Recently, nearby bright galaxies have been the subject of long monitoring surveys in the X-rays, UV, and optical. All of these campaigns revealed a strong correlation between the various UV and optical bands, with time lags that increase with wavelength. In a series of papers, we have demonstrated that a scenario in which an X-ray source located on the rotation axis of the central black hole illuminating the accretion disc is a viable explanation for the observed correlations. However, some of the monitored sources showed low or moderate correlation between the X-rays and the UV, which could challenge this scenario. In this paper, we analyse the time-averaged and the variable broadband X-ray/UV/optical spectral energy distributions (SEDs) of NGC\,5548, one of the most intensely monitored Seyfert\,1 galaxies, using and ground-based telescopes. The aim of this paper is to test whether the broadband spectral behaviour of the source could be explained with the X-ray illumination hypothesis, despite the apparently moderate correlation between the X-rays and longer wavelength. We modelled the broadband time-averaged SED, from the Space Telescope and Optical Reverberation Mapping (STORM) monitoring campaign of the source performed using the KYNSED model, which assumes X-ray illumination of the disc. We also modelled 15 time-resolved SEDs extracted from the same campaign to check whether this model can account for the spectral variability seen in the various wavebands during the monitoring. We assumed in our modelling that the X-ray corona is powered via the accretion process. Our results show that the proposed scenario could describe the time-averaged and the time-resolved SEDs of NGC\,5548 perfectly well. In this scenario, the height of the corona, the X-ray photon index, and the power that is transferred to the corona all vary. This would explain the variability behaviour at the various wavelengths. The best-fit model is obtained for a non-spinning black hole accreting at a constant rate of 5<!PCT!> of its Eddington limit. Since each of the variable parameters will affect the observed flux in a particular way, the combined variability of all of these parameters will then account for the moderate correlation between the X-rays and UV/optical. We demonstrate in this paper that X-ray illumination of the accretion disc can actually explain the observed properties of NGC\,5548. In fact, this model not only fits the broadband spectra of the source well, but it also explains the time-lag behaviour as a function of wavelength as well as the power spectral distribution, providing a complete description of the behaviour of this source.
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