The Fine Gael parliamentary party has unanimously agreed to oppose the National Asset Management Agency.
The decision was made at the end of a two-day parliamentary party think-in in Cavan.
There has been criticism of Fine Gael's opposition to NAMA, most notably from former party leaders Garret FitzGerald and Alan Dukes.
And today, after a discussion which lasted an hour-and-a-half longer than planned, the party agreed to oppose the NAMA legislation when it comes before the Dáil next week.
Earlier, the Labour Party suggested that the Government should demand a 50% discount on distressed loans NAMA buys from the banks.
Party finance frontbencher Joan Burton said there would have to be what she called 'chapter and verse' were the discount to be any less than 50%.
There is an estimated €90 billion in property loans on the books of the financial institutions.
Ms Burton was launching a detailed critique of the Government's proposals. Labour is demanding that details of the loan books of individual developers be made available, possibly without naming the individuals.
She said Brian Lenihan should 'publish and be damned', as otherwise he would be doing Irish democracy a great disservice.
'Don't exclude developers' - O'Flynn
The managing director of one of the country's biggest property development companies has said proposals by the Government to establish the National Assets Management Agency to resolve the banking crisis here may not work unless property developers are included in efforts to find a solution.
Michael O'Flynn, of property development company O'Flynn Construction, said while developers had to accept some responsibility for the serious mistakes that led to the property crash, they should not be excluded from the recovery of the industry.
Michael O'Flynn has been involved in the building industry for more than 30 years. His company has over €1 billion worth of development projects in progress, having just completed the Elysian Tower in Cork - the country's tallest building.
Mr O'Flynn is among a small group of developers who have been representing the Construction Industry Federation on the establishment of the National Assets Management Agency.
His group has had a number of meetings with senior officials from NAMA, but Michael O'Flynn says developers should also be consulted directly by the Government, which is proposing the NAMA legislation.
He accepts that serious mistakes were made which caused the property crash here and developers must share part of the blame for that. But he insisted that it would be wrong to penalise developers by excluding them from the drafting of a solution to the current problems.
He also rejected charges that the establishment of NAMA by the Government amounted to a bail-out for developers.
