The expert group set up to address crippling mortgage debt is being described as a "meaningless talking shop".
The group, chaired by insolvency accountant Hugh Cooney, will consider a range of measures to avoid homes being repossessed.
But Fine Gael claims it will do nothing to assist people who face losing their homes.
Housing spokesman Terence Flanagan has said banks should take an equity stake, rather than put families out onto the streets.