Deputy Prime Minister in charge of Economy, Ali Babacan participated in the Istanbul Finance Summit on Tuesday and made a speech regarding recent economic developments and debates such as the collapse in Bank Asya shares and President Erdoğan's comments on credit rating agencies. "Banking Regulation and Supervision Agency (BDDK) will certainly do whatever is necessary," said Babacan, in a question and answer session at the Istanbul Finance Summit on Tuesday."The decision over which step to take regarding any bank will be made independently by BDDK," he added. The banking regulator reportedly launched a monitoring operation due to concerns over Bank Asya's liquidity.On August 7, Turkey's main stock exchange Borsa Istanbul placed a ban on trading in Bank Asya's shares due to ambiguities in the ownership of the bank. The ban was lifted on Monday, and trading of Bank Asya shares resumed. Bank Asya shares saw the largest drop since it began trading in 2006.Bank Asya, founded in 1996, is allegedly run by the followers of U.S.-based preacher Fethullah Gülen, whose 'Hizmet' movement has been embroiled in a bitter feud with the Turkish government. The government blames the movement for forming a shadow structure within the state and of plotting to topple the government.Commenting over President Erdoğan's statement over credit rating agencies, Babacan noted that credit rating agencies lost credibility since the 2008 financial crisis as better graded countries suffered from the crisis one by one.Babacan gave an interview to private television channel BloombergHT and pointed out that investors take credit ratings into account on some occasions for internal proceedings and therefore the credit ratings should be taken into consideration.It is important for the agencies to watch Turkey in a closer and objective way and keep record of politics and economics from Turkey, said Deputy PM Babacan.Babacan stated that there were investments before Turkey was actually even graded investable, which is a gain on Turkey's behalf. About the GDP growth rates, Babacan commented that the current situation for the first half is not negative and projections for the end of the year are positive.Babacan stated that the turmoil in Iraq and economic slowdown throughout Europe prevented further increase in growth rates.