RBS says won't pay dividend until core capital ratio tops 12 percent

LONDON (Reuters) - Royal Bank of Scotland will not consider paying a dividend until it has substantially strengthened its capital position and has more clarity over future misconduct charges, Chief Executive Ross McEwan told reporters. The bank, which had a core tier 1 capital ratio of 10.8 percent at the end of the third quarter, has set a target of holding core capital of more than 12 percent by the end of 2016. "There's no way we will be paying a dividend until we get ourselves well in advance of that 12 percent target," McEwan said on a conference call. "I don't think we should be thinking about dividends until we've got a really good capital build and seen some of the bumps in the road out of the way," he added. (Reporting by Matt Scuffham; Editing by Steve Slater)