If the bank levy causes no response in BOQ's SP, that merger...

If the bank levy causes no response in BOQ's SP, that merger between BOQ and SUN looks more possible IMHO see below.

Australia has the ‘Four Pillars’ policy which effectively disallows any of the four major banks from merging with or acquiring each other.

That policy doesn’t extend to the regionals however, which means both BOQ and BEN with their much smaller market capitalizations of $4.6 billion and $6 billion respectively are both potential acquisition targets. It’s not just the majors that may look to acquire but also overseas financial institution may be interested if they are looking for a launch pad into the Australian market.

In a low economic growth rate and low interest rate environment, investors are understandably keen to hold stocks with the attributes of above average growth and high yields. While the banks may struggle to grow at rates faster than the wider economy, their yields remain attractive.

Shareholders in BOQ and BEN have the extra bonus that they could potentially be beneficiaries of any merger and acquisition activity within the banking sector.
http://www.smh.com.au/business/bank...uncorp-held-merger-talks-20140902-10b9l2.html