The Central Bank Governor has said it is "way too early to tell" what kind of impact Donald Trump's presidency will have on the Irish economy.

Professor Philip Lane said he and his staff, as well as his colleagues across the euro system, were in "monitoring mode" to see what was going to happen in the US.

"At this point there's no hard information about what will be the nature of the regime, so it's way too early to tell," he said.

Asked about the move in bond yields following the US election result, Mr Lane said the European Central Bank would assess the market conditions when it meets again next month. 

"Market conditions matter to how we think about things but we're assessing what goes on and by that point in early December we will be looking at the market data and we'll be looking at the updated forecasts from the staff projection exercise," he said.

"Monetary policy is no made on a day-by-day basis and we'll wait until that meeting to make the assessment," he added.

Mr Lane also declined to speculate on what impact Mr Trump's victory might have on the upcoming Brexit negotiations, given his previous expression of support for the British decision.

The Central Bank Governor also said that over the longer term, the Irish SME sector will have to adapt to the post-Brexit environment.

Addressing ISME's annual conference in Dublin today, Philip Lane said the SME sector is especially exposed to shifts in the sterling-euro exchange rate, the level of UK economic activity and the prospect of new barriers to trade between the two countries.

Professor Lane also pointed out that the market share of Irish firms could be threatened by imports from the UK, while many domestically-orientated firms are suppliers to exporters.

Sterling depreciation is also associated with an increase in cross-border shopping, the Central Bank chief noted.

But he also pointed out that the weaker sterling may benefit some SMEs who rely on imported inputs from the UK.

"Real income gains to households due to cheaper imports from the UK may in part be recycled into higher spending on domestically-produced goods and services," Professor Lane added.

He said that as clarity about the post-Brexit world improves, Irish SMEs will have to develop new strategies to respond to the new configuration.

"In response to higher trade barriers between the UK and the EU, some firms may plan to serve UK customers through FDI into the UK, while others may search for new export markets," he stated.

Professor Lane also told the ISME conference that the recovery in Ireland in recent years has included a "substantial" contribution from the SME sector.

The Central Bank has noted that the share of SMEs reporting increased sales almost doubled between 2013 and this year, with rising activity levels in al the main business sectors. 

SME investment has also seen signs of recovery and recent research from the Central Bank reveals that the share of SMEs investing has been increasing steadily since 2012.

Meanwhile, the Central Bank plans to publish the findings of its review of the mortgage lending rules on Wednesday November 23, according to Professor Lane. 

He said the bank's commission will meet to discuss the review on that day, with any decision being announced afterwards.

"Many people are interested in this review so we will release a statement very soon after that meeting, on the same day," he said. 

Meanwhile, Fianna Fáil's spokesperson on Foreign Affairs and Trade has called on the Government for a cohesive and comprehensive response to a threat to jobs in the retail sector. 
 
Darragh O'Brien said British multinationals are engaging in dual pricing, but the difference is above the exchange rate, describing it as negative profitering. 

He said this is driving consumers North, adding that the Competition and Consumer Protection Commission need to start regularly publishing the differences in the price of specific items.