MADRID (Reuters) - Five people were arrested when a fishing boat carrying a reported two tonnes of cocaine was intercepted off the Canary Islands, Spanish police said.

       The Akt1 was stopped by a Spanish coastguard vessel in waters south of the Spanish archipelago on Saturday and escorted to Las Palmas in Gran Canaria.

       Spanish local newspaper El Dia reported that police seized at least two tonnes of cocaine, estimated to have a street value of 50 million euros ($54.03 million).

       A spokesman for the Spanish Civil Guard said: "We are trying to confirm the amount of drugs on board".

       The five detainees were remanded in custody in Las Palmas.

       ($1 = 0.9254 euros)

       (Reporting by Graham Keeley; Editing by Kirsten Donovan)