The Irish Congress of Trade Unions conference will today debate a motion calling for a national mortgage strike in protest at the bailout of the banks.
The Irish Nurses and Midwives Organisation is behind the motion.
The union wants to force the banks to reduce mortgage payments in line with current house values.
David Hughes, Deputy General Secretary of the INMO said collective action by bank customers can be "very effective".
Mr Hughes said: "On March 31st this year, and every year for the foreseeable future, Irish taxpayers will pay €3.1bn to the now dead Anglo Irish Bank. Taoiseach Enda Kenny confirmed this to the ICTU conference on Monday when he mournfully lamented the better use which could be made of this money.
"Congress and the majority of economists have now declared that Ireland’s debt is unmanageable and there is no moral justification behind the demands that Irish tax payers alone should pay it. Yet, we as a nation continue to pay.
"Public protest and strikes in Ireland and Greece have so far failed to persuade Government to resist the demands of international bankers and opportunist markets. The fight must now be taken to those markets and banks by depriving them of their only resource which is our willingness to pay."
The INMO are demanding that mortgages on principle private residences be revised downwards to reflect the actual value of homes, laws to penalise those who commit "financial treason" and a charter of rights for all.
Mr Hughes said: "Ireland can lead the way in the fight back for workers and tax payers in the face of rising taxes and penal interest rates if workers realise the new power created by their level of indebtedness."