A post-mortem examination is to be conducted.

It emerged Mr Wylie, an experienced lifeguard, was not wearing a life jacket when he fell overboard.

Hopes of finding the missing man alive faded overnight on Monday after extensive searches failed to locate him when he fell into the water.

Over 50 boats were involved in the massive search and rescue operation yesterday, as well as a police helicopter and divers.

Mr Wylie, who was in his early 40s, was reported missing on Monday night after he fell overboard from a cruiser.

A coastguard spokesman said the boat's crew threw a life jacket to him in the water, but they lost sight of him soon afterwards. The incident happened about 50 yards from the shore in darkness.

The coastguard received a 999 call directly from the boat involved shortly after 9pm.

"It was just south of Kells Point in the south west corner of Lough Neagh, north of Maghery and Ardboe. They were on a passage, they had been up the lough and were returning to Wylie's Quay when the person fell overboard," he said.

Conditions were cold with a water temperature of four degrees and a southerly wind, he said.

"At 11pm on Monday night, it would have been the very limit for survival time in those temperatures, and the search was called off," he said.

But many local fishing boats continued with their search efforts until 1am.

Lough Neagh Independent Rescue Boats from Ardboe and Kinnego, and the Fisheries Conservancy boat joined in the search.

"This person was an experienced lifeguard. Conditions were extremely cold, and cold water shock is a very important factor. He was not wearing a life jacket," he said.

"There has been a very intensive effort on behalf of the local rescue service and the fishermen. It is a very close-knit community," he said.

A police spokesman said officers helped in the search as well as the police helicopter using searchlights.

He said over 50 people joined in the search of the shoreline, along with members of the Northern Ireland Fire and Rescue Service crews from Cookstown, Kinnego Coastguard team and Lifeboat shore teams. Conditions underfoot were "poor", he said.

Lough Neagh is the biggest lough in the British Isles, containing enough water to fill seven million swimming pools.

Ian McCrea, DUP MLA and councillor in Cookstown, expressed his condolences to the family.

"My thoughts and prayers are with them.