The ECB has announced a further rate cut by 50 base points to two per cent. Do you consider our banks will rush with indecent haste and pass on this rate cut - or any likely future cuts, and with immediate effect - to customers?

That of course, as many will realise to their cost, was a rhetorical question, for undoubtedly banks operate within a parallel universe to virtually everyone else. Moreover, they are allowed to do so with impunity as they are not compelled by any legislation empowered by the ECB (what actual purpose does this entity serve given its extremely limited powers?) or anyone else for that matter, let alone ethical or social responsibility, to conform to such demonstrably accountable action as instantly applying the full interest rate.

Their profound greed will obviously win any imaginary duel they may have with their conscience as they will act as unilaterally and irresponsibly as ever. What continues to compound logic however, is the banks' persistent correlation with interest rates and their eternal appliance of similar cuts and same rate payable to both savings and borrowing accounts, which I have always maintained are two separate businesses and should not be religiously bracketed together as, in any event, banks completely disregard the base rate whenever it suits their needs. For banks rely heavily upon savers to fund their activities yet continuously treat this valuable asset as a benign irreverence by offering neither a differing nor appropriate rate to savings accounts when compared to borrowers' accounts, never more germane than in these turbulent and toxic times.

So my advice? Never has under the mattress looked a more secure and appropriate home for our savings; which could remain there until such time as due credence and recognition is given by the banks in applying a separate and accountable interest rate to this vital commodity, i.e. their crucial access to saving depositors' funds. The banks' ability to insidiously inflict such restrictive, paltry and derisory measures towards savers, and every other account holder, regarding terms and conditions, should be strenuously challenged.

Furthermore, it falls squarely upon our shoulders as customers to bear this burden of responsibility by letting them know in unmistakeable terms (pull the plug on accounts if needs be) that they can no longer depend on customers' inertia on such matters. The ball lies firmly in our court - so let's all act decisively and robustly and let them know where, and with whom, the real power lies.