ICS and KBC have confirmed they are passing on cuts.
To say that the interest rate cuts are pointless is not true. At the moment they don't seem to be working because people are not spending but that is because they are using the savings they are making on their mortgage repayments to clear short term debt like credit card debt and personal loans or HP deals. The fact that they are notdefaulting on them is good for the tax payer as it means less money required to bail out the banks in the future. When these loans have been cleared people will slowly but surely start spending again.
People with any type of borrowings bar fixed rates are way better off this year than last year, provided they have employment and their income is the same.
The more cuts the better as in the end it will get people spending more in the future