Posters containing bloodied photographs and the slogan "Every Child Matters Except to Alan Shatter" -- with the words "Stop Abortion" underneath -- were placed next to a creche as well as Wesley College school.
The posters were customised versions of Fine Gael's children's referendum campaign posters, which carried the slogan "Every child matters".
The original image of a boy holding a teddy bear was covered over with a graphic image of a gloved hand holding what appear to be the legs of a bloodied foetus.
The words "Stop abortion" were also added to the posters.
In a statement, Mr Shatter said that those responsible for the posters, which he described as untruthful and illegal, showed a "lack of humanity, insight and compassion".
He described the posters as "obscene and insensitive" and said those responsible were "apparently too cowardly to include their identity".
He said: "The lack of humanity, insight and compassion of those responsible for these posters is starkly illustrated by their positioning adjacent to Wesley College school, close to where I live, and their reported positioning outside at least one creche in my constituency."
Mr Shatter said it was regrettable "that a minority of individuals are now reverting to the insensitive and disgraceful tactics deployed by the fundamentalist bully boys who targeted both me and others in the early 1980s".
Anti-abortion groups Youth Defence and the Life Institute have indicated that they had no knowledge about the origin of the posters.