1. A method of performing obsolete code management by an obsolete code management (OCM) component within a multicache system having a number of local caches located in a primary memory of a host system, each local cache being associated with a different one of a number of processes being run on the host system and at least one central cache located in a shared area of the primary memory, the central cache for storing copies of generated segments of code produced by the processes for executing data manipulation statements for use by other processes in processing logically equivalent statements, each data manipulation statement referencing a number of database entities, and for performing obsolete code management in response to other types of statements that alter the properties of the database entities, the method comprising the steps of: (a) categorizing the host system executed operations included in each different type of statement that alters the properties of the database entities into two main categories, a first category wherein the statement designates an operation that will cause generated code segments to become obsolete and a second category wherein the statement specifies operations that will not cause generated code segments to become obsolete; (b) including predefined calls to the OCM component as a function of step (a) in software code that processes operations that will cause code segments to become obsolete; and, (c) in response to each predefined call in step (b) received from the software code that processes operations that will cause code segments to become obsolete, the OCM component being operative to delete all obsolete code entries stored in the central cache referencing database entities affected by the statement being processed.