10/17/2014 01:12 EDT | Updated 12/17/2014 05:59 EST

TD Bank's Ed Clark advises against asset sales of LCBO, OPG

The head of one of Canada's biggest banks has warned the Ontario government against selling off assets like the province's liquor board, saying the province can better meet its debt reduction targets in other ways.

Ed Clark, the outgoing president and CEO of TD Bank, is chairing a panel that has been asked by Premier Kathleen Wynne to advise how the province can "maximize the potential of these government enterprises" the government said in a release this summer.

There have been calls for the government to sell off monopolies like the LCBO and OPG to raise billions of dollars to tackle the province's $12-billion deficit. 

But the plan outlined at a luncheon speech by Clark on Friday rejects those ideas, saying more revenue can be extracted from those agencies in other ways.

The report does, however, recommend that the province's electrical utility, Hydro One, should sell its distribution business and focus on electricity generation.