The man in his 40s was arrested on Friday.

In the course of the operation, two firearms and ammunition, cocaine with an estimated street value of €35,000 and €2,365 cash was seized.

Police said they are keeping “an open mind” in terms of the ownership of the weapons.

It was part of a gun collection valued at more than £1 million that went under the hammer in Belfast.

A gun collection valued at more than £1 million includes duelling pistols, carbines and revolvers.