CACHE MANAGEMENT USING MULTIPLE CACHE MEMORIES AND FAVORED VOLUMES WITH MULTIPLE RESIDENCY TIME MULTIPLIERS

A method for demoting a selected storage element from a cache memory includes storing favored and non-favored storage elements within a higher performance portion and lower performance portion of the cache memory. The method maintains a plurality of favored LRU lists and a non-favored LRU list for the higher and lower performance portions of the cache memory. Each favored LRU list contains entries associated with the favored storage elements that have the same unique residency multiplier. The non-favored LRU list includes entries associated with the non-favored storage elements. The method demotes a selected favored or non-favored storage element from the higher and lower performance portions of the cache memory according to a cache demotion policy that provides a preference to favored storage elements over non-favored storage elements based on a computed cache life expectancy, residency time, and the unique residency multiplier. A corresponding storage controller and computer program product are also disclosed.