From Wikipedia’s entry on Hogmanay:
It is suggested that the full forms
Hoginanaye-Trollalay/Hogman aye, Troll a lay (with a Manx cognate Hop-tu-Naa, Trolla-laa)
Hogmanay, Trollolay, give us of your white bread and none of your gray
invoke the hill-men (Icelandic haugmenn, cf Anglo-Saxon hoghmen) or “elves” and banishes the trolls into the sea (Norse á læ “into the sea”). Repp furthermore makes a link between Trollalay/Trolla-laa and the rhyme recorded in Percy’s Relics Trolle on away, trolle on awaye. Synge heave and howe rombelowe trolle on away, which he reads as a straightforward invocation of troll-banning…
Here’s to a healthy & prosperous 2014 for all!