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Motivated by the current interest in the quantum dimer model on the triangular lattice, we investigate the phase diagram of the closely related fully frustrated transverse-field Ising model on the honeycomb lattice using classical and semiclassical approximations. We show that, in addition to the fully polarized phase at a large field, the classical model possesses a multitude of phases that break the translational symmetry which, in the dimer language, correspond to a plaquette phase and a columnar phase separated by an infinite cascade of mixed phases. The modification of the phase diagram by quantum fluctuations has been investigated in the context of linear spin-wave theory. The extrapolation of the semiclassical energies suggests that the plaquette phase extends down to zero field for spin 1/2, in agreement with the root 12 x root 12 phase of the quantum dimer model on the triangular lattice with only kinetic energy.