Update 1pm: A man and a teenager who drowned off the north Donegal coast after the boat they were in capsized have been named locally.
The man in his 60s was Gerry Doherty and the 16-year-old was Thomas Weir.
Mr Doherty was originally from the area and was known as Gerry Malin.
His body was found washed ashore yesterday evening.
Local councillor Albert Doherty says it is not the first tragedy for the family: "Gerry's dad similarly was drowned at Malin Head quite close to where Gerry's remains were found yesterday."
Thomas Weir was originally from Scotland but it is understood was living in Derry in recent months and was connected to the Doherty family.
Investigations are now underway into what caused the boat to capsize.
Joe Joyce is from Lough Swilly RNLI: "Conditions on the day were perfect, it was a beautiful day, there was no wind.
"As to what happened or why it happened, we have no idea."
The only survivor – a man in his 40s from Derry – was discharged from hospital earlier today.
A man in his 60s and a teenage boy have lost their lives after a fishing boat accident off Donegal.
It is understood the dead man's father also drowned in the same spot 40 years ago.
A third man in his 40s was taken to hospital – where his condition is understood to be stable.
The boat capsized off Malin Head yesterday afternoon after setting out just after 9am from Port Ronan Pier.
The alarm was raised by members of the public who heard call for help coming from the water and a third man in his 40s was taken to hospital.
They got into difficulty at around midday – their boat capzised and it is understood they spent up to four hours in the water.
Mr Joyce says a mayday was issued for help from nearby boats.
"A fishing boat arrived and found an adult male in his 40s clinging to a buoy, he was taken ashore and it was only then that we discovered we were looking for two other people," said Mr Joyce.
According to Mr Joyce, members of the public raised the alarm.
"At around 3.20, in holiday homes above the pier visitors to the area heard shouts for help coming from the sea.
"They immediately rang 999 and contacted the Coast Guard.
"The Malin Head Marine Rescue Centre is just about half a mile from there and the officer in charge left the station and arrived on scene immediately."
Two people have died after their boat capsized off Malin Head in Co. Donegal.
A 16-year-old boy and a man in his 60s lost their lives after getting into difficulty yesterday afternoon.
Emergency services were alerted to an incident in the water off Malin Head just at around 4.15pm yesterday afternoon.
Three people onboard a boat had gotten into difficulty a short distance from the shore.
A rescue operation was launched by the Coast Guard and three people were rescued from the water.
A man in his 60s, believed to be from Donegal, was pronounced dead at the scene and his body was taken to Letterkenny University Hospital.
Two others were taken from the water and brought to Altnagalvin Hospital in Derry.
A 16-year-old boy, who is thought to be from Derry, later passed away.
While a man in his 50s is still being treated in hospital.