Move over Nessie! The Irish have concocted the Horse-Eel!
 

http://www.mysteryanimalsofireland.com/HORSE-EEL.htm

Horse-eel:
"a great conger eel, seven yards long, and as thick as a bull in the body with a mane on its back like a horse."

-Thomas Croker, folklorist

It's all a load of horse shit.
Those scetches provided by a witness on the site look more like ginormous penises to me,
or they can't draw to save their lives.