1. A system for prepared statement processing for requesting entities in an application server, comprising: a prepared statement that is generated for a requesting entity by an application executing on the application server; a cache module that provides the generated prepared statement to be cached such that it can be used by other requesting entities without having to generate the prepared statement another time; wherein said cache module enables the application to dynamically control and configure the cache module; and a predefined list of algorithms that control the behavior of said cache module wherein said application is configured to select an algorithm from said pre-defined list in order to perform at least one of: enable said cache module, disable said cache module, clear said cache module and make use of caching of prepared statements at a driver level; wherein said list of pre-defined algorithms includes an algorithm that removes a number of prepared statements from said cache module for each said number of prepared statements added to the cache module, once a specific number of prepared statements have been cached and wherein the prepared statements removed from said statement cache are least used statements in at least one of: a specific time period or for the duration of said statement cache.