We have IT system where I live, it is pretty common in older buildings here in Norway
The local grounding and bonding is not connected to any live wires, and all power carrying wires are deemed to be live.
127 V live to ground until first failure in the system. This is usually kept there by capacity between wires and ground.
The transformers are usually Y but the center is not connected to ground. (an overvoltage "fuse" are common, grounding on error) The voltage between the legs are usually 230V (50Hz).
