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Which is the difference between triggers and vulnerabilities?

Dear Mr Bernanke, can you clarify please?
He did, at the 49th Annual Conference on Bank Structure and Competition sponsored by the Federal Reserve Bank of Chicago, Chicago, Illinois.

He said:

"To respond to this point, I will distinguish, as I have elsewhere, between triggers and vulnerabilities.

The triggers of any crisis are the particular events that touch off the crisis—the proximate causes, if you will.

For the 2007-09 crisis, a prominent trigger was the losses suffered by holders of subprime mortgages.

In contrast, the vulnerabilities associated with a crisis are preexisting features of the financial system that amplify and propagate the initial shocks.

Examples of vulnerabilities include high levels of leverage, maturity transformation, interconnectedness, and complexity, all of which have the potential to magnify shocks to the financial system.

Absent vulnerabilities, triggers might produce sizable losses to certain firms, investors, or asset classes but would generally not lead to full-blown financial crises; the collapse of the relatively small market for subprime mortgages, for example, would not have been nearly as consequential without preexisting fragilities in securitization practices and short-term funding markets which greatly increased its impact."

Did you address vulnerabilities this week?

Mr Bernanke continued:

"Moreover, attempts to address specific vulnerabilities can be supplemented by broader measures—such as requiring banks to hold more capital and liquidity—that make the system more resilient to a range of shocks."

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