diff --git a/bitbake/lib/bb/event.py b/bitbake/lib/bb/event.py
index bd2b0a4b05..5ffe89eae3 100644
--- a/bitbake/lib/bb/event.py
+++ b/bitbake/lib/bb/event.py
@@ -31,6 +31,7 @@ except ImportError:
 import logging
 import atexit
 import traceback
+import ast
 import bb.utils
 import bb.compat
 import bb.exceptions
@@ -189,13 +190,15 @@ def register(name, handler, mask=None, filename=None, lineno=None):
         if isinstance(handler, basestring):
             tmp = "def %s(e):\n%s" % (name, handler)
             try:
-                import ast
-                if filename is None:
-                    filename = "%s(e)" % name
-                code = compile(tmp, filename, "exec", ast.PyCF_ONLY_AST)
-                if lineno is not None:
-                    ast.increment_lineno(code, lineno-1)
-                code = compile(code, filename, "exec")
+                code = bb.methodpool.compile_cache(tmp)
+                if not code:
+                    if filename is None:
+                        filename = "%s(e)" % name
+                    code = compile(tmp, filename, "exec", ast.PyCF_ONLY_AST)
+                    if lineno is not None:
+                        ast.increment_lineno(code, lineno-1)
+                    code = compile(code, filename, "exec")
+                    bb.methodpool.compile_cache_add(tmp, code)
             except SyntaxError:
                 logger.error("Unable to register event handler '%s':\n%s", name,
                              ''.join(traceback.format_exc(limit=0)))
diff --git a/bitbake/lib/bb/methodpool.py b/bitbake/lib/bb/methodpool.py
index b2ea1a1887..49aed3338b 100644
--- a/bitbake/lib/bb/methodpool.py
+++ b/bitbake/lib/bb/methodpool.py
@@ -27,3 +27,14 @@ def insert_method(modulename, code, fn, lineno):
     comp = better_compile(code, modulename, fn, lineno=lineno)
     better_exec(comp, None, code, fn)
 
+compilecache = {}
+
+def compile_cache(code):
+    h = hash(code)
+    if h in compilecache:
+        return compilecache[h]
+    return None
+
+def compile_cache_add(code, compileobj):
+    h = hash(code)
+    compilecache[h] = compileobj
diff --git a/bitbake/lib/bb/utils.py b/bitbake/lib/bb/utils.py
index e564bb6ff4..cd5fcede3c 100644
--- a/bitbake/lib/bb/utils.py
+++ b/bitbake/lib/bb/utils.py
@@ -298,10 +298,15 @@ def better_compile(text, file, realfile, mode = "exec", lineno = None):
     will print the offending lines.
     """
     try:
+        cache = bb.methodpool.compile_cache(text)
+        if cache:
+            return cache
         code = compile(text, realfile, mode, ast.PyCF_ONLY_AST)
         if lineno is not None:
             ast.increment_lineno(code, lineno)
-        return compile(code, realfile, mode)
+        code = compile(code, realfile, mode)
+        bb.methodpool.compile_cache_add(text, code)
+        return code
     except Exception as e:
         error = []
         # split the text into lines again