iba, page-14

The UK situation is alot more complex than Netherlands. My reading of the situation is that core Lorenzo is existent as a standalone product, but it is the complexity and extent of integration within the UK NHS project which is more challenging.

While the NHS programme appears poised on a knife-edge and kept going by the sheer momentum of those who stand to lose face, it is probably worth bearing in mind two things: firstly, that from what has been released in the past, it seems that CSC bears the risk in the NHS project, not IBA who it seems will have their development costs covered. Secondly, IBA had a choice of putting their weight behind Lorenzo or behind the existing IBA and iSoft systems already in existence, both of which have a good record. The emphasis they have been giving to Lorenzo suggests they truly believe it is a viable, next generation alternative.

I don't believe that long term, IBA need success in the NHS project for the current share price to stack up. However, I also think (hope?) the odds of NHS "success" are in the 80%+ region.