The naval service is currently escorting a yacht into Cork Harbour on which cocaine worth up to 100 million euro may have been found.

The vessel, which began its journey in the Caribbean and had been under surveillance for some time, was stopped and searched off the Cork coast earlier today.

The operation by the Naval Service, the Gardai and Customs & Excise followed an intelligence mission in which Irish agencies co-operated with UK, European and north American law enforcement agencies.

Three men - all holding British passports - were arrested.

The yacht is now being escorted to Haulbowline by the naval ships the LE Niamh and LE Roisin.

The drugs will then be inspected and forensically examined to establish their value.