Update: Two survive vessel capsizing off Cork coast; Coastguard find body of third
Update at 8.40am
A body has been found by a lifeboat crew searching for the missing man off the Cork coast.
It was recovered in the water after a search operation, but it has not yet been formally identified.
Update at 7.40am
Baltimore lifeboat searching off the Skeams Islands off the West Cork coastline. Pic: Denis Minihane.
The two people rescued this morning are understood to be suffering the effects of hypothermia and have been airlifted to hospital while the search continues for the third person.
It's understood they are 76-year-old man and a woman in her 60s who were found by the RNLI just before 7am this morning.
The search is continuing for a second man who is in his 60s.
It is understood the third person who remains missing was wearing a life jacket but the couple have told search and rescue teams that he was unable to swim with them and drifted off in the sea.
It is believed that the yacht overturned off Castle Island sometime yesterday and the three elderly people on board decided to swim for shore.
Declan Geoghegan, the Coastguard's Operations Manager, says they're focusing on the area where the other two people were found.
Both an inshore rigid inflatable boat and an all-weather lifeboat have been conducting sea searches in Roaring Water Bay and around islands off Schull and Cape Clear, near where the accident happened.
Update at 7am
The Coastguard says one person is still missing from a sailing vessel off the West Cork coast.
Two people who had been on board were located this morning on nearby Castle Island - it is thought they may have swum ashore from the vessel which had got into difficulties.
The search is continuing for the third person.
The Coastguard says they have sight of a sailing vessel which had been missing off the West Cork coast since last night.
The alarm was raised after the boat did not arrive back into Schull as expected at around 7pm yesterday.
The rescue operation resumed this morning and the Coastguard say they hope to make contact with the three people on board shortly.
The yacht was a Drascombe Lugger, about 18ft long, which was found upturned about one and a half miles from shore near Castle Island. The boats are popular in the area and conditions in more sheltered parts of the bay are considered ideal for vessels of this kind.
RNLI crews said they had no reports of bad weather in the area last night and although it was breezy with the wind coming from the north west there was nothing to suggest the bay was being hit by heavy seas or high winds.