Creating and deleting names repeatedly in Excel (2003, SP1) causes Excel
memory usage to grow. Furthermore, the more names have been created and
deleted, the slower the below script becomes:

Private Sub confuseExcel()
Dim i As Long
Dim myName As String
For i = 0 To 5000
myName = "name" & CStr(cc)
ActiveWorkbook.Names.Add Name:=myName, RefersToR1C1:="=Sheet1!R1C1"
ActiveWorkbook.Names(myName).Delete
Next i
End Sub

Creating and deleting the same name repeatedly behaves as expected, memory
usage does not grow and the script runs at a constant speed.

The real problem here is that I am developing a dll using C API, which
relies on hidden dll names (calling xlsetName with Excel4) for identifying
objects in memory. During a single Excel session, there may easily be 200000
names created and then deleted but so that only a few exists at the same
time. Nevertheless, after creating and deleting maybe 10000 names Excel
becomes very bloated and unusable slow.

Is there a fix to this or a way around the problem?