension of our dividend reinvestment plan also had an effect."Rose said the company was still able to think flexibly about capital management because changes introduced by APRA on 1 January relating to the treatment of securitisation exposures had reduced the bank's regulatory capital obligations."Historically, we took a conservative approach to the capital we set aside for our securitisation exposures," he said."But following the APRA changes the bottom line is that it our capital obligations for such exposures have reduced."That means our approach to capital management is still consistent with what we said at the annual meeting last November and at the full year results."BoQ chief executive Jon Sutton told shareholders at the AGM that the bank had room to "consider capital management options in the future" because the favourable regulatory changes could add up to 25 basis points the CET 1 ratio.Rose said the bank had set an interim CET 1 capital target of 9.25 per cent."We think that is appropriate," he said.He declined to comment on how the bank might return capital to shareholders in the future but highlighted the benefits of special dividends to investors."We chose the special dividend last year," he said."The advantage of a special dividend is that it releases franking credits to shareholders and that's something we're conscious of."